Revolut’s RevTag, Stripe’s New Enhancements and More News
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Hey folks,
It’s hard to believe we’re approaching the end of September; it feels like summer was only yesterday. Where has all that time gone? Christmas will be here before you know it. As for eCommerce, this week we have some new info on Revolut Bank, eCommerce deepfakes and more. But before you get into all that, make sure to catch up with last week’s TikTok Shop and USPS updates. So grab your coffee, and let’s get started!
Today’s news is 1376 words and takes 5 ½ minutes to read.
Revolut’s RevTag
A recent survey commissioned by 72Point for Revolut Business has unveiled a significant financial challenge plaguing UK businesses. A staggering 87% identify payment facilitation as their foremost concern. In response, Revolut Business is launching ‘RevTag’ a ground-breaking instant and free payments ecosystem.
Gone are the days of grappling with beneficiary details; now, individuals and businesses need to input the recipient’s RevTag in the Revolut Business app. This feature, already available to over 30 million retail consumers, will now empower businesses, facilitating smooth transactions across 150 countries and regions worldwide.
The survey also exposed the daunting issues businesses face in sending, receiving, and exchanging foreign currencies. The high costs and processing times take a significant toll on users. Astonishingly, just one in ten businesses could make instant cross-border payments. More than that, a majority of respondents reported payment processing times of over 12 hours.
Hidden cross-border payment fees were another painful challenge. More than 71% of UK businesses reported fees exceeding 3 %, and 13% endured fees of 6% or more. The survey underscored the pressing need for more efficient and cost-effective global payment solutions. Almost half of UK businesses prioritize cost and speed, and 97% value the availability of cross-border payment solutions in choosing their account provider.
For eCommerce sellers
Revolut’s new ‘RevTag’ instant and free payments ecosystem could be a game-changer for eCommerce sellers. Payment facilitation is a major concern for most businesses, and this feature aims to simplify that process significantly.
Moreover, Revolut Business’s new feature could be an antidote to high costs and lengthy processing times. And as discussed above, with 97% of businesses placing high importance on the availability of cross-border payment solutions when choosing an account provider, adopting a system like RevTag could offer eCommerce sellers a competitive edge in efficiency and customer satisfaction.
MORE: International eCommerce outsourcing tools
Big Retailer News
Stripe’s New Enhancements
US-based Stripe is rolling out new enhancements to its checkout suite to boost user revenue by streamlining the payment process. The upgraded suite will offer customers a wider range of payment options and optimize one-click checkout procedures. It introduces a no-code A/B testing tool for businesses to assess the performance of different payment methods. These features, designed for easy integration into the customer journey, require minimal engineering effort while maintaining security and efficiency.
One of the standout features of Stripe’s optimized checkout suite is access to over 100 payment methods, including Mobile Pay, Revolut Pay, US bank transfers, and Swish. The suite also introduces the express checkout element. It allows clients to display multiple one-click payment buttons within a single component — dynamically presenting the most relevant payment methods based on the customer’s device or browser.
The A/B testing tool enables businesses to identify the most effective payment methods and make data-driven improvements over time. Currently available worldwide, Stripe plans to expand the suite with additional products and features in the future.
What does it mean for eCommerce sellers?
For eCommerce sellers, Stripe’s upgraded checkout suite brings a host of advantages that could streamline operations and boost revenue. The suite’s one-click payment buttons and express checkout element simplify and accelerate the checkout process, which could lead to reduced cart abandonment rates.
MORE: 6 Ways eCommerce can help you increase your sales online
Divido’s New Tools
Divido, a checkout finance provider, has introduced two new tools, ‘Divido Analytics’ and ‘Split Capability,’ to empower retailers in managing their checkout finance options effectively. Split Capability allows retailers to divide product sales between different lenders, offering them flexibility and resilience. In particular, flexibility is crucial in industries like green energy, where lenders’ preferences can shift between products like heat pumps and solar panels.
With Divido Analytics, retailers gain control over their customer retail finance data, enabling them to monitor performance, track customer demographics, and create tailored buying experiences. These tools come at a crucial time as consumers seek sustainable and cost-effective options, making checkout finance an attractive payment choice.
In a recent press release, Divido’s CEO, Todd Latham, highlighted the importance of these tools in meeting the changing demands of eco-conscious consumers and supporting businesses during a pivotal sales period. According to research, over half of consumers are more likely to complete a purchase if they know checkout finance is an option, and more than a third plan to do their Christmas shopping soon.
In today’s dynamic market, where consumer preferences and economic conditions are constantly evolving, Divido’s new tools empower retailers to adapt and thrive by offering flexible financing options and data-driven insights to cater to changing customer needs and preferences. The company’s new features are particularly timely as consumers increasingly look for sustainable and cost-effective purchasing options. By adapting to changing consumer needs and market conditions, sellers will gain a competitive edge.
