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☆ A Square exec says the company is targeting larger sellers, reflecting a growing trend amid economic uncertainty
▼ + stars: | 2023-03-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Large sellers "don't want to deal with piecing together a bunch of complex solutions," Loh said. In recent months, other ecommerce software providers like 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 supporting large businesses could offer good value at a time when many are tightening their belts.

☆ Employees at the $2 billion e-commerce startup Rokt once saw a photo of a colleague in blackface during a company Zoom meeting
▼ + stars: | 2023-03-28 | by ( Jack Newsham | Madeline Stone | ) www.businessinsider.com time to read: +3 min

An employee at e-commerce firm Rokt shared a photo of a colleague in blackface, shocking colleagues. An employee shared the photo, from an event in 2012, that appeared to show another employee in blackface and dressed as Michael Jackson. recalled one of more than a half-dozen former employees who told Insider they saw the photo. Rokt said that both employees completed a session of unconscious bias training with an expert facilitator, who also held a session for the whole company. Rokt"We were all, in America, like, 'We don't need to learn about blackface from you,'" the second former employee said.

☆ Amazon looms over Shopify: Analysts worry that Buy with Prime will further eat into Shopify's profits
▼ + stars: | 2023-03-24 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Analysts are increasingly negative on the impact Amazon's Buy with Prime could have on Shopify. Analysts are increasingly worried about the impact that Amazon's Buy with Prime feature could have on Shopify's bottom line. Buy with Prime allows sellers to offer Prime benefits — like fast shipping, free delivery, and free returns — on websites outside of Amazon.com. If Amazon does need Shopify's help, Shopify could theoretically insist that Amazon provide insight about Shopify merchants' Buy with Prime transactions and separate fees from Amazon, the analysts said. "That's why we're working with Amazon to build a direct integration for Shopify merchants using Buy with Prime."

☆ Keith Rabois says Shopify brands have 'a lot of room' to grow, and his startup, OpenStore, just launched a new product to help with that
▼ + stars: | 2023-03-22 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Keith Rabois' startup, OpenStore, is launching a new service for Shopify merchants. Keith Rabois founded OpenStore in 2021 with the idea of scooping up Shopify stores and using economies of scale to supercharge their sales. OpenStore has acquired more than 40 Shopify stores so far, says Rabois, a venture capitalist who placed early bets on DoorDash, Affirm, Stripe, and Faire. That makes OpenStore the largest owner and operator of Shopify brands in the world, he told Insider in a recent interview. However, there's "a lot of room" to grow Shopify brands, he added.

☆ Shopify rescinded some job offers after telling former interns for months that they would have a full-time role
▼ + stars: | 2023-03-20 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify rescinded a number of full-time offers it had made to interns last year. The offers were verbal, but recruiters had told former interns that written offers were on the way. Shopify has rescinded a number of full-time job offers it verbally extended to former interns at the end of last year. Two former interns who had their full-time offers rescinded said company recruiters told them last fall that official written offers and contracts would be on the way soon. Shopify has rescinded job offers before.

☆ Amazon, Etsy, eBay, and Shopify sellers feel the squeeze of higher fees. Now they must get creative to stay profitable.
▼ + stars: | 2023-03-17 | by ( Madeline Stone | ) www.businessinsider.com time to read: +7 min

Etsy, eBay, Amazon, and Shopify have all raised fees for sellers in recent months. Amazon has also steadily raised fees for its Fulfillment by Amazon service since 2020. But he says things have gotten progressively more difficult in the last year as sales and traffic declined, inflation has squeezed his margins, and eBay has raised fees. Courtesy of Elizabeth MorganElizabeth Morgan, who sells handmade earrings on Etsy, said that she raised her prices by about 5% after Etsy raised fees last year. The Etsy fee hike has been more impactful, however.

☆ Current and former Rokt employees told Insider about blackface, booze, and blurred lines
▼ + stars: | 2023-03-17 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

They told my colleague Jordan Pandy that Charlotte seemed affordable and diverse on paper. The photo was shown at a company-wide meeting to highlight how "fun" working at $2 billion ad-tech startup Rokt was, an Insider investigation reveals. He said blackface isn't a big deal in Australia, where the company was founded and where the photo was taken. But more than 30 current and former employees told my colleagues Jack Newsham and Madeline Stone that they had a different experience. Come behind the scenes of Rokt with us, where Insider reports that booze and blurred lines flow rampantly.

