Notably, more than half of the online retailers that Digital Commerce 360 surveyed intend to spend more on technology in 2024. In the current inflationary environment, higher costs should not come as a surprise. However, costs are also under pressure — and there are clear technology- and objective-driven concerns taking precedence.

Online retailers expect to spend more on tech in 2024

In the report’s survey of online merchants, Digital Commerce 360 asked participants directly about emerging technologies. While more than half of respondents had no plans to invest in virtual reality, voice commerce, or internet of things, one category showed up as something 33% of respondents were already using and 29% were considering for more investment. That was artificial intelligence.

An ecommerce platforms comparison by pricing, features and more

The 2024 Ecommerce Platforms Report also digs into which platforms the top online retailers in North America are using. That includes numbers for annual web-based sales and clients on our Top 1000 list. But it also includes an ecommerce platforms comparison with information on pricing, niches served, and volumes of sales flowing through each via their customers on the Top 1000 list. In addition, each platform profile breaks down current and upcoming features that Adobe, Salesforce, Shopify, Oracle and others are deploying.

Ecommerce platform use cases and a guide to choosing the best fit

Among the trends seen in these profiles, a majority of platforms in the top 10 are rolling out new AI-enabled enhancements. These cater to use cases in search, inventory management, customer service and other areas. The report goes a step further, though, and delves into who’s getting it right and which uses for AI retailers find more useful. Then it delivers a handy walkthrough with tips for any online retailer trying to choose an ecommerce platform in today’s environment.

All of these details and more can be found in the full, downloadable 2024 Ecommerce Platforms Report, available now.

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Adrien Nussenbaum, co-CEO, Mirakl

2023 marked a “year of maturity for Mirakl,” says Adrien Nussenbaum, co-founder and co-CEO. “Not only did we significantly increase our annual recurring revenue … but we are now financially self-sustaining.”

Nussenbaum adds that Mirakl powers ecommerce operations for more than 450 enterprises. They include B2B companies Airbus Helicopters, pharmaceuticals distributor Cencora (formerly known as AmerisourceBergen), Mitsubishi Electric, restaurant supplier Parts Town and Toyota Material Handling. Among its retailer clients, Mirakl counts Macy’s, Best Buy, Kroger and Saks Fifth Avenue.

Mirakl-powered B2B marketplace sales

Mirakl says the gross merchandise volume on the Mirakl Marketplace Platform, which client companies use for first-party and third-party ecommerce sales and drop-shipping, grew 50% year over year in 2023 to $8.6 billion.

In addition, Mirakl generated a 20% increase in annual revenue to nearly $160 million.

Nussenbaum says Mirakl has been expanding and upgrading its digital commerce and marketing products and services in several areas to help online sellers meet rising expectations of personalized and helpful online buying journeys.

For example, Mirakl introduced last year a program for integrating AI technology across several Mirakl technology platforms:

• Mirakl Marketplace.
• Catalog platform for onboarding sellers’ product information.
• Target2Sell content personalization.
• Target2Sell content personalization.
• Mirakl Ads online advertising program for promoting products on e-marketplace pages.

Mirakl says that, through a feature developed on generative AI, Mirakl customers “can enhance the data quality and completeness of product catalogs, boost search engine rankings, and increase conversions automatically by optimizing product titles, descriptions and attributes.”

It adds that Mirakl has also developed AI-powered language translations to help online sellers “expand their business into new territories.”

In addition, Mirakl launched in 2023 the Mirakl Payout for online payment transactions and a global arrangement with marketing and communications firm Havas Group.

In a sign of what it expects more robust growth to come, Mirakl said it achieved a record $1 billion in monthly GMV in November. And it noted that more than 30 Mirakl-powered marketplaces surpassed the $100 million GMV mark last year, including several that surpassed $500 million.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. paul@digitalcommerce360.com.

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s MSC Industrial report.

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The app uses generative AI to virtually redesign different areas of the home with pieces from Wayfair’s catalog, the home furnishing retailer said.

Wayfair is No. 10 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Apple ranks No. 3.

Wayfair’s Vision Pro app

The retailer says Decorify is a way for consumers to see their living spaces redesigned. To start, users upload photos of their rooms or use stock photos. Next, they can select from decor styles, including bohemian, mid-century modern and industrial design. Decorify then redesigns a room in the corresponding style, using items Wayfair sells. 

