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Amazon will release an application on the Shopify ecosystem to enable US-based Amazon merchants to add Buy with Prime into their Shopify Checkout.
Shopify Inc (NYSE: SHOP) shares closed Thursday, end of August 2023, trading at $66.49, up 10.80 percent from the day’s opening price. Yesterday’s gains cemented Shopify’s impressive performance YTD, fueled by heightened use of online shopping. The sudden gains in SHOP shares were attributed to an announcement that Shopify merchants will have the choice to offer their products to Amazon.com Inc (NASDAQ: AMZN) Prime members on Shopify for the first time. The companies highlighted that users of the new services will continue to maintain 100 percent control of their brand and their customer data in Shopify’s admin. As a result, AMZN shares closed the day trading at $138.01, up 2.18 percent from the day’s opening price.
“This new app will make it easier for our merchants who also partner with Amazon to offer Buy with Prime to their customers on their Shopify-powered site. More choice means more opportunities to succeed as an entrepreneur, and that’s what we are powering here at Shopify,” Harley Finkelstein, Shopify’s president, noted in a YouTube video.
With the new application on Shopify, merchants can give Amazon Prime members access to Prime benefits like fast and free delivery outside of Amazon.com. As a result, online shoppers can now rest assured of more options to make their purchases with independent brands.
Shopify and Amazon’s Market Outlook
The close collaboration between Shopify and Amazon is expected to further enhance the e-commerce market in the United States, Canada, and beyond. Furthermore, both companies have dominated in their respective markets, and their volume is expected to further increase following their strategic partnership. The Buy with Prime app for Shopify will significantly simplify how sellers interact with buyers, hence drastically reducing the time spent navigating different brands.
“The build of this app was a collaboration with Shopify, and we’re excited to help merchants not only grow their businesses but also save time and resources – all while giving Prime members even more places to enjoy their shopping benefits,” Peter Larsen, Amazon vice president of Buy with Prime, noted.
Notably, the Shopify merchants previously managed Amazon’s Buy with Prime independently of their Shopify admin. With the Buy with Prime app for Shopify, the merchants are expected to see their orders automatically synchronized within the Shopify admin. Interestingly, Amazon highlighted that Buy with Prime increased shopper conversion by about 25 percent on average through the promise of fast, free delivery, and an easy return policy.
Meanwhile, the integration of Shopify and Amazon will significantly help their respective revenue collections. During the second quarter, Shopify reported total revenue of about $1.7 billion, up 31 percent YoY.
Shopify Integration Drives Solana Price Valuation Toward $9 Billion BeInCrypto
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On Wednesday, Canadian e-commerce giant Shopify saw its stock swell following a JMP upgrade to ‘Market Outperform.’
Shopify (NYSE: SHOP) stock has surged after a JMP Securities upgrade. On Wednesday, the California-based full-service investment platform upgraded SHOP from Market Perform to Market Outperform with a $65 per share price target.
JMP Views Shopify Stock as ‘Leader in E-Commerce Enablement’
JMP analysts see an upside to Shopify stock after analyzing the OpEx structure across the website builders. In addition, analysts assessed third-party website traffic data and consulted with professional website developers across the platforms before arriving at their conclusion.
In reaffirming Shopify as the leader in e-commerce enablement with share upswing potential, JMP analysts said:
“Shopify GMV estimates have upside, while there is room for greater expense discipline. While we acknowledge macro remains a risk for 2H23 discretionary consumer spending and Shopify is in an investment cycle with SFN, the size of SFN investments is less than we initially feared, and we believe there is upside to our GMV projections as Shopify is gaining traction with larger enterprise businesses.”
JMP analysts also wrote:
“This as our OpEx analysis suggests Shopify has the opportunity to execute on cost synergies with Deliverr, and third-party traffic data suggests it continues to take share.”
Following the JMP development yesterday, Shopify shares rose 7% before paring down to 3.8%, or $46.50. However, as of press time, the Ontario-based e-commerce company’s stock was changing hands at $45.30. As of April 6th, Shopify’s average one-year price target was $49.97, with forecasts ranging from a low of $32.32 to a high of $85.50. In addition, the company’s average price target is an 11.58% increase from its latest reported closing price of over $44.
Shopify stock is also up 20% to 30% this year, buoyed by the upgrade. In addition, the company’s projected annual revenue is $6.7 billion, representing an increase of 21.13%.