☆ Blackface, booze, and blurred lines at the $2 billion tech firm Rokt
▼ + stars: | 2023-03-16 | by ( Jack Newsham | Madeline Stone | ) www.businessinsider.com time to read: +25 min

A cropped version of an image shared with Rokt employees at the 2020 meeting. Buchanan told Insider. "We think it's important that we stand up and fight it," he told Insider when asked about that message. In an email, Viles told Insider that he hasn't had any day-to-day involvement with Rokt since 2020, when he did some contract work. Mert Alper Dervis/Anadolu Agency via Getty ImagesOne employee told Insider they were encouraged to post the photos and proclaim 2023 to be Rokt's "best year yet."

☆ Leaked documents show Shopify's customer service has 'deteriorated' as the company issues a 'Code Yellow' for its support team
▼ + stars: | 2023-03-10 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Shopify declared a "Code Yellow" calling for improvements to the way its Support teams work. Shopify executives have declared a "Code Yellow" for its Support organization, saying it needs to improve customer service levels "that have deteriorated beyond acceptable ranges." Clovis Cuqui, vice president for merchant acceleration at Shopify, posted an explanation of the Code Yellow on Shopify's Workplace web page on March 1. Code Yellow is a preemptive intervention to make sure we don't ever need a Code Red." Shopify's Support teams have long been a source of pride for the Canadian e-commerce company.

☆ Late oil tycoon T. Boone Pickens' massive Texas ranch just sold at a $60 million price cut after 5 years on the market — take a look inside
▼ + stars: | 2023-03-02 | by ( Madeline Stone | Libertina Brandt | Marielle Descalsota | ) www.businessinsider.com time to read: +1 min

After languishing on the market for years, late oil tycoon T. Boone Pickens' massive Texas ranch has finally found a buyer. Mesa Vista RanchIn 2017, the late oil magnate listed his ranch in the Texas Panhandle, northeast of Amarillo, for $250 million. Five years later, the estate was sold — but for $60 million less than its listed price. But on January 14, 2020, the property received a $30 million price cut, reported Mansion Global. In late November, Pickens' estate finally sold, but at a further reduced price, Jay Rosser, a longtime representative for Pickens, told Insider.

☆ Shopify is 'flattening' its org structure to incentivize more employees to become individual contributors
▼ + stars: | 2023-03-01 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Shopify is making changes to its managerial structure that will likely result in fewer middle managers, "flattening" its organizational structure. Starting in mid-March, employees will choose to become either a full-time manager or a "crafter," as Shopify calls individual contributors. Silas added that Shopify expects to have fewer managers overall, referring to the change as a "flattening" of the organization. Shopify also removed all employee meetings that were scheduled for Wednesdays and limited large team events to specific hours on Thursdays. If you're a Shopify employee with a story to share, contact this reporter at mstone@insider.com or on the encrypted messaging app Signal at (646) 889-2143 using a nonwork phone.

☆ Here's an exclusive look at the 15-slide pitch deck Smartrr's CEO used to raise $10 million, despite VCs saying it wasn't the right time to fundraise while she was pregnant
▼ + stars: | 2023-02-22 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Smartrr, a startup building subscription-enablement software, raised a $10 million Series A.Smartrr CEO Gabriella Tegen says she felt that she had to hide her pregnancy while fundraising. Some VCs had told her it wasn't the right time to fundraise. Despite that, she completed the fundraising process in three months and closed a $10 million Series A round in the first week of January, just a few days after she gave birth to her daughter. Smartrr has raised $17 million in venture funding in total and is valued at $45 million, according to PitchBook. Smartrr's goal is to help brands improve the lifetime value of their customers, Tegen said.

