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☆ Ex-Shopify merchants built a no-code platform to simplify e-commerce. Check out the 13-slide pitch deck Krepling used to raise $3.3 million.
▼ + stars: | 2024-01-25 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Brothers Liam, 23, and Travis Gerada, 20, were Shopify merchants before they decided to get into the more technical side of e-commerce. They found that running a modern e-commerce business requires many different software integrations that often don't share data with each other, making it difficult to manage and make decisions. Some use Shopify or other platforms like WooCommerce, while others have used Krepling to grow from the ground up. "We found that merchants were typically expanding their e-commerce stack to optimize the cost to reach different consumers across many different channels. Take a look at the 13-slide pitch deck that Krepling used to raise its seed round:

Persons: Liam, Travis Gerada, they're, Krepling, Jason Calacanis, Liam Gerada, Gerada Organizations: Business, Bull City Venture Partners, Ventures, Tribes Ventures, Colabora Ventures, Broadshade Investments Locations: GMV

☆ TikTok Shop buyers will have to pay higher order minimums to get free shipping as the company cuts back
▼ + stars: | 2024-01-24 | by ( Madeline Stone | Dan Whateley | ) www.businessinsider.com time to read: +3 min

Read previewTikTok is making it harder to get free shipping on its e-commerce platform, Shop. The threshold for free shipping will remain at $5 for first-time buyers. TikTok's updated guidance notes that free shipping does not apply when it determines the shipping costs exceed "fair market price." TikTok acknowledged in its documentation that its free shipping subsidies may not last forever. Michael Herling, a merchant who sells hats on TikTok Shop, described the planned fee increases as a "real downer."

Persons: —, Sellers, TikTok, It's, Michael Herling, downer, Herling Organizations: Service, Business

☆ Temu was one of the fastest-growing websites in 2023, new data shows
▼ + stars: | 2024-01-23 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Temu was among the fastest-growing large websites in the US last year, according to a new analysis by Similarweb. When considering only websites with more than 10 million monthly visits, Temu came in second only to OpenAI, which saw its traffic grow by 2,690% in 2023 as AI exploded into the mainstream. The ad intelligence company told Modern Retail that Temu spent an estimated $517 million on US ads between September and December 2023. AliExpress, the Alibaba-owned online marketplace, was in third place behind Temu with year-over-year traffic growth of 290%. AliExpress was launched in 2010 but still saw significantly less traffic than Temu in 2023, with an average of about 24.2 million monthly visits.

Persons: Temu, David Carr, AliExpress, Carr Organizations: Pinduoduo Holdings, Business, Modern, Duo Security Locations: Boston, China

☆ Shein and Temu use a loophole to ship millions of packages to the US tax-free. Here's why the tax rule faces increased scrutiny.
▼ + stars: | 2024-01-22 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

The other bill, from Sen. Bill Cassidy and Sen. Tammy Baldwin, would ban de minimis shipments from China. The provision is more likely to change — a prospect that both Shein and Temu have said they support. Jennifer Ortakales Dawkins/InsiderShipping consultancy ShipMatrix estimates that Shein and Temu each ship more than a million packages to the US daily. It added that almost 50% of all de minimis shipments to the US come from China. Related stories"Changes to the exemption could create a paradigm shift for retailers like Temu and Shein," Bank of America analysts wrote in the note.

Persons: minimis, Earl Blumenauer, Russia —, Bill Cassidy, Sen, Tammy Baldwin, Cassidy, Baldwin, Jay Sole, It's, Jennifer Ortakales Dawkins, Shein's, Temu, Shein, Donald Tang, SHEIN, de minimis, they've, Steve Story, Sole, Satish Jindel, ShipMatrix, Jindel Organizations: Business, Customs, Rep, Bank of America, US Chamber of Commerce, Express, UBS, Pinduoduo Holdings, Goods, Shipping, Chinese Communist Party, China . Shipping, Wired, Shein, American Apparel and Footwear Association, Apex Logistics International, Walmart Locations: Xinjiang, China, Russia, Sen, Singapore, Boston, minimis, United States, mstone@insider.com

