To meet the demands of users during the COVID-19 pandemic, Shopify has decided to add some new features and functionalities to its products as well as launch new ones. Shopify in a virtual event called 'Shopify Reunite' confirmed that it will be launching new products and updates for its e-commerce platform.
All eyes are on 'Shopify Balance', business account, debit card, and rewards combo that will comprise a new area found among the Shopify merchant admin workspace. The product will enable merchants to get a clear insight into their cash flows as well as allow them to pay bills, keep track of their spendings, and make changes to their business' direction. The service will be released in the US in the second half of 2020 and will come with no monthly charges or minimum balance requirements.
Shopify found out that merchants had to use their personal bank accounts and cards for business which is why they decided to create a combo of the two. With the new Shopify Balance card, merchants can access their money through their phones as well as ATMs.
Shopify has also introduced 'Rewards', through which merchants will be able to avail cashback and discounts through business spendings.
Along with that, Shopify has added Shop Pay installments that will offer merchants the choice to break their purchases in four equal payments over time. It will have no additional fees or interests and will be available to US merchants who can access Shopify Payments.
That's not all, Shopify's broad list of new products also include Local Delivery, which would be available for merchants around the world. It will allow them to set a local area for order fulfillment with business owners for close-to-home deliveries.
Shopify will also be updating its Fulfillment Network which was introduced last year after the company launched its first research hub in Ottawa, Canada to experiment on new robotics and technologies.
Some other new functionalities and features include the option to collect tips at checkout, a new theme to allow users to get online fast, and gift cards for all merchants.
The company was to host the Shopify Unite event in Toronto but canceled it due to the coronavirus crisis.