☆ Shopify is in talks to add Amazon's Buy with Prime service. Analysts say this is a 'Trojan horse' that could cut into Shopify's core revenue.
▼ + stars: | 2023-02-16 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

But many analysts don't think that Buy with Prime is a good thing for Shopify. Shopify executives continued to strike an optimistic tone about Amazon's Buy with Prime feature during the company's fourth-quarter earnings call on Wednesday. Buy with Prime allows sellers to offer Prime benefits — like fast shipping, free delivery, and free returns — on websites outside of Amazon.com. Shopify merchants that try to install it get a pop-up informing them that the checkout feature violates the company's terms of service and could leave their store vulnerable to fraud. Many Shopify merchants choose not to sell their products on Amazon because they want to maintain control over their customer data.

☆ Shopify just made its move into generative AI and said it's the first of many new features it plans to roll out this year
▼ + stars: | 2023-02-09 | by ( Madeline Stone | ) www.businessinsider.com time to read: +2 min

Shopify is making its first step into generative AI with the launch of Shopify Magic. Shopify Magic uses AI to automatically write product descriptions. Shopify is stepping into generative artificial intelligence with the launch of Shopify Magic, a tool that generates product descriptions using large language models. The rapid rise of AI chatbot ChatGPT, which, like Shopify Magic, relies on LLMs, has fueled investment in other generative AI startups. Shopify Magic is the Canadian e-commerce company's first foray into generative AI, but it has indicated that more features are on the way.

☆ An entrepreneur who has used Shopify since it was in beta shares how he built an app to solve the biggest problem he faced on the platform while scaling to $1 million in sales
▼ + stars: | 2023-02-08 | by ( Madeline Stone | ) www.businessinsider.com time to read: +7 min

Thomas Bertrand built a Shopify app after years of selling on the e-commerce platform. He launched his Shopify store, Bento&co, where he sells bento boxes and related accessories, in 2008. But he also created an app on Shopify's App Store that was directly inspired by his years as a merchant. Shopify's app store is home to more than 7,000 apps to help merchants with tasks like store design, product sourcing, SEO, marketing, and shipping. Shopify's merchants made $46.2 billion in sales on the platform in the third quarter of 2022 alone.

☆ Shopify's prices will go up by as much as 33% in some cases, but analyst say merchants aren't going anywhere
▼ + stars: | 2023-01-31 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Analysts say Shopify's products offer a much better value than their competitors'. He added that many merchants pay more in fees for third-party apps and add-ons than they do for a Shopify subscription. With those fees in mind, an increase to the monthly subscription fee would seem relatively small, Pfau argued. Luria said that it's possible Shopify's price hikes could "upset smaller merchants for whom this is a big expenditure," particularly amid inflation and economic uncertainty. Shopify's price hikes come as the company makes changes to its leadership team.

☆ Read the leaked farewell memo Shopify's departing CTO sent staff, praising the founder-led company and its accomplishments
▼ + stars: | 2023-01-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

I'll be working with the team over the next few weeks to ensure a smooth and efficient transition. All of this is a tiny fraction of our truly incredible work, done by incredible humans. The best way to learn is to read the code, to pair program with Shopifolk inside and outside of your team. I didn't truly understand the impact Shopify has on merchants until I met some in person. I leave you in the capable hands of our leaders, and I know you'll continue to do incredible work.

☆ In leaked memo, Shopify CEO Tobi Lütke announces CTO departure and other engineering shakeups
▼ + stars: | 2023-01-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Shopify CTO Allan Leinwand is leaving the company, CEO Tobi Lütke announced on Friday. Shopify CTO Allan Leinwand is set to depart the Canadian e-commerce company after 15 months in the role. In addition to his job as CEO, Lütke has also performed the tasks of chief product officer since Craig Miller departed Shopify in September 2020. Today Allan Leinwand shared that he will be saying goodbye to Shopify in the coming weeks. With Allan's departure, I'm retiring the CTO jersey.

☆ Shopify laid off 2 engineering VPs earlier in January as fears of more layoffs circulate
▼ + stars: | 2023-01-26 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify laid off at least two engineering vice presidents earlier in January. Shopify laid off at least two high-ranking engineering leaders this month, according to people familiar with the matter. The two employees were VP of Infrastructure Mike Lents and VP of Engineering Ravi Byakod. A Shopify spokesperson confirmed the departures. Shopify laid off about 10% of its workforce, which included more than 1,000 people, in July 2022.