☆ Wealth Assistants claims in a new lawsuit its accounts were frozen in the weeks before it shut down
▼ + stars: | 2024-01-18 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

The complaint against Thread Bank lists five accounts that Wealth Assistants held with the bank, saying that CEO Ryan Carroll first noticed the accounts had been frozen on October 11. Carroll and Thread Bank did not return a request for comment from Business Insider on the suit. The timing detailed in the complaint aligns with Wealth Assistants' collapse. However, the lawsuit filed in early January describes Wealth Assistants as a "thriving business." Wealth Assistants filed a similar lawsuit against Bank of America in January 2023, claiming that accounts with more than $3.78 million in them had been closed without explanation.

Persons: Ryan Carroll, Carroll Organizations: Business, Bank, Court, Southern, Southern District of, Houston Division, Carroll, Thread Bank, Forbes , LA Wire, Bank of America Locations: Tennessee, Southern District, Southern District of Texas, Forbes ,, mstone@insider.com

He started making money on the app by offering fishing baits through TikTok Shop, selling around 92 strawberry- and sweet-corn-flavored "little bitz," for instance. "TikTok product violations are nearly enough to make me walk away," one merchant who sells children's products on TikTok Shop told BI. TikTok Shop officially launched in the US in September after months of testing and previous rollouts in other countries like the UK and Singapore. But lately, its AI detection system has run amok, Shop sellers told BI. Several TikTok Shop merchants told BI that it felt like submitting a ticket through the creator center felt like a dead end.

Persons: Joel, livestreaming, TikTok, Sellers, Jessica Slone, Anastasia Wesselink Moellering, Etsy Organizations: Business, TikTok Shop, Singapore, Bloomberg, TikTok, Shopify Locations: Chicago

☆ Shopify reveals new custom workplace software as it pushes for efficiency, a top priority since its mass layoffs
▼ + stars: | 2024-01-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Shopify has been doubling down on software to make it easier for its engineers to build software. CEO Tobi Lütke said during the investor day presentation that the goal was to bring "product thinking to everything in the business." Shopify executives showed several screenshots of GSD during the investor day presentation. "We build software. We spend a lot of our time building software to build software."

Persons: Shopify, Tobi Lütke, Lütke, Kaz Nejatian, Glen Coates, Nejatian, Tesla Organizations: Business

☆ Wealth Assistants claimed it would help its clients make money on Amazon. Clients said they 'lost everything' instead.
▼ + stars: | 2023-11-30 | by ( Madeline Stone | Jack Newsham | ) www.businessinsider.com time to read: +17 min

Wealth Assistants also said that if clients didn't break even in the first year, they would get their money back. BI spoke with 16 people who invested between $35,000 and $100,000 each to work with Wealth Assistants and said they lost their money. Ten days later, Wealth Assistants said it laid off its roughly 75 employees and planned to shut down by December 1. Selling customers on the entrepreneur lifestyleMany Wealth Assistants clients said they were drawn by the opportunity to generate passive income. Cart.com sent Wealth Assistants a formal notice of termination in the fall after Wealth Assistants stopped paying its invoices earlier in the year, the representative said.

Persons: Mike Wimmer, Wimmer, they're, I'm, Ryan Carroll, Max K, Max O, —, Carroll, Carroll didn't, we're, Tina Luk, breakeven, Seth Hamilton, Andrew Pou, Suzy Arriola, Saheb Sabharwal, Cart.com, Moe O'Neil, weren't, Max, you've, it's, they've, We've, we've, Madeline Stone, Jack Newsham Organizations: Business, ., Federal Trade Commission, Amazon, Products, Nobu Dallas, Lamborghini, Facebook, Wealth, BI, FTC, DK Automation Locations: China, Texas, Nobu, California, Houston, Pennsylvania, mstone@insider.com

