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☆ Shopify has conducted quiet layoffs in recent weeks. Big AI plans have workers worried a larger cut is on the way.
▼ + stars: | 2023-07-31 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify workers are worried about another mass layoff. Shopify workers are once again bracing for another mass layoff. Much of the chatter around potential layoffs has centered on Shopify's Support org, which is responsible for troubleshooting issues for the company's millions of merchants. One Support employee told Insider that after viewing the town hall, they felt their firing would be inevitable. Shopify's first round of layoffs last July hit its Support division hard, and the company conducted a second round of layoffs in May.

Persons: Shopify, we're, Clovis Organizations: Company Locations: Ireland, Philippines, Shopify

☆ CEO of eBay lays out his master plan to fend off new rivals like TikTok and Shein with AI and live-shopping features
▼ + stars: | 2023-07-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Jamie Iannone, eBay's CEO, spoke with Insider about the next phase in the e-commerce giant's evolution. Iannone said eBay's size would empower it against emerging competitors such as TikTok and Shein. But the number of new eBay buyers grew for the second straight quarter, Iannone said. The next version of that product is set to use image recognition, allowing eBay's sellers to create a product listing based on a photo. When asked about new competitors such as TikTok, Shein, and Temu, Iannone said eBay was "focused on our strategy and how we win."

Persons: Jamie Iannone, Iannone, what's, we've Organizations: eBay, Walmart, Reuters, Brand Locations: China

☆ Leaked audio details Shopify's plans for AI-first customer support as workers fear they'll be replaced by AI
▼ + stars: | 2023-07-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Shopify executives laid out their plans for an AI-first Support org during a recent town hall. The updates shared during the town hall provoked concerns among some support staff that they could be replaced by AI. The Support org is responsible for troubleshooting issues for Shopify's millions of merchants. The Support org is also using AI for translations, through a tool that staff began testing in June. Worthington struck an optimistic tone about AI's impact on both the Support org and the business world as a whole.

Persons: we're, Clovis, wasn't, Glen Worthington, Worthington, Harley Finkelstein Organizations: Twitter Locations: Shopify

☆ Shopify launched a new AI-powered assistant to help merchants as its support staff remains under a 'Code Yellow' for 'deteriorated' performance
▼ + stars: | 2023-07-26 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify beta-launched an AI assistant for its help center. Shopify launched a beta version of an AI-powered assistant for its help center, the webpage where merchants can go to get answers to questions about running their business. In June, Shopify began asking some support staff to test a translation bot powered by OpenAI's technology. Its support staff already had the ability to use AI-generated template email responses to merchant inquiries. The bot can recommend products sold by Shopify merchants based on shoppers' answers to a series of questions.

Persons: Shopify, chatbot, Tobi Lütke's, Harley Finkelstein, Lütke Organizations: Shopify, Help

☆ Exclusive: AppHub, a Shopify app acquirer, raises $95 million to build and buy apps as the developer ecosystem matures
▼ + stars: | 2023-07-25 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

AppHub builds and acquires apps that are geared towards e-commerce merchants. AppHub, an e-commerce enablement platform launched in 2021, has raised $95 million from growth-equity firm PSG to continue building up its portfolio of apps as changes come to Shopify's app ecosystem. More than 150,000 merchants are now using AppHub apps, CEO and cofounder Kris Eng told Insider. Deciding whether to build or acquireAppHub decides whether to acquire an app or build a solution of its own on a case-by-case basis. The new funding from PSG will allow AppHub to continue to invest in its existing portfolio and look for other apps to acquire.

Persons: AppHub, Kris Eng, Eng, Tobi Lütke, Harley Finkelstein, AppHub Shopify, they've, Matt Tennenhouse, Tennenhouse, we'll, Matt Stone Organizations: PSG, Capital Partners

☆ Etsy made 2 massive acquisitions at peak tech valuations. Two years and a $1 billion write-off later, it has buyer's remorse as it sells Elo7.
▼ + stars: | 2023-07-19 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Etsy bought Elo7 and Depop at a time when tech valuations were sky-high. Etsy disclosed that it had sold Elo7, the Brazilian online marketplace it acquired in July 2021 for $217 million, to fellow Brazilian online marketplace Enjoei for an undisclosed amount. What's next for Etsy's portfolio of brandsFollowing the sale of Elo7, Etsy's portfolio will include its main marketplace, Depop, and Reverb, an online marketplace for musical instruments. But like Elo7, Depop has had some challenges with growth once the pandemic-related e-commerce boom ended, and it is also not profitable. "They're running Depop very similarly to how they run the Etsy marketplace platform," Khajuria said.

