Shopify Announces Major Product Launches & Updates at Virtual Event Reunite, Including Shopify Balance & Shop Pay Installments
Members of Shopify’s global community tuned in
to hear updates across shipping, finance, retail, and more
Today, Shopify Inc. (NYSE:SHOP)(TSX:SHOP), a leading global
commerce company, announced new and updated products at Reunite,
the company’s first virtual event that hosted members of Shopify’s
global merchant community. Reunite, which was also open to Shopify
partners and the public, covered the latest product news in areas
like finance, retail, and shipping to showcase how Shopify is
helping merchants future-proof their businesses amid COVID-19.
This press release features multimedia. View
the full release here:
Introducing Shopify Balance, business
account and card built for independent businesses (Photo: Business
"These are unprecedented times. This is going to be one of the
most challenging chapters in all of our lives. But entrepreneurs
are the kind of people who make the most out of what they’ve got.
They’re the people who can see opportunity when everyone else sees
despair," said Tobi Lütke, CEO of Shopify. "Right now, we’re
dedicating ourselves to helping as many small businesses as
possible survive this. We’ve looked far and wide into our roadmaps
for everything that might be helpful right now, and have tried to
pull as many things forward as we could, shipping them and getting
them out the door for our merchants."
From helping merchants manage their store’s money, to offering
effortless local delivery options, to creating new ways of
generating revenue at checkout, the products and updates announced
at Reunite will help merchants navigate an ever-evolving retail
landscape and plan for the future.
Introducing Shopify Balance, the business account built for
independent businesses and entrepreneurs
- Most of today’s banking products are built from a traditional
financial institution’s point of view and designed for large,
established businesses. They aren’t designed for the needs of
independent business owners, and aren’t as flexible as they need to
be. In our research:
- We found that two in five merchants are currently using their
personal bank accounts and cards for business, meaning they’re
combining their personal and business finances, making it difficult
to measure the financial health of the business.
- Shopify Balance will help close this gap by giving merchants
access to critical financial products to start, run, and grow their
businesses. Shopify Balance will include:
- Shopify Balance Account: A one-stop-shop within the
Shopify admin where merchants can get a clear view of cash flow,
pay bills, track expenses, and make decisions about the future of
- Shopify Balance Card: Physical and virtual cards that
merchants can use to access their money faster when spending
in-store, with mobile or online, as well as withdrawing from
- Rewards: We plan to offer merchants cashback and
discounts on everyday business spending like shipping and
- With Shopify Balance there will be no monthly fees or minimum
- Shopify Balance will launch in early access later this year in
Enabling ‘Buy Now, Pay Later’ at checkout
- Shop Pay Installments, Shopify’s new “Buy Now, Pay Later”
option, will let merchants offer more payment choice and
flexibility at checkout, giving consumers the option to split
purchases into four equal payments over time, interest-free and
with no additional fees to consumers.
- Flexible payments can help increase a merchant’s average order
size by making purchases more palatable to consumers—particularly
in the current economic climate.
- Working with a partner, Shopify will launch Shop Pay
Installments later this year. It will be available to U.S.
merchants eligible for Shopify Payments.
A new way for merchants to deliver locally
- COVID-19 has underscored the importance of shopping locally.
More than ever, merchants need efficient ways to connect with their
local customers today and in the future.
- Average daily local orders on Shopify for the six weeks ending
April 24 grew 176%, compared to the prior six weeks, coinciding
with the introduction of physical distancing measures; and, as of
April 24, 26% of brick-and-mortar merchants in Shopify’s
English-speaking geographies were using some form of local pickup
and delivery solution, compared to just 2% at the end of
- Shopify has begun rolling out a new Local Delivery product for
merchants globally to offer an improved and simplified local
delivery experience. Merchants can:
- Define a local delivery area using distance radius or
- Set local delivery fees and minimum order price
- Fulfill local orders through Shopify, Shopify POS, and Shopify
- Use the new Shopify Local Delivery app to create optimized
delivery routes, and send customer notifications when deliveries
are on the way
Expanding Shopify Fulfillment Network
- Shopify Fulfillment Network, which launched in 2019, has
graduated from its early access stage, and is actively accepting
- Shopify Fulfillment Network continues to take away the
complexities of fulfillment by investing in technology and a
collaborative robotics workforce, allowing merchants to join, scale
and evolve their fulfillment strategies through its growing partner
- Shopify opened its first research and development hub in Ottawa
to trial new robotics and fulfillment technologies, iterate and
improve on warehouse operations, and fulfill Canadian-based
Improving the online store for all entrepreneurs
- As COVID-19 has forced many businesses to move online, Shopify
is releasing more online store features that will help
entrepreneurs from a range of verticals adapt.
- Merchants now have the option to collect tips at checkout.
We’ve also released a new one-page theme called Express that
enables merchants to get online quickly. These features were built
with our local restaurants and coffee shops in mind, but can also
be used by merchants in any vertical looking to connect with their
- As of March 20, selling gift cards has been available to all
merchants, and Shopify has seen more merchants utilizing this
feature than ever before. For businesses that can’t deliver
products during COVID-19, this feature has provided a much-needed
supplement to cash flow.
Giving merchants more choice with more channels
- Recently, Shopify announced Shop, a first-of-its-kind
direct-to-consumer app and personal shopping assistant to make
purchasing and order tracking frictionless.
- Coming soon, Shopify’s new Shop Channel will let merchants
control how their brand appears on Shop.
- Merchants will be able to customize their profile, and how and
where they appear on the app.
- Shop Channel will first be available to merchants in Canada and
- On May 19, Facebook introduced Facebook Shops, which allows
merchants to build branded versions of their online store within
Instagram and Facebook.
- Shopify is partnering with Facebook to help businesses create
branded storefronts to help merchants deliver unique shopping
experiences, and enable consumers to browse and purchase without
ever leaving the apps.
To hear all product announcements and to listen to the entire
Reunite broadcast, visit shopify.com/reunite.
Shopify is a leading global commerce company, providing trusted
tools to start, grow, market, and manage a retail business of any
size. Shopify makes commerce better for everyone with a platform
and services that are engineered for reliability, while delivering
a better shopping experience for consumers everywhere.
Headquartered in Ottawa, Canada, Shopify powers over one million
businesses in more than 175 countries and is trusted by brands such
as Allbirds, Gymshark, PepsiCo, Staples and many more. For more
information, visit www.shopify.com.
This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities laws (“forward-looking statements”) including statements
regarding Shopify's product offerings and planned product roadmap.
Words such as “will”, “continue”, “plan” or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based on Shopify’s current
expectations about future events and financial trends that
management believes might affect its financial condition, results
of operations, business strategy and financial needs, and on
certain assumptions and analysis made by Shopify in light of the
experience and perception of historical trends, current conditions
and expected future developments and other factors management
believes are appropriate. These projections, expectations,
assumptions and analyses are subject to known and unknown risks,
uncertainties, assumptions and other factors that could cause
actual results, performance, events and achievements to differ
materially from those anticipated in these forward-looking
statements, including the risks described in Shopify's Annual
Information Form for the year ended December 31, 2019 and
Management's Discussion and Analysis for the three months ended
March 31, 2020 filed with Canadian and U.S. securities regulators.
Although Shopify believes that the assumptions underlying these
forward-looking statements are reasonable, they may prove to be
incorrect. The forward-looking statements contained in this press
release represent Shopify’s expectations as of the date of this
press release, or as of the date they are otherwise stated to be
made, and subsequent events may cause these expectations to change.
Shopify undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law.
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