☆ I started my natural-candle brand on Amazon with just $500. I became a top seller and now save 15 hours a week with ad tools.
▼ + stars: | 2023-11-23 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

My brand, Hemlock Park, was born in Los Angeles during the 2020 COVID-19 lockdowns. More than 2,000 stores in the US, Canada, Europe, and Asia now stock Hemlock Park candles. Over time, I realized it wouldn't be sustainable to run the Amazon business and oversee sourcing, manufacturing, production, and shipping. These days, Hemlock Park generates about 60% of its sales from Amazon, 30% from wholesale channels, and 10% from the Shopify store. When I was getting started, Amazon told me that there were over 5,000 candle sellers on the platform and that it would be hard to break through.

Persons: Mikey Kim, I'd, Goldman Sachs, Marcus, I've, haven't, Amazon, We're Organizations: Business, Amazon Lending, Amazon Locations: Nevada, Los Angeles, Canada, Europe, Asia, LA

☆ Shopify's new marketplace takes a markedly different approach than Amazon's
▼ + stars: | 2023-11-07 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Like on the app, shoppers using the new site can search for and purchase products from across Shopify's merchant base. Shop Cash can only be redeemed on Shop. The app and website also display special offers from merchants where shoppers' Shop Cash rewards are multiplied. Shopify's web app and Shop app before it are as much marketplaces as Amazon," Juozas Kaziukėnas, CEO of e-commerce intelligence firm Marketplace Pulse, told Insider. We're not disclosing just yet, but the Shop app is becoming much more popular," company president Harley Finkelstein said in response.

Persons: Shopify, Rick Watson, Watson, they've, Siti Panigrahi, Harley Finkelstein Organizations: Google, RMW Commerce Consulting, Cash, Shopify, Shoppers, Shop, Mizuho Securities, LTV, Amazon

☆ Wholesale marketplace Faire, which raised $416 million 18 months ago, laid off 250 workers in a company-wide restructuring
▼ + stars: | 2023-11-02 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Faire, the wholesale marketplace company, laid off about 250 employees on Wednesday. This is the second time in just over a year that the company has laid off workers, although this second restructuring appears to be bigger. Faire is an online marketplace that connects independent brands with retailers that can stock their products in their stores. Faire recently announced a partnership with Shopify that established Faire as the preferred wholesale marketplace for Shopify merchants. Shopify also became a shareholder in Faire as part of the deal, which Insider first reported on in July.

Persons: Shopify, We're, who've, Layoffs.fyi Organizations: Dragoneer Investment, Sequoia Capital, Founders Fund, Forerunner Ventures, Tech Locations: mstone@insider.com

☆ Amazon and Shopify sellers are using AI to save time, better understand their customers, and improve their profit margins
▼ + stars: | 2023-11-02 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

They're using AI to write product descriptions and analyze reviews to understand their customers. Sellers using e-commerce platforms like Amazon and Shopify are experimenting with AI to help them write product descriptions, optimize for SEO, and collate reviews so they can better understand how customers feel about their products. Matt Rollens owns a drinking-glass brand called Dragon Glassware and sells his wares on Amazon, Shopify, Etsy, and Walmart. Matt RollensHe told Insider he uses Perci, which uses AI to generate optimized product listings for Amazon sellers. Amazon, Shopify, and eBay have all launched their own AI tools and integrated them directly into the platform.

Persons: —, Matt Rollens, Rollens, there's, Mikey Kim, Olivier Toubia, Toubia, Robert Gomez, Gomez, hasn't, Kaffe, they're, Miqdad Organizations: Service, Walmart, Columbia Business School, Target, QVC, eBay Locations: Shopify

☆ Shopify's former head of its app ecosystem business is launching an AI imaging tool for online sellers
▼ + stars: | 2023-10-24 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

She ended up starting two businesses, one of which is ImagineCreate AI, an AI imaging tool that officially launches Tuesday with an undisclosed amount of pre-seed funding from Precursor Ventures. ImagineCreate AI was directly inspired by a brand Yusuf started shortly after leaving Shopify. ImagineCreate AI is launching as a web app that can be integrated into Shopify merchants' admin. Before-and-after images show how ImagineCreate AI generates custom backgrounds. Launching ImagineCreate AI on the Shopify App Store brings Yusuf's entrepreneurial journey full circle.