“We constantly evaluate new and existing channels and technologies to explore how we can improve the home shopping experience for our customers,” Wayfair chief technology officer Fiona Tan said in a statement. “Apple Vision Pro represents an innovative new way for shoppers to style their rooms and experience our catalog directly in their homes. We can’t wait to learn how our customers use Apple Vision Pro to explore their spaces and find their perfect item.”

Wayfair released Decorify, an app for the Apple Vision Pro.

Decorify uses spatial computing to display pieces of furniture in 3D and scaled to size, so consumers can experience a realistic sense of how the object would look in that space, Wayfair said. Within the app, users can move and reorient pieces, too.

“We have long believed spatial computing is the next evolution of computing where information is not bound by the 2D screen, and the space around you becomes an integral part of your experience,” said Shrenik Sadalgi, director of research and development. “We’re excited to continue our journey exploring and defining new techniques, interfaces and paradigms in the spatial computing era. With Wayfair Decorify for visionOS, you can capture a photo of your space, reimagine it as multiple spatial-designs, and then make it a reality — all within seconds.”

Wayfair first announced Decorify in July 2023 for use on desktop and mobile browsers. The new version will be available in the visionOS App Store.

Other Vision Pro retail apps

Wayfair joins other retailers who have introduced Vision Pro apps to facilitate virtual stores and omnichannel experiences. Among them, Lowe’s (No. 12 in the Top 1000) also introduced a home design use case for the new headset. The hardware and home improvement chain’s Style Studio app allows Vision Pro owners to choose from preset kitchen designs created by stylists, or create custom designs from their own selections of materials, fixtures and appliances.

In other categories, J. Crew (No. 85 in the Top 1000) released a virtual closet app. That experience encourages customers to style outfits on a virtual mannequin with input from stylists. E.l.f. Cosmetics (No. 951) took a slightly different approach. Vision Pro users can use its app to purchase e.l.f. products with Apple Pay and take part in paint-by-numbers activities and guided meditation.

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“The new IKEA AI Assistant on GPT Stores is an ongoing initiative, and the continuation of a journey that looks to enrich the retail experience and explore additional avenues to interact with our customers and coworkers, as they help us improve and develop further,” Parag Parekh, global chief digital officer for Ikea Retail, said in a statement.

Ikea is No. 7 in the Europe Database, Digital Commerce 360’s ranking of the largest online retailers in the region.

How does Ikea’s generative AI assistant work?

Consumers can access the Ikea AI assistant through ChatGPT. Users can ask questions about Ikea’s catalog and product availability at a specific store. A customer can tell the tool that he is looking for a dining table that seats eight, and ChatGPT will respond with images of products that fit the description, along with prices and a look at average customer ratings, according to an example video Ikea shared. It can also provide a link directly to checkout with the item on Ikea’s website.

Ikea’s generative AI assistant is available in the U.S.

Users can also ask for design tips, or ask the tool to show them furnishings within specific parameters. For example, ‘’Show me a cozy living room layout for a small apartment with the use of sustainable materials.’’ Requests can be more specific, too, asking how certain Ikea products would look together in a kitchen, for example.

“We are taking a pragmatic, execution-focused approach, learning by doing and capitalizing on our early efforts of a Responsible AI framework. We activated a broad ecosystem of partners to bring to life several experiments, so that we can take part in the AI evolution as we shape our company strategy,” Francesco Marzoni, chief data and analytics officer at Ikea Retail, said in a statement.

Consumer-facing generative AI

Ikea joins other major retailers in releasing generative AI tools consumers can use to find and purchase goods online. Amazon.com Inc. recently debuted Rufus, a new generative AI shopping assistant trained on Amazon’s product catalog. So far, the assistant is available to a small subset of U.S. customers to answer shopping questions and make recommendations, Amazon said. It will roll out to all U.S. customers in a few weeks.

Walmart is also rolling out ways consumers can use generative AI as they shop. Walmart released a new generative AI-powered search capability in its app at the Consumer Electronics Show in January. 

The search function uses Microsoft’s large language model (LLM) alongside Walmart’s data to give consumers relevant results across product categories. Walmart CEO Doug McMillon gave the example of a shopper hosting a Super Bowl watch party. Rather than searching for a new TV, chicken wings, chips, and other essentials, one search would generate all of these items, he said, without the user manually inputting the specifics of each type of product.