☆ Companies like Etsy, eBay, and PayPal are fighting a new tax law they fear could lead to an avalanche of 40 million new tax forms and mass confusion among their users
▼ + stars: | 2023-01-23 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

A group of companies including Etsy, eBay and PayPal are lobbying against new tax rules. E-commerce companies including Etsy, eBay, and Poshmark are lobbying to stop a new tax rule that they say would confuse millions of their users. But at the lower threshold, an estimated 30 to 40 million businesses or individuals could receive a 1099-K for the first time in 2024. An eBay spokesperson said the lowered threshold is "concerning for many sellers on eBay who casually sell online to help meet important financial needs." Jeffrey Zubricki, head of Etsy Americas advocacy and public policy, was optimistic about efforts to raise the threshold from $600.

☆ Shopify is making moves to woo multimillion-dollar businesses. It's a big change to its identity as a small business champion it established during the pandemic.
▼ + stars: | 2023-01-13 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

With the move to Commerce Components, Shopify could target merchants with sales that are more in the $500 million range, Wong said. For Commerce Components, Shopify has already partnered with Mattel, which generated nearly $5.5 billion in sales for 2021. For a subscription fee, Shopify merchants get access to tools to build an online store, ship out products, and process payments. To convince large retailers to use its product, Shopify must show them it has an edge over legacy software platforms. At the same time, it has launched other products, like its advertising product Shopify Audiences, that are available only to larger merchants using Shopify Plus.

☆ Temu's low prices catapulted the Chinese app to the top of the US download charts. Here's what we know about it — and how it could avoid its competitors' pitfalls.
▼ + stars: | 2023-01-12 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Temu, a new shopping app from Chinese e-commerce giant Pinduoduo, is making waves in the US. In December, Temu had 9 million US downloads, topping Amazon, which had 4.2 million downloads; Shopify's Shop app, which had 3.4 million downloads; and fellow Chinese player Shein, which had 3 million downloads. Like Shein, Temu also boasts a large selection of products, with its app description claiming that it offers thousands of new items a day. Shein was the most downloaded app globally in 2022, with 229 million downloads, while Amazon was the top app in the US. Notably, Pinduoduo was also a top downloaded app globally, ranking seventh with 79 million downloads.

☆ Jack Ma, who disappeared from public view in 2020, has resurfaced in Thailand. Here's how the Alibaba and Ant Group founder got started and amassed a huge fortune.
▼ + stars: | 2023-01-07 | by ( Madeline Stone | Avery Hartmans | Sam Tabahriti | ) www.businessinsider.com time to read: +1 min

Jack Ma, the billionaire founder of Alibaba and Ant Group, resurfaced in Thailand on Friday. Ant Group said Ma will give up control of the fintech company amid closer scrutiny from Beijing. He grew up poor and faced multiple job rejections but amassed billions. Jay Fai restaurant in Bangkok, Thailand, posted a photo of Ma, which he appeared to have just visited. The billionaire faced a crackdown from Chinese regulators in 2020 that resulted in an antitrust investigation, a suspended IPO, and Ma losing $12 billion of his fortune in just a few months.

☆ Shopify employees are shocked and worried after an abrupt shutdown of public Slack channels and wiped data. Here's why they think Shopify did it.
▼ + stars: | 2023-01-06 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

The decision was announced Tuesday as part of a plan called "Chaos Monkey 2023." The company said that Tuesday's "chaos monkey" changes were primarily intended to improve employees' ability to focus on their work. Two employees said they worried that the Slack changes in particular would reduce transparency and make their jobs more difficult. Shopify previously had dozens of public channels for special interests like photography and cryptocurrency. "And removing the public channels that are not directly work-related is another measure to weed out people, control narratives and people's conversations, and limit their opinions."

☆ Shopify abruptly shuts down Slack channels and cancels meetings in a move it's calling 'Chaos Monkey 2023'
▼ + stars: | 2023-01-03 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

It shut down public Slack channels and deleted all meetings with more than two people. Shopify removed each employee from every existing public channel on the company's Slack workspace, deleted the message history from those public channels, and capped each channel at 150 members. Shopify previously had dozens of public channels for these special interests. Employees logged on to work Tuesday to see that they had been removed from all public Slack channels. But the company said that Tuesday's "chaos monkey" changes were primarily intended to improve employees' ability to focus on their work.

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