Shopify
Shopify is a world-renowned e-commerce facilitator that offers online retailers several services. Retailers can use marketing, payments, shipping, and customer engagement tools to start and grow a business. According to Shopify, its platform and services are engineered for reliability. In addition, the Canadian company also strives to consistently deliver a better shopping experience for consumers across the globe.
In December 2021, Shopify boasted more than 2,000,000 businesses in 175 countries. Also, the e-commerce powerhouse was among the top 20 largest publicly-traded Canadian companies by market cap in July 2022.
Several reputable brands like PepsiCo (NASDAQ: PEP), Allbirds (NASDAQ: BIRD), Staples Inc, and Gymshark rely on Shopify.
Avalanche NFT Support on Venly
At the beginning of the year, Shopify onboarded support for Avalanche non-fungible tokens (NFTs). According to the company, merchants could now mint and list their digital assets using a Shopify blockchain app – Venly. This development negates the need for third-party facilitators such as OpenSea, Magic Eden, or Rarible.
Founded in 2018, Venly is one of the blockchain app partners integrated with Shopify. The service offers blockchain wallet solutions and plans to incorporate support for Hedera and Immutable X down the stretch.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
According to a Barclays analyst, the weak Shopify Q1 2023 revenue outlook overshadows its more impressive Q4 2022 showing.
Shopify Inc (NYSE: SHOP) recently reported its Q4 2022 earnings results, which surpassed the consensus estimate. However, the Canadian e-commerce platform’s shares fell following a lower-than-expected March quarter revenue outlook. Shopify’s stock took a beating in 2022 but advanced 44% this year.
Following Wednesday’s market close, Shopify reported that revenue increased 26% to $1.7 billion during Q4 2022. In addition, the Ottawa, Ontario-based e-commerce multinational also reported earnings of 7 cents per share on an adjusted basis. However, this development marked a 50% drawdown from a year earlier.
Meanwhile, in the previous year, analysts had expected the company to sustain a loss of 1 cent on revenue of $1.65 billion for the last quarter.
Shopify Weak Quarterly Guidance Following Commendable Q4 2022 Outing
Shopify, which saw its stock plunge 15.9% to 44.91 on Thursday, provided a Q1 2023 revenue outlook that fell short of expectations. For the first three months of the new year, the company predicted revenue growth between 15% and 19%. However, analysts expected more than 20% revenue growth for the same period.
Commenting on the underwhelming 2023 first-quarter guidance by Shopify, Jefferies analyst Samad Samana explained in a note to clients:
“We believe that the revenue guide implies that Q1 gross merchandise volume will be weaker than expected. Management did note the uncertain macro (economy) was factored into the outlook.”
RBC Capital analyst Paul Treiber also weighed in on the ‘weak’ Shopify guidance for the present quarter in a note. As he put it:
“Guidance implies a return to negative EPS (we estimate a 5-cent loss), falling short of consensus at zero cent profit. Although Q1 guidance below consensus may reflect conservatism, the lack of annual guidance suggests limited near-term visibility to the sustainability of consumer spending.”
Meanwhile, UBS analyst Kunal Madhukar reported to clients, saying, “we are incrementally more negative on SHOP post earnings.” According to Madhukar, the reason for the downbeat vibes is due to Shopify’s “virtually flat merchant count year-over-year.” In addition, the UBS analyst also said that the e-commerce giant would no longer disclose such information.
Barclays Analyst Weighs In
Barclays analyst Trevor Young also voiced his opinion regarding Shopify’s unimpressive guidance for the first quarter of 2023. According to Young, several investors had hoped (in vain) for “more explicit 2023 commentary on operating income profitability.” Young added that the company’s latest quarterly outlook overshadows its respectable Q4 2022 showing. However, the Barclays analyst ascribed the less-than-stellar Q1 2023 outlook to conservatism by Shopify’s new CFO, Jeff Hoffmeister. Furthermore, Young also opined that Hoffmeister, who assumed the role in late October, looked to reset expectations with the latest guidance.
US Distribution Network & Avalanche NFT Support
Shopify establishes e-commerce websites geared towards facilitating the operations of small businesses and partners. The Canadian e-commerce giant is currently building a US distribution network to store and transport merchant customer products.
Last month, Shopify added support for Avalanche non-fungible tokens (NFTs) using its Venly blockchain app. According to the company, merchant clients can skip visiting popular NFT marketplaces like OpenSea. Instead, these clients can deploy Venly in minting the tokens on Avalanche.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Major news coming from the ongoing Bitcoin Conference 2022 in Miami! The digital payments platform Strike announced its integration with e-commerce giant Shopify to allow millions of merchants across the world to accept payments in Bitcoin.