Persons: Etsy, Josh Silverman, Elo7, they've, Bernstein, Nikhil Devnani, Shopify, Devnani, What's, Depop, Kruti Patel Goyal, Khajuria Organizations: Evercore ISI, SEC, Elo7, Analysts Locations: Brazil, Latin America, Europe

☆ Shopify has had talks to invest in marketplace company Faire
▼ + stars: | 2023-07-18 | by ( Madeline Stone | ) www.businessinsider.com time to read: +2 min

Shopify has had talks to invest in Faire, two people familiar with the matter said. Faire is an online wholesale marketplace that integrates with Shopify. Shopify has held talks to make a strategic investment in Faire, the wholesale marketplace company, according to two people familiar with the matter. The Canadian e-commerce company has discussed taking a stake of about 5% in Faire as part of the deal, one of these people said. While Shopify is better known for catering to DTC brands, B2B e-commerce has become a larger focus for the Canadian e-commerce company in recent years.

Persons: Shopify Organizations: Shopify, B2B, Shopify Ventures, Triple, Dragoneer Investment, Sequoia Capital, Founders Fund, Forerunner Ventures

☆ Read the memo Shopify sent employees explaining its meeting cost calculator: 'Your calendar is a strategy.'
▼ + stars: | 2023-07-13 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

"Your calendar is a strategy, and the Meeting Cost Calculator helps you make informed decisions for organizing or accepting meetings. He said that employees could reference a page in Shopify's internal "vault" for more information about the meeting cost calculator. The Meeting Cost Calculator is here to challenge the status quo, nudging us to reconsider meeting necessity and explore more creative collaboration methods. The meeting cost calculator is the latest in a series of experiments Shopify has launched to maximize time and efficiency in its workplace this year. Your calendar is a strategy, and the Meeting Cost Calculator helps you make informed decisions for organizing or accepting meetings.

Persons: Shopify, Kaz Nejatian, Mark Zuckerberg, Tobi Lütke

☆ Shopify gets ruthless on calendar invites by posting the price of employees' time, with a 30-minute meeting 'costing' up to $2,000
▼ + stars: | 2023-07-12 | by ( Sarah Jackson | Madeline Stone | ) www.businessinsider.com time to read: +2 min

Shopify is trying to discourage useless meetings with a tool that estimates the cost of employees' time. The calendar tool calculates meeting costs based on employee pay data, meeting duration, and attendees. The strategy is part of Shopify's push to purge thousands of unnecessary meetings. Shopify has introduced a new tool to help employees find out — and encourage them to cut back on non-crucial meetings. "No one at Shopify would expense a $500 dinner," Shopify COO Kaz Nejatian, who built the program, told Bloomberg.

Persons: Shopify, Kaz Nejatian, Tobi Lütke, Nejatian Organizations: Service, Bloomberg Locations: Wall, Silicon

☆ Shopify's midlife crisis: How a surprise pivot away from logistics capped the e-commerce giant's whirlwind year
▼ + stars: | 2023-06-29 | by ( Madeline Stone | Emma Cosgrove | ) www.businessinsider.com time to read: +12 min

But Shopify's logistics acquisitions, which came with around 550 more staff altogether, started to look like dead weight after the shine of the initial announcements wore off. By the beginning of 2023, the attitude toward logistics inside Shopify had shifted to palpable frustration, four people who worked for Shopify's logistics division said. Lance McMillan/Toronto Star via Getty ImagesIndependent of logistics, Shopify saw massive cultural shifts in the past several years. One core tenet of Shopify's work culture is "default to open," meaning it values transparency and sharing information with employees. The letter referred to Shopify's logistics work of the past four years as a "side quest" that distracted the company from its "main quest."

Persons: Shopify, it's, Oppenheimer, Ken Wong, Lance McMillan, crafters, Tobias Lütke, Slack, —, Lütke, Shopify's, I've, Toby Shannan, Morgan Stanley, Jeff Hoffmeister, Bobby Morrison, Allan Leinwand, Kaz Nejatian, Nejatian, Madeline Stone, Emma Cosgrove Organizations: Employees, Amazon, Systems, Kiva Systems, Toronto Star, Getty, miscalculating, Facebook, ecosgrove Locations: Shopify, Ottawa , Ontario, —, Silicon

☆ Amazon warns sellers who haven't completed its error-prone verification process they only have a few days before they stop getting paid
▼ + stars: | 2023-06-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Some sellers face issues when trying to complete Amazon's verification process. The company recently told third-party sellers on its marketplace that they have only a few days to complete an identity verification process before the e-commerce giant stops paying them. Some Amazon merchants have been scrambling to complete the process, which has been plagued with errors. Other brands were acquired in recent years and had to hunt down the original owners of the Amazon account. He said that about 40% of Seller Interactive's roughly 500 partner brands faced issues at some point during the INFORM verification process.