Persons: Fatima Yusuf, Yusuf, ChatGPT, Shopify, Madeline Stone Organizations: Precursor Ventures Locations: Shopify, mstone@insider.com

☆ Ex-Shopify and Deliverr workers say layoffs, compensation issues at Flexport capped a 15-month rollercoaster: 'Honestly a bit relieved that it's over'
▼ + stars: | 2023-10-23 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Former Deliverr and Shopify employees told Insider last week's layoffs at Flexport capped the end of a multiyear rollercoaster marked by multiple complicated acquisitions and integrations, compensation issues, and culture clashes. The integration of the Shopify Logistics team into Flexport had been rocky, five employees said. When Shopify completed its acquisition of Deliverr in July 2022, employees' equity converted to Shopify stock on a one-to-one basis. This person added that the conversion from public stock to RSUs meant that the value of their Flexport equity was less than they expected. The structure allows Shopify employees to decide the percentage of their compensation they want to be made up of cash and how much of stock.

Persons: Flexport, Shopify, vesting, Severance, Ryan Petersen, Constant, Dave Clark, Petersen, Clark, Madeline Stone Organizations: Flexport, Shopify Logistics, Deliverr, Employees, US, Shopify Locations: Flexport's, Shopify, Deliverr, Flexport, reorgs, Amazon, mstone@insider.com

☆ TikTok lures luxury-bag buyers to its Shop platform as it partners with Entrupy to authenticate purses
▼ + stars: | 2023-10-18 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

TikTok is working with Entrupy, a maker of product-authentication technology, to offer handbag-authentication services on its new e-commerce platform, TikTok Shop , Entrupy announced Wednesday. The partnership reflects a growing effort to build trust in TikTok Shop as the social-media company looks to establish itself as a shopping destination. It expanded to TikTok Shop in response to a growing demand for its services on the platform. TikTok and Entrupy have worked together since TikTok Shop launched in beta earlier this year. Resellers must use a third-party authentication service — either Entrupy or Real Authentication — to resell luxury handbags on TikTok Shop, according to the policies.

Persons: TikTok, Entrupy, Chanel, Prada, Vidyuth Srinivasan, Srinivasan, it's Organizations: Burberry, TikTok, eBay Locations: Entrupy, mstone@insider.com

☆ Flexport CEO Ryan Petersen tells employees 'get back to work people' amid rumors about layoffs that could come as soon as Friday
▼ + stars: | 2023-10-12 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Flexport employees are bracing for layoffs they believe could come as soon as Friday. Meanwhile on Slack, Flexport CEO and founder Ryan Petersen told employees "Get back to work people!" The comment, which was viewed by Insider, came in response to a set of questions an employee posed about executives' tips for success. Insider first reported that Flexport was planning layoffs on September 7, the day after its former CEO Dave Clark departed. The next day, Petersen hinted at more changes through a series of posts on X, formerly known as Twitter, saying, "Strategic Plan, Day 1: Make better decisions!"

Persons: Slack, Flexport, Ryan Petersen, " Petersen, Dave Clark, Petersen, Clark, Madeline Stone Organizations: Employees, Street, Amazon, Shopify Logistics Locations: Amazon, Flexport, mstone@insider.com

☆ Flexport will lay off 20% of the company starting Friday, leaked memo says
▼ + stars: | 2023-10-12 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Insider first reported on September 7 that Flexport was planning layoffs , the day after its former CEO Dave Clark departed. Team,Today I have a difficult decision to share: We will reduce the size of our global team by approximately 20% with the process starting tomorrow, Friday, October 13. We will also maintain a small team of dedicated recruiters to help departing Flexport employees look for their next opportunity. This team will work closely with over 300 companies that have expressed an interest in hiring departing Flexporters to match opportunities with impacted employees. We see endless opportunities for technology to improve on-time performance and reliability, upgrade compliance processes, and save businesses money in their global supply chain.

