What new EU commerce regulation do only 25% of merchants know about? What's the ETA on Facebook's new cryptocurrency? 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?
Facebook to launch cryptocurrency
Former PayPal president David Marcus is leading a group within Facebook that has been working on an asset-backed cryptocurrency that would work within Facebook Messenger, WhatsApp, and Instagram. Known as GlobalCoin, rumors in media are that the currency will launch in a dozen countries in Q1 2020. Facebook’s messaging competitor in China WeChat currently has a payment functionality, so the move will bring them up to par with the platform. The outcome would be, with their messaging platforms unified, a system that allows their over 1 billion users to frictionlessly transact with one another on their mobile phones, with the next logical step being integration into 3rd party commerce systems. No word on whether the crypto will allow users to pay each other for Likes and cat pictures.
Read more on The Guardian
PSD 2: Game console or new EU commerce regulations?
Good news for those who are missing the fun of GDPR compliance preparation: as of September 14, 2019, all companies within the EU must comply with incoming commerce Payment Services Directive (PSD 2) regulations which were passed in 2015. The regulations include Strong Customer Authentication (SCA) which minimizes risk for fraudulent transactions and enhances security. SCA requires two factor authentication on all transactions, and transactions that don’t adhere to these guidelines will be declined. Contactless and recurring payments are exempt from the rule. With 300 million consumers, 6,000 banks, and only 25% awareness of the act among online merchants in the region, time will tell if the transition goes smoothly.
Read more on Entrepreneur
Airasia looks to compete with... amazon?
SouthEast Asia’s largest budget carrier is looking to expand the role of their app from booking tickets to selling everything from beauty products to dinner vouchers as part of a range of lifestyle goods and services. CEO Aireen Omar expects the ecommerce offering to earn 20 times more than their existing booking engine and become bigger than the airline itself. The move, he says, comes from the company’s richness of their data on customers, which gives them an edge in providing just what they want, when they want it, including in-flight. Analysts note that as airlines in the region face challenges, that this might not be such an unusual move. Now passengers will be able to buy more peanuts from their phone, though they won’t be delivered until after the flight.
Read more on The Star
Shopify acquires b2b wholesale platform handshake
As B2B sales in the US passed $1 trillion in the US alone in 2018, Shopify is pushing further into the B2B commerce space with the acquisition of New York based Handshake. The deal, which was closed with a nearly $100 million handshake, gives the platform’s Shopify Plus offering a broader range of functionality with the addition of extensive wholesale commerce capabilities. The acquisition also comes with new customers, including brands like Bugaboo, William’s-Sonoma, and Roland.
Read more on Tech Crunch
fedex ground will deliver 7 days to residential addresses
In response to the continuously heating-up ecommerce market, FedEx is looking to get customers their wares 7 days a week by expanding their delivery window. The move comes as FedEx works to simultaneously reduce their reliance on USPS for last-mile home delivery of over 2 million FedEx “SmartPost” packages a day. The company is being pushed to innovate across the board as ecommerce volume not only increases, but changes in nature. Large packages like televisions, rugs, and auto parts now make up over 10% of FedEx Ground’s shipping volume. No word on when their drone delivery service will begin.
Read more on eCommerceBytes
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
Level Up Your CX with Microgamification
Applying the principles of game design to UX doesn't have to be a major investment. 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.