The generative AI search will also take into account factors about the specific app user. A consumer’s location, search history, and other relevant information will be used to further refine their results, McMillon said.

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Alon Partuk, CEO, Octup

Octup, an AI-driven ecommerce insights platform, says it “uncovers overlooked data” from brand manufacturers’ operations, including packaging, logistics and warehousing to last-mile delivery, returns management and customer support. In turn, it reveals opportunities to cut operating costs and boost profits, the startup says.

A group of investors led by Tal Ventures is backing Octup with $4 million in pre-seed funding. Octup says it will use the funding to “broaden the rollout of its 360-degree end-to-end discovery platform for ecommerce.”

Alon Partuk, founder and CEO, says he founded Octup in 2022 to “tap into deeper operational insights beyond standard metrics to uncover real opportunities,” adding, “We believe it’s crucial to understand how key business metrics like lifetime value and client retention relate to the quality” of a company’s service.

Prior to Octup, Partuk founded outdoor gear and apparel brand and merchant Apricoat, where he says he got the inspiration to develop Octup. He remains a director of Apricoat.

Octup says its technology helps global brands across such product categories as apparel, supplements, consumer electronics, skincare, and cosmetics jewelry.

John Michael Fabrizi, president and chief operating officer of outdoor apparel and hiking gear brand Coalatree, says in an Octup press release that Octup’s technology has helped Coalatree produce a 14% increase in customer retention, a 12% reduction in cost per order, and 9% revenue growth.

Fabrizi adds that, prior to Octup, Coalatree “grappled with data silos and missed opportunities due to disjointed insights across platforms, which limited our revenue potential.” He says Octup’s “user-friendly platform bridges these gaps, enhancing cost efficiency and profits.”

Ron Ostroff, the founder and managing partner at Tal Ventures, says his firm backs Octup for its ability to deliver “transformative benefits to ecommerce businesses, cultivating substantial growth and bolstering profitability.”

Octup says its financial backers also include Bullet Ventures, HCS Investors Group, World Trade Ventures, and the founders of unicorn technology companies Trax and Rapyd.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. paul@digitalcommerce360.com.

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The tech company calls the wearable device a “revolutionary spatial computer that seamlessly blends digital content with the physical world.” It’s Apple’s first entry into a new product category since it launched the Apple Watch in 2014. The Vision Pro retails for $3,499. MacRumors reported Apple sold 200,000 of the devices ahead of the launch.

Apple ranks No. 3 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers.

These are the top retailers that have announced plans to use the Vision Pro so far.

Lowe’s

Lowe’s announced the Lowe’s Style Studio, which allows consumers to use the Vision Pro to visualize kitchen designs. Vision Pro owners can download the app on the App Store, where they’ll be met with an immersive 3D kitchen. Then, they can choose from preset designs created by stylists, or create custom designs from their own selections of materials, fixtures, and appliances available at Lowe’s. There are nearly 80 billion possible combinations, the retailer said.

“Lowe’s Style Studio immerses our customers in a cutting-edge design experience enabled by spatial computing that will make home improvement easier than ever. I’m proud of our team for creating a powerful, immersive experience for Apple Vision Pro customers,” Seemantini Godbole,  executive vice president, chief digital and information officer, said in a statement.

Lowe’s Style Studio has nearly 80 billion possible combinations, the retailer said.

Lowe’s Style Studio was built by Lowe’s Innovation Labs. That’s the team behind augmented reality measurement tool Measure Your Space and generative AI home improvement recommendation tool Lowe’s Product Expert.

Lowe’s ranks No. 12 in the Top 1000.

J. Crew

J. Crew also announced an app for the Apple Vision Pro with immersive shopping company Obsess. The app will serve as a virtual closet for J. Crew customers, who can view a curated selection of apparel. The Vision Pro has the ability to let consumers see texture at a higher magnification than on other platforms, the retailer said. With hand and eye movements, app users can mix and match pieces to create outfits and see them on a virtual mannequin.

Consumers can mix and match outfits from J. Crew’s catalog.

“The ability to create outfit combinations for different occasions interactively and at a life-size scale in the J. Crew Virtual Closet app is a novel ecommerce utility. In addition, the ability for a J. Crew stylist to style outfits remotely with a customer via SharePlay is the most advanced form of digital clienteling available today,” CEO and founder of Obsess Neha Singh said in a statement.