Persons: Flexporters, Flexport, Dave Clark, Petersen, You'll, we'll, Ryan Organizations: Street, Team, People, Employees Locations: U.S, Canada, Europe, Africa, Asia

☆ I'm on track to sell $5 million in glassware on Amazon this year. Research, self-control, and careful planning got me there.
▼ + stars: | 2023-10-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

I decided to call my brand Dragon Glassware. Dragon Glassware glasses. For a bit, I was also renting a warehouse space, but now I have my inventory delivered directly into an Amazon fulfillment center. I was an early tester of the new Supply Chain by Amazon product suite . Dragon Glassware has generated more than $2.1 million in sales so far this year, and we're projecting an additional $2-3 million before the end of the year.

Persons: Matt Rollens, hadn't, I've, —, It's, we've, Barnes & Noble, that's Organizations: Walmart, Prime, Barnes &, Mattel, LinkedIn Locations: Sacramento , California, China, Maxx

☆ I'm on track to sell $5 million in glassware this year, mainly on Amazon. Research, self-control, and careful planning got me there.
▼ + stars: | 2023-10-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Dragon Glassware glasses. For a bit, I was also renting a warehouse space, but now I have my inventory delivered directly to an Amazon fulfillment center. Plus, I was already using Amazon Multichannel Fulfillment, so it made sense to turn on Buy With Prime as a channel. Dragon Glassware has generated more than $2.1 million in sales this year, and we project an additional $2 million to $3 million before the end of the year. Correction: October 11, 2023 — An earlier version of this story suggested Dragon Glassware was on track to make $5 million using Amazon only.

Persons: Matt Rollens, hadn't, I've, —, It's, we've, Barnes & Noble, that's Organizations: Amazon, Walmart, Prime, Multichannel, Barnes &, Mattel Locations: Sacramento , California, China, Maxx

☆ eBay's first chief AI officer is building AI tools to change how people shop online, saying the AI 'paradigm shift' will happen in three phases
▼ + stars: | 2023-10-10 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

E-commerce companies eBay and Shopify are both building tools that enable online sellers to use AI. eBay chief AI officer Nitzan Mekel-Bobrov said he sees AI bringing a "paradigm shift" to e-commerce. AdvertisementAdvertisementNitzan Mekel-Bobrov joined eBay as the company's first chief AI officer in 2021. Internally, eBay is also developing AI tools that are aimed at improving productivity and creativity for its engineers, analysts, and content creators. Jaffer told Insider that business owners often have specific needs that aren't easily solved by the AI tools that are widely accessible today.

Persons: Nitzan, Bobrov, —, We've, Miqdad, Jaffer, Shopify, They've Organizations: eBay, Service, Canadian, eBay's, Harvard Business School Locations: Shopify

☆ Leaked TikTok campaign brief for Black Friday shows it plans to pump live shopping and reward sellers up to $1,500
▼ + stars: | 2023-10-09 | by ( Dan Whateley | Madeline Stone | ) www.businessinsider.com time to read: +4 min

One source familiar with TikTok Shop's strategy said the company typically recommends at least two hours for a successful shopping stream. A TikTok Shop exec in the UK told Insider in May that the company expects its e-commerce business to shift toward live shopping over time. The 100 top performing videos in each category will earn sellers some amount of credits to promote their shoppable content in-app. The top five posts in terms of order quantity will earn sellers $200 in promote coupons, for example. Similar offerings are available for sellers during TikTok Shop's Black Friday and Cyber Monday push.