Strike said that the integration with Shopify has been designed with absolute ease of use for merchants. This integration will allow merchants to easily accept Bitcoin payments from customers worldwide in the form of U.S. Dollars.
Besides, customers can save costs on processing fees through cash-final settlements. With the latest Strike integration, Shopify merchants can diversify their existing payment options to reach untapped global markets.
Strike will leverage the Layer-2 solution Lightning Network to instantly convert Bitcoin payments to USD. This will help to avoid any major price volatility in the BTC price. Speaking about this development, Jack Mallers, founder and CEO of Strike said:
“We’re proud to partner with Shopify to provide merchants with a cheaper and faster way to accept U.S. dollars using Bitcoin technology. The Lightning Network is a global payments network that lowers costs, enhances speed, drives innovation, improves financial inclusion, and brings the power of choice to consumers and merchants.”
McDonald’s and Walmart Also Consider Strike Integration
Speaking at the Bitcoin Conference 2022, Miller said that this provision will be extended even to offline merchants. This includes giants like Walmart and McDonald’s. This also includes a comprehensive list of several merchants operating across the United States.
Huge announcement by @jackmallers at #bitcoin2022. @Strike is now offering lightning powered payments both online and in store for some of the biggest merchants.
You’ll now be able to walk into a grocery store and pay using #bitcoin on the lightning network! pic.twitter.com/Nc8FKLLuLG
— Miles Deutscher (@milesdeutscher) April 7, 2022
While announcing this major transformation in digital payments, Miller took this moment to lash out at the traditional financial institutions. He added:
“There’s not been since 1949 a superior payments network that allows us to innovate, build on financial inclusion, offer cheaper services faster services. My grandfather used the same technology as I do. That’s not American, that’s bullshit.”
Miller has received praise from some of the top Bitcoin proponents like Jack Dorsey.
thank you @jackmallers. you’re an incredible inspiration.
— jack
(@jack) April 7, 2022
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Shopify customers are billed to get a new payment alternative through crypto payments that will be made possible by Binance, the world’s largest crypto exchange by trading volume. This new development is made possible by the trading platform’s partnership with Alchemy Pay, one of the pioneers of crypto-fiat hybrid payment solutions.
Per the official announcement, the partnership will help Binance users leverage the Binance Pay app to carry out crypto transactions with more than 40 supported digital currencies. As a mutually beneficial partnership, clients of Alchemy Pay will also gain additional exposure to crypto payments through the Binance Pay, a move that takes crypto directly to the former’s global partners including Shopify.
Other global clients that will benefit directly from the partnership include QFPay, Hong Kong’s Pricerite, Singapore’s Ce La Vi, Canadian footwear brand Aldo, multinational Arcadier SaaS, Midwest Global Asia taxi services (with its network of more than 2500 limousine drivers) and more.
The superiority in blockchain payment networks which guarantees faster speed, cheaper and more secure transactions has been a focal point for the emergence of new payment solutions over time. Binance Pay was floated to provide a worthy challenge to existing players in the payment and fintech space like Square’s Cash and Paypal. This partnership per the announcement will help it sway further toward the goal.
“Alchemy Pay’s partnership with Binance for the Binance Pay wallet significantly expands the practical backbone applications we build between the crypto and fiat worlds,” said Alchemy Pay CEO, John Tan.
Binance Pay to Boost Retail and Merchant Payment Transactions
In a way to appears to model the existing style of large payment networks, the crypto-fiat capability made possible by the Binance’s partnership with Alchemy Pay will aid in fostering a seamless peer-to-peer as well as merchant type of payment transactions.
Business as well as retail users will now be able to receive and make payment with crypto, giving adopters a broader option than pure fiat-based payment service providers. Alchemy Pay said it has evolved to bring this competitive advantage to its partners since its inception in 2018.
“Alchemy Pay was founded in 2018 by a team of fiat payment gateway veterans with a shared vision to build a practical bridge between fiat and crypto,” said John Tan. “When we started, the total value of the cryptocurrency market was less than a tenth of a percent of what it is today. Electronic payments outside of the $80 trillion fiat economy were virtually unknown to the world.”
Now that the potentials of crypto payments is becoming known, the partnership between Binance Pay and Alchemy is billed to reaffirm the potential takeover plans of the entire cryptocurrency industry. This in a way depict the solution Binance CEO, Changpeng Zhao proposed to Amazon’s payment challenges per an earlier Coingape report.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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