Consumers can book style consultations beginning in February.

J. Crew ranks No. 85 in the Top 1000.

E.l.f. Cosmetics

E.l.f.’s Vision Pro app is called “your best e.l.f.” Consumers can shop for e.l.f. products within the app and check out with Apple Pay. Users are invited to “Glow inside three unique sensory experiences inspired by our holy grail products.” The three experiences are based on Camo Cove, Big Mood and Halo Glow, all available for purchase within the app. In each setting, users can take part in “relaxing activities” including guided meditation and paint-by-numbers, the retailer said.

“Partnering with Obsess to launch one of the first beauty shopping apps for Apple Vision Pro is an evolution for our brand, which has always been digitally led. We are champions for innovation and new technology platforms. The decision to launch on Apple Vision Pro is not only natural for us; it is critical to continue to meet our community — and entertain them — wherever they are,” Ekta Chopra, e.l.f. chief digital officer, said in a statement.

E.l.f. Ranks No. 951 in the Top 1000.

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In today’s digital age, the efficient management of product information has become crucial to the success of companies in multiple industries. This is where Product Information Management (PIM) software plays a major role.

In this article, we will look at the importance of a PIM software in product management, highlighting its benefits and applications in the business world.

Continue reading to find out more!

PIM software definition and functionalities
A PIM software is a technological solution designed to centralize, organize and improve a company’s product information. Its objective is to facilitate the management and distribution of this information through different sales and marketing channels.

An effective PIM enables companies to effectively manage large volumes of product data, including descriptions, technical specifications, images, pricing and inventory information.

Centralized information
One of the main benefits of PIM software is the centralization of product information. This means that all relevant information is stored in one place, making it easier to access and manage data. Centralization eliminates redundancy and errors arising from managing multiple sources of information, ensuring consistency and accuracy of data across all channels.

Improved operational efficiency
Implementing a PIM software can significantly increase a company’s operational efficiency. By automating repetitive tasks and simplifying complex processes, a PIM reduces the time and effort required to manage product information. This frees up valuable resources that can be reallocated to more strategic activities, such as developing new products or improving marketing strategies.

Product Information Enrichment
Product information enrichment is another area where the PIM software shows its value. It enables companies to improve the quality and detail of their product information, which in turn enhances the customer experience.

A good PIM provides tools to easily add detailed information, high-quality images and multimedia content, which helps customers make informed purchasing decisions.

Multichannel management
In today’s marketplace, companies must be present in multiple sales and marketing channels to reach their target audience. A PIM software facilitates multichannel management by enabling consistent and accurate distribution of product information across different platforms, such as online stores, marketplaces, social networks and printed catalogs.

This ensures that customers receive the same product information regardless of the channel they use.

Reduced time to launch products
A PIM software can significantly accelerate the time to launch new products.

By centralizing and automating the management of product information, companies can respond faster to market trends and consumer demands. This translates into a significant competitive advantage, enabling companies to stay one step ahead in an ever-changing marketplace.

Improving the customer experience
Accurate and detailed product information is essential to providing a positive customer experience. A PIM software ensures that customers have access to up-to-date and complete information, which reduces returns and increases customer satisfaction.

Compliance and data consistency
In a regulated environment, compliance with product information regulations is critical. A PIM software helps companies comply with local and international regulations by ensuring data consistency and accuracy across all channels. Sounds good, right?

As you can see, a PIM software has become an indispensable tool for the efficient management of product information.

Its ability to centralize, organize and enrich product data, improve operational efficiency, and facilitate multichannel management makes it a strategic ally for any company seeking to optimize its market presence.

In addition, PIM plays a crucial role in improving customer experience, accelerating new product launches and regulatory compliance.

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The ecommerce giant delivered 7 billion units by same-day or next-day delivery to Prime members, CEO of worldwide Amazon stores Doug Herrington wrote in the blog post. More than 4 billion of those deliveries took place in the U.S., and more than 2 billion were in Europe.

It did not share comparable delivery figures for 2022, but the number of items delivered on the same day or overnight grew 65% year over year in the U.S. in 2023, Amazon said. More than 70% of Prime orders in the U.K. arrived same-day or next-day in the fourth quarter of 2023. Amazon celebrated its billionth same-day delivery in the U.S. in December.