Persons: TikTok, Sellers, it's, influencers, Etsy Organizations: TikTok, UK, Insider, Bloomberg, Black Locations: China

☆ Shopify is getting a new head of customer support amid an AI-centric shift for the division
▼ + stars: | 2023-10-06 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify's head of customer support, Clovis Cuqui, is departing after more than eight years at the e-commerce company. Cuqui's departure comes amid a period of change for the division , which troubleshoots issues for the millions of merchants using the e-commerce platform. "I look forward to continuing this work in lock step with our incredible crew of 1000s of Support Advisors and team members." The division is also working on a new, enterprise level of support as more large merchants have joined Shopify. Shopify also has been hiring outsourced customer-support representatives through the company TaskUs, many of which are in the Philippines, Insider previously reported.

Persons: Clovis, Glen Worthington, Kaz Nejatian, Worthington, Cuqui, Shopify, Bobby Morrison Organizations: LinkedIn, Support Advisors, Bobby Morrison . Company Locations: Philippines, mstone@insider.com

The pickle-wardrobe mania is emblematic of what sets TikTok Shop apart from e-commerce competitors like Shopify and Amazon. Just like TikTok's non-shopping content, TikTok Shop is built around viral videos, be it a surge in viewer interest in pickle-jar sweatshirts or a mad rush to buy freeze-dried Skittles . For UK sellers, chasing virality still seems to be the defining characteristic of the TikTok Shop experience. Jessica Slone runs TikTok shop Bad Addiction Boutique, which has sold tens of thousands of pickle-jar sweatshirts. "TikTok Shop is kind of this roller coaster, and right now it's on this amazing uphill journey.

Persons: TikTok, Dill, Frank Bloomer, Ashley Martinez, Michael Herling, I'm, it's, Herling, Jessica Slone, Slone, TikTok's, Lindzi Shanks, Shanks, TikTok doesn't, Virality, Laura Ritchey, Sellers, Julia Cote, hadn't, influencers, they'd, Ben Muir, virality, Hira Tariq, who's, Candy, there'll, It's, Boutique's Slone Organizations: US, TikTok Shop, Shipping Locations: Grillo's, West Texas

☆ SoftBank-backed gifting startup Sendoso just completed its fourth round of layoffs in the last 16 months
▼ + stars: | 2023-10-03 | by ( Samantha Stokes | Madeline Stone | ) www.businessinsider.com time to read: +4 min

SoftBank-backed gifting startup Sendoso laid off an undisclosed number of employees in its latest round of job cuts on Tuesday. This is the fourth time in the last 16 months that Sendoso has axed its headcount: the marketing startup in June 2022 laid off around 100 employees from its then 700-employee workforce, Insider previously reported . Sendoso most recently raised $100 million in a Series C funding round led by SoftBank Vision Fund. Better, which went public in August via a long-delayed SPAC deal, conducted another round of layoffs last month . Do you have information about job cuts at tech startups?

Persons: Sendoso, SoftBank, it's, —, Samantha Stokes, Madeline Stone Organizations: LinkedIn, U.S, Sendoso, SoftBank Vision, Greensill, Stock Locations: Ireland, sstokes@insider.com, mstone@insider.com

☆ Leak: Shopify clarifies its stance on employee side hustles in new internal guidance one day after CEO memo said Shopify requires 'unshared attention'
▼ + stars: | 2023-09-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Shopify on Thursday released additional internal guidance around employee side hustles, one day after a company-wide memo from CEO Tobi Lütke caused confusion among workers. Lütke continued: "You should run a Shopify store to learn our product. Shopify's guidance on Thursday clarified the company's stance. And when it comes to starting a Shopify store, we encourage it. Shopify employees can use the company's software to launch their own stores for free.

Persons: Tobi Lütke, Lütke, I've, Shopify, We're, you'll Organizations: Employees Locations: mstone@insider.com

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