What's been launched? Who is trying to expand? Let’s get down to what happened in commerce and tech news in the last week. This post is curated to help tune-out some of that noise and turn it into information that matters.
WHAT'S GOING ON IN COMMERCE THIS WEEK?
WhatsApp launched first Revenue-generating Enterprise Product
Before now, WhatsApp didn't really have a way to make money from businesses using their app, but now they have launched their first product that does just that. The WhatsApp Business API lets businesses respond to messages from users for free for up to 24 hours, but will charge a fixed rate by country per message sent after that. It will also let businesses build a profile, send notifications to customers, and more. It's up to Facebook and WhatsApp to be able to sell it to businesses though as a call center alternative.
Rent The Runway Gets $200 Mill Loan from Temasek
Wanting to grow its subscription business, Rent the Runway was able to secure a loan from Temasek, a Singapore-based investment firm. This loan will also help refinance debt and expand operations. The company is known for its rental services of formal attire, but it did launch a subscription service that would give a unlimited rentals. They did change it to a two-tiered model in 2017 which has grown 150% YoY since rollout. Rent the Runway had its reasons to choose a credit loan and it should help with the company's continue growth.
New Crypto Plugin Created for WooCommerce
Coinbase, a U.S-based cryptocurrency exchange platform announced a new service to improve access to cryptocurrency payment options for ecommerce businesses. This new service starts with a plugin for WooCommerce. This platform, provides payment systems for 21-28% of all web stores. This plugin will help make cryptocurrency payments more accessible to ecommerce sites, which they hope will help increase adoption of the currency.
WHAT'S HAPPENING AT SMITH THIS WEEK
SMITH'S GUIDE TO: COMMERCE FOR MANUFACTURERS
If you’re one of the 60% of US manufacturers without an ecommerce platform, you’re missing your share of nearly $1 trillion in B2B ecommerce transactions this year. Take the next step in your transformation today. Read it here
If you’d like to discuss these topics further, SMITH can help.
Whether you’re exploring an evolution in your approach to selling by moving to pure ecommerce or a hybrid approach, looking for an edge in operations optimization with augmented reality, or ready to deploy intelligent replenishment for your customers, we can help.