Shopify Balance Debuts
May 22, 2020
Shopify introduced 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.
"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
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:
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
will help close this gap by giving merchants access to
critical financial products to start, run, and grow their
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 their business.
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
plan to offer merchants cashback and discounts on
everyday business spending like shipping and marketing.
Balance there will be no monthly fees or minimum balances.
Enabling ‘Buy Now,
Pay Later’ at checkout
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.
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
later this year. It will be available to U.S. merchants
eligible for Shopify Payments.
A new way for
merchants to deliver locally
Fulfillment Network, which launched in 2019, has graduated
from its early access stage, and is actively accepting
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 network.
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.
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 customers online.
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
a first-of-its-kind direct-to-consumer app and personal
shopping assistant to make purchasing and order tracking
Shopify’s new Shop Channel will let merchants control how
their brand appears on Shop.
will be able to customize their profile, and how and
where they appear on the app.
will first be available to merchants in Canada and the
On May 19,
Facebook introduced Facebook Shops, which allows merchants
to build branded versions of their online store within
Instagram and Facebook.
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