Persons: Shlomo Greenblatt, Albert Scott Ecommerce, Greenblatt, Mohamed Aden, We've, Juozas Kaziukėnas, hasn't, It's Organizations: Amazon, eBay, Albert Scott Ecommerce Management, Interactive Locations: Aden

☆ Shopify asks its customer-support staff to test new AI tools weeks after laying off thousands of employees
▼ + stars: | 2023-06-21 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Shopify is asking some of its customer-support team members to test a translation bot powered by OpenAI's technology, weeks after a round of layoffs in May. This move is the latest in a series of AI experiments in the support division, which troubleshoots issues for Shopify's millions of merchants. The bot can recommend products sold by Shopify merchants based on shoppers' answers to a series of questions. It also recently launched a tool called Shopify Magic, which uses generative AI to write product descriptions. Shopify's support team underwent several changes this year.

Persons: Shopify, Jen Bebb, Shopify's, Harley Finkelstein, Tobi Lütke, Clovis Locations: Shopify

☆ Meet 19 executives guiding eBay's online marketplace toward AI, ads, and authentication
▼ + stars: | 2023-06-13 | by ( Madeline Stone | ) www.businessinsider.com time to read: +1 min

The company is focusing on specific product categories and leaning into AI and authentication. The e-commerce marketplace, founded in 1995, recently grew quarterly revenues more than expected despite economic uncertainty and a challenging consumer environment. eBay has recently launched multiple product authenticity programs to promote trust in the platform and drive engagement in these categories. It's leaning into AI, building proprietary technology meant to improve eBay's visual search results and empower sellers to use generative AI in their product listings. From executives piloting eBay's AI initiatives to others connecting with sellers around the world, here are the 19 power players driving the company's next phase of growth.

Persons: GMV Organizations: eBay

☆ Shopify is reopening its offices for in-person work for the first time since the beginning of the pandemic
▼ + stars: | 2023-05-19 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify will open some of its offices for daily work beginning this summer. Shopify plans to allow its employees to come into its offices to work several days a month, CEO Tobi Lütke told workers at an internal town hall earlier in May. "Shopify continues to value in-person time to build trust and create connections outside of dedicated team events," a Shopify spokesperson said. The company refers to its dedication to remote work as "digital by design." Most recently, Amazon began requiring employees to work in its offices at least three days a week starting this month.

☆ Shopify tried to challenge Amazon in logistics. It never came within 100 miles. Was it all a waste?
▼ + stars: | 2023-05-04 | by ( Emma Cosgrove | Madeline Stone | ) www.businessinsider.com time to read: +7 min

Shopify is selling most of its logistics business to freight unicorn Flexport in an all stock deal. Though Shopify's logistics journey began in 2019 as Shopify Fulfillment Network, the current iteration is less than a year old, and investors had become wary of the level of investment that getting the outfit into competitive shape would take. The acquisition was previously considered key to Shopify's fulfillment ambitions, and its team has been involved in the company's efforts to develop fulfillment software. Derek Lossing, an Amazon Logistics alum-turned investment advisor with Cirrus Global Advisors, said an acquisition-driven strategy may have been the right course — especially when the alternative involved contracting with legacy logistics players, which can take months. To some, the question of whether Shopify's layover into logistics was a waste of talent, time, and resources, can't be answered until Flexport takes hold and Clark flexes the muscles he gained building Amazon Logistics.

☆ Shopify president says he has never 'felt more sure about the future of this company' in leaked internal audio shared after company conducts layoffs and sells its logistics business
▼ + stars: | 2023-05-04 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

In a two-minute video shared with Shopify employees Thursday morning, company president Harley Finkelstein reiterated his belief that the e-commerce firm is well-positioned for the future. In his video message to employees, Finkelstein said that difficult times are what define "the character of a company." "Making a series of popular decisions makes a popular company," he said. 6 River Systems, a warehouse automation and robotics company Shopify purchased in 2019 for $450 million, is being sold to the UK grocery firm Ocado for an undisclosed sum. Making a series of popular decisions makes a popular company.

Shopify announced Thursday that it is cutting 20% of staff and selling off its logistics business. Shopify's CEO Tobi Lütke announced early Thursday that the company is cutting 20% of its workforce and selling the majority of its logistics business to supply chain technology company Flexport. It's the right thing for Shopify but it negatively affects many team members who we admire and love working with. Analysts and insiders had also been expecting a major change to Shopify's logistics division, Insider reported Wednesday. But 6 River Systems, a warehouse automation and robotics company Shopify purchased in 2019 for $450 million, is being sold to UK grocery firm Ocado for an undisclosed sum.

☆ Shopify insiders and analysts are bracing for a strategy shift in the company's logistics business
▼ + stars: | 2023-05-03 | by ( Madeline Stone | Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

Insiders and analysts expect a major shakeup to Shopify's logistics strategy. "The fulfillment investment is sort of the biggest anchor that's keeping the business from being more profitable." That may be a welcome change for investors, who have been voicing increasing concern with the level of investment Shopify had planned. And Shopify Logistics CEO Aaron Brown told Insider in February that 6 River Systems' warehouse automation would be "the machine in the background making everything work." Weiss then asked if Shopify Logistics is intended to turn a profit.

