Shopify announces major product launches

Today, Shopify hosted Reunite, our first virtual event for members of our global community. We gave attendees an exclusive look at the latest updates and new products we’re building to help entrepreneurs future proof their businesses. 

This is a difficult time to be an entrepreneur—the retail landscape is shifting under our feet, and the old way of doing things no longer works. Physical distancing measures and lockdown have made it clear that omni-channel commerce is more important than ever. 

The products and updates we announced at Reunite will continue to help merchants navigate this new normal, but will also empower them to start looking forward, to plan for the future. From finance to retail to shipping, here’s a look at what we covered:

Introducing Shopify Balance, the business account built for independent businesses and entrepreneurs

• Most of today’s banking products are built from a traditional financial institution’s point of view and designed for large, established businesses. They aren’t designed for the needs of independent business owners, and aren’t as flexible as they need to be. In our research:
  • We found that two in five merchants are currently using their personal bank accounts and cards for business, meaning they’re combining their personal and business finances, making it difficult to measure the financial health of the business.
• Shopify Balance will help close this gap by giving merchants access to critical financial products to start, run, and grow their businesses.
  Shopify Balance will include:
  • Shopify Balance Account: A one-stop-shop within the Shopify admin where merchants can get a clear view of cash flow, pay bills, track expenses, and make decisions about the future of their business.
  • Shopify Balance Card: Physical and virtual cards that merchants can use to access their money faster when spending in-store, with mobile or online, as well as withdrawing from ATMs.
  • Rewards: We plan to offer merchants cashback and discounts on everyday business spending like shipping and marketing. 
• With Shopify Balance there will be no monthly fees or minimum balances. 
• Shopify Balance will launch in early access later this year in the U.S.

Source: Shopify