Also in the News
- Waave launches Wendi. The Paypers.
- TikTok shop snail slime problem. Wired.
International Retailer News
eCommerce Deepfakes
In the buzzing nocturnal world of Chinese eCommerce, a new breed of digital stars has emerged: AI-generated livestreamers, often dubbed the “deepfakes of Chinese influencers.” These incredibly lifelike avatars have taken center stage on platforms like Taobao and JD, tirelessly promoting products 24/7.
This groundbreaking technology has revolutionized online shopping, offering brands a cheap way to have virtual sales representatives work tirelessly, all while looking indistinguishable from real influencers. As the sun sets, these AI-generated livestreamers blur the line between reality and simulation, ushering in a new era of marketing.
The rise of AI-generated livestreamers is driven by deepfake technology, initially infamous for its malicious uses but now harnessed by Chinese startups and tech giants. Internet-made AI streamers can come alive with just a minute of sample video and a $1,000 investment. This innovation has not only improved their realism but also their cost-effectiveness. These avatars, once generated, flawlessly synchronize their movements with pre-scripted audio, aided by advanced language models crafting engaging and on-topic content.
However, this evolution isn’t without challenges. Ethical concerns and the need for regulation have arisen as AI-generated livestreams gain popularity. Some platforms demand clear labeling of AI-generated content, and China’s government has introduced laws governing synthetic media and generative AI.
Still, their enforcement remains uncertain. Looking forward, the industry strives to imbue AI streamers with “emotional intelligence” and envisions a future where they interact and learn from each other, further blurring the line between the real and the artificial. The rise of AI-generated livestreamers has ushered in a fascinating and debatable transformation in China’s eCommerce landscape.
What does it mean for eCommerce sellers?
The advent of AI-generated livestreamers in the Chinese eCommerce landscape presents both opportunities and challenges for sellers. On the one hand, this technology offers a cost-effective and scalable way to engage with consumers. On the other, there are ethical and regulatory considerations to account for. With the technology blurring the lines between what’s real and what’s artificial, transparency becomes critical.
And what do you guys think about the ethical aspect of eCommerce influencers? Make sure to drop a comment with your thoughts down below.
Alibaba’s Bold Move
Alibaba is making a bold move to supercharge its eCommerce presence beyond China by injecting a substantial $2 billion investment into its Turkish subsidiary, Trendyol. This strategic decision follows Trendyol’s achievement of its first-ever operating profit in the second quarter, signaling a promising growth trajectory. By expanding into Turkey Alibaba aims to fortify its global business endeavors.
While specific details remain undisclosed, the commitment should materialize in the near future as confirmed during a meeting between Michael Evans, Alibaba’s president, and Turkish President Tayyip Erdogan. Trendyol disclosed that Alibaba plans to establish a data and logistics center in the Turkish capital, Ankara, along with an export operations center at Istanbul airport.
Alibaba’s involvement in Trendyol began with a $728 million deal in 2018 and has since totaled $1.4 billion in investments in Turkey. Over the past five years, Trendyol has seen its customer base nearly triple to 30 million, making it Turkey’s largest eCommerce marketplace with approximately 250,000 sellers offering over 200 million products. Beyond Turkey, Trendyol is eyeing expansion into countries like Azerbaijan, Germany, the Netherlands, Luxembourg, and the UK.
This strategic move aligns with Turkey’s surging eCommerce market, which grew by an impressive 110% in 2022, reaching 801 billion Lira, and accounted for 16.5% of the retail sector, showcasing immense growth potential compared to China’s 31% in the same category.
What does it mean for eCommerce sellers?
Trendyol’s profitability and expansion plans into various European markets offer promising prospects for sellers looking to diversify. Alibaba’s ongoing investment could reshape competitive dynamics and bring in new business models and technologies, providing an opening for a wide range of eCommerce sellers to enter or expand in emerging markets.
Also in the News
- Alibaba’s B2B tools for small businesses. Learn more: Digital Commerce 360.
- Home Assistant Green. Learn more: The Verge.
Webinars
For everyone
Various dates: Amazon advertising’s global webinar program continues with 20+ webinars scheduled, covering Amazon Prime Day preparation, sponsored products,sponsored brands, reporting, optimization, and other tips. Learn more: Amazon.
For US sellers
October 5: The 15 Minute Breakdown. Learn more: Tinuiti.
For UK sellers
Various dates: Amazon advertising’s global webinar program continues with 20+ webinars scheduled, covering Amazon Prime Day preparation, sponsored products, sponsored brands, reporting, optimization, and other tips. Learn more: Amazon.
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