☆ Shopify will release earnings earlier than planned as employees ready themselves for more layoffs
▼ + stars: | 2023-05-02 | by ( Madeline Stone | ) www.businessinsider.com time to read: +2 min

Employees told Insider they fear layoffs are on the way. Shopify has moved up the timing of its quarterly earnings call as employees brace for possible layoffs. Fear has been growing among employees that Shopify plans to lay off workers within the next several days. Company leadership told workers in the fall that it planned to change how it evaluated employees' performance. In March, Shopify announced a new framework that would classify employees as either managers or "crafters," with the goal of incentivizing more employees to be individual contributors.

☆ Jack Ma, who disappeared from public view in 2020, just accepted a teaching position in Japan. Here's how the Alibaba and Ant Group founder got started and amassed a huge fortune.
▼ + stars: | 2023-05-01 | by ( Madeline Stone | Avery Hartmans | Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Jack Ma, the billionaire founder of Alibaba and Ant Group, accepted a teaching role in Japan. Ant Group said Ma would give up control of the fintech company amid closer scrutiny from Beijing. Alibaba and Ant Group founder Jack Ma, who disappeared from public view in 2020 and resurfaced in Thailand in January, has accepted a teaching role in Japan. Ma is expected to conduct research on sustainable agriculture and food production, Tokyo College said in an announcement on May 1. Jay Fai restaurant in Bangkok, Thailand, posted a photo of Ma when he resurfaced.

☆ Shopify employees brace for more layoffs as the company cancels in-person gatherings ahead of earnings
▼ + stars: | 2023-04-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +2 min

Fear is growing among Shopify employees that more layoffs are on the way. Fear is spreading among Shopify employees that the Canadian e-commerce company is planning to lay off more workers within the next few days. Employees said that the company has canceled a number of upcoming "bursts," which is Shopify's name for team off-sites, and other in-person events. Shopify laid off 10% of its workforce — or roughly 1,000 people — last July. The company also quietly laid off several dozen employees before and after the mass layoff was announced.

☆ I've made $10 million in sales for my Amazon coffee grinder brand. Here's how I got started and found success.
▼ + stars: | 2023-04-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

But my e-commerce success really started after I launched my coffee accessories brand, Kaffe, on Amazon in mid-2019. I spent day and night thinking about the best way to position the coffee grinder so it would get to the top of Amazon's rankings. My sales started to grow. Amazon has its own coffee grinder that it sells under its Amazon Basics private label, and it retails for a couple of dollars less than Kaffe's does. On Amazon, you're either growing, or you're really dying, and the fees will eat you alive if you're not doing any volume.

☆ Leaked document shows Shopify's plan to use 'stealth spear-fishing' recruiting tactics as it flattens its org
▼ + stars: | 2023-04-18 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

A leaked internal document detailed Shopify's plan to overhaul its recruiting strategy. It said that recruiters needed to raise the bar for the quality of candidates they were bringing on to the company. "To do this, we will exhaustively seek out world class talent, scorching the earth with thoroughness and precision," it continued. The leaked internal document from Shopify cited a January conversation with CEO Tobi Lütke where he emphasized the need to hire fewer people managers and more people who had deep technical knowledge. It also said that Lütke instructed org leaders to "avoid high drama negative talent."

☆ Square is changing its strategy to focus on larger sellers — here's why
▼ + stars: | 2023-04-08 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Square is focused on engaging large sellers, says Christine Loh, the general manager of e-commerce. In recent months, other e-commerce software providers, including Shopify, have also placed more emphasis on larger sellers as a way to hedge their bets. To cater to larger sellers, Square doubled down on features like preordering capabilities and loyalty program integrations. "But then also larger sellers, I think especially during this challenging economic time, they don't want to deal with piecing together a bunch of complex solutions. Analysts say that supporting large businesses could offer good value at a time when many are tightening their belts.

☆ Shopify Power Players: Meet the 16 leaders driving its growth as it looks to build the future of commerce
▼ + stars: | 2023-04-04 | by ( Madeline Stone | ) www.businessinsider.com time to read: +1 min

Shopify focuses on predicting the future of commerce. It has launched a number of new products to make sure merchants are ready for the next phase. And Shopify has also adjusted its strategy to blend e-commerce and in-person retail and help merchants to meet their customers where they are. It also further explored the use of new technologies like artificial intelligence, augmented reality, and virtual reality in commerce. From leading new product launches to bringing entrepreneurs from around the world into the Shopify ecosystem, here are the 16 power players driving the company's next phase of growth.

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