Shopify has announced a raft of new features for its one million-plus merchants including a debit card, buy now pay later functionality and local delivery.
The ecommerce giant’s Reunite virtual conference, held yesterday, saw it announce a string of new features in response to the “crazy acceleration of how important digital is”.
Shopify Balance, set to launch later this year, is essentially a bank account for merchants with no fees or minimum balances, which will only allow merchants to deposit money from Shopify sales.
The Balance account will come with its own debit card, which will include cashback and discounts on business expenses such as shipping and marketing.
Furthermore, Shopify is launching its own buy now, pay later feature for merchants to implement on their websites, also due for release in 2020.
It is understood that merchants will get the full amount “instantly” and an anonymous financial partner will foot the bill.
Shopify is also introducing a new Local Delivery option, enabling users to set up a different logistics network for customers close to its site.
It comes as the company rakes in the spoils of the dramatic shift online driven by the coronavirus pandemic, which has seen its market valuation more than double since April to $80 billion.
“The retail world that would have existed in the year 2030 has been pulled into 2020. Brick and mortar retailers that were thinking of moving online have done so at an incredible clip over the last 8-10 weeks,” Shopify’s chief operating officer Harley Finkelstein said.