What ecommerce pioneer faces bankruptcy? How frequently are consumers buying through voice? This post is curated to help tune-out some of the noise and tune into information that matters.
WHAT'S GOING ON IN COMMERCE THIS WEEK?
Commerce giants say billions at risk with new EU RUles
Amazon, Stripe, and Worldpay collectively sounded the alarm around preparedness around the new EU anti-fraud measures in the Second Payment Services Directive (PSD 2). As noted last week, only 25% of EU sellers are aware of the new regulations and prepared for them. Patrick Collison, CEO of Stripe, states “Candidly, the state of readiness is poor. It's going to require basically every European merchant to fundamentally restructure their checkout flow. It's almost certainly the largest migration that European online retailers have ever had to do.” When making a purchase over 30 Euros, customers will have to engage in two-factor authentication, for example by entering a code from a text sent from their bank or scanning their fingerprint with their phone. Yet many consumers are also not aware, and will likely not be prepared for the additional steps, or even have their banks app installed if required for verification. Estimates from analysts place the impact as high as 57 billion Euros of economic slowdown over the year following September 2019, when the rules go into effect.
Read more on PYMNTS
Mirakl connect helps sellers expand sales reach
Our always-innovating partner Mirakl has launched a new product dubbed Mirakl Connect that allows sellers to place products into multiple marketplaces from a single dashboard. The tool makes it far easier for sellers to navigate the proliferation of marketplaces and maximize revenue. The move also allows emerging commerce sites to find sellers and more easily populate their marketplaces. Mirakl powers the marketplace platforms for brands including Office Depot, Best Buy Canada, and many B2B marketplaces. They’re also great golfers.
Read more on TechCrunch
FTD files for bankruptcy; flower deliveries continue
Shame on all of us for not buying our loved ones more flowers. The company is facing hard times after poor sales around Valentine’s and Mother’s Day, trouble integrating their business after the 2014 acquisition of competitor ProFlowers, and most pressingly, issues repaying about $150 million in loans on a June 1, 2019 deadline. FTD tried and failed to sell the company as a whole, and is now faced with the challenge of selling off the company in pieces. With about 900 employees worldwide, the company has received letters of intent to purchase parts of the business in the UK, and North and Latin America separately.
Read more on Financial Post
paypal rolls out new ecommerce platform
The commerce giant's platform currently powers Facebook's and Instagram’s payment methods, and soon small and medium sized businesses will be able to take advantage of the enterprise offering. In addition to their standard payment services, merchants will have access to new AI-powered fraud protection, compliance and account authentication features. Much of the focus is B2B, with the system supporting marketplaces and commerce platforms, as well as consumer-focused crowdfunding systems. The move also makes available to smaller businesses PayPal’s mobile POS, business financing and consumer financing services.
Read more on ZDNet
only 2% of owners have purchased through alexa
While the number sounds small, analysts predict that Alexa will drive $19 billion in revenue by 2021 via sales of devices and voice-enabled ecommerce sales, $9.4 billion of which is anticipated to come through voice commerce. Amazon exec David Limp notes that much of the revenue being generated to date through Alexa is indirect, as it’s driving people to increase their purchases of music and audiobooks. Limp compares Alexa to Amazon’s Kindle line of business, which gained traction early on with a strong fan base and saw growth over time as the platform gained in popularity. As consumers become more comfortable with voice interfaces, and sales processes become more intuitive and conversational, ecommerce will become far more fluidin with the system.
Read more on CNBC
WHAT'S HAPPENING AT SMITH THIS WEEK
Make Complex Buying Simple
In this webinar, we will discuss the current trends in complex CPQ selling models: recent shifts in customer expectations, the subsequent impact on the organization, and the complex nature of those sales. Watch here
5 ways cpq can transform your b2b organization
Configure Price Quote systems can radically enhance the buyer journey with increased self-service and lower reliance on sales. Read more 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.