Amazon ranks No. 1 in the Digital Commerce 360 Top 1000. The Top 1000 is a ranking of North America’s leading retailers by online sales. It also ranks No. 3 in Digital Commerce 360’s Global Online Marketplaces database. The database ranks the 100 largest such marketplaces by third-party gross merchandise volume (GMV).

Amazon changes logistics in 2023

Amazon achieved its record delivery speeds by shortening delivery distances, improving inventory placement, and expanding its same-day delivery range, Herrington said.

The online retailer divided its U.S. delivery regions into smaller areas, shipping 600 million more items from in-region fulfillment centers in Q4 2023 than in Q4 2022. Transporting orders from in-region fulfillment centers to delivery centers in the same region minimizes the stops per package and cuts down on the need for air transportation, Amazon said. Both factors lead to less time between order and delivery. Amazon made a similar move in the U.K., shortening the average distance a package traveled by 25 kilometers year over year.

Amazon prioritized sorting inventory in the right fulfillment centers where consumers were most likely to want to order those goods, it said. That allows Amazon to grow its same-day delivery footprint in the U.S. As of January 2024, Amazon operates 55 dedicated same-day delivery sites in the U.S., with 18 cities added in 2023. Those sites serve as both fulfillment centers and delivery stations, where orders are fulfilled, sorted and delivered all in one setting.

Amazon using AI to improve delivery speeds

Amazon will use artificial intelligence (AI) to further improve delivery speeds in 2024, Herrington said. The retailer is using AI to understand what products are most likely to be reordered on a recurring basis, like dog food or paper towels, and stock them in each delivery region in appropriate quantities. That will eventually mean shorter wait times for those deliveries, Amazon said.

The marketplace will also use AI on the other side, to monitor incoming inventory from vendors and sellers. The technology will give the operations team a better view of what inventory is coming into facilities and how often, he said.

Robots and drones part of Amazon’s fleet

Amazon’s Herrington shared information on other technologies the online retailer will use more of in 2024. It will expand the use of the Sequoia robot storage system, which launched in a Houston fulfillment center last year. Sequoia robots identify and store inventory at fulfillment centers up to 75% faster, Amazon said. That speed contributes to a 25% reduction in order processing time for the customer. The system will launch in more fulfillment centers this year.

The retailer made progress in its drone-delivery capabilities, too. The test recorded its fastest delivery to date in December at 15 minutes and 29 seconds from College Station, Texas. Prime Air will expand to the U.K., Italy, and a new U.S. location this year, Amazon said.

How many Amazon Prime members are there?

Amazon’s latest delivery speed figures encompass Prime members, who are eligible for expedited two-day, next-day and same-day delivery. It costs $14.99 per month, or $139 per year. 

Amazon has 176 million Prime members as of December 2023, according to research from Consumer Intelligence Research Partners (CIRP). That’s the highest level ever recorded by CIRP, which has monitored Prime membership since 2013. Membership is up about 5% from 168 million in December 2022, per CIRP. Those estimates are for Amazon customers with Prime membership, not households.

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Too bad consumers don’t feel the same. The study also surveyed 1,505 consumers, and only half said they had a positive feeling about using AI to engage with a business.

The study, “State of Customer Conversations 2024: Bridging the AI Gap,” was commissioned by LivePerson and conducted in November by research firm PureSpectrum. LivePerson is a provider of AI-enhanced chatbots and other customer service products.

“We’re at a pivotal moment where brands need to start bridging the gap between today’s costly, call-driven contact center and the digital-first, AI-empowered contact center of the future,” Nirali Amin, LivePerson’s senior vice president of global solutions and success, says in the report.

“This difference of opinion between businesses and their customers is an important part of the emerging ‘AI gap’ that stems from the average consumer’s unfamiliarity and lack of clarity about how AI can be used to create better outcomes,” the report says.

Businesses need to ‘lean in’ to conversations with customers

The report adds, “Businesses need to lean into their conversations and uncover the biggest needs and wants of their customers. AI-empowered conversational intelligence tools help businesses mine their conversation data — the actual words and intents customers are sharing across communication channels — for actionable insights.

“Once businesses understand what customers are asking them, they can use these insights to set the flywheel in motion. Beyond customer service interactions, these insights can influence decision-making across the business, from product and marketing to finance and legal, helping businesses identify opportunities and solve problems at the source.”

Liz Ferriter, global lead of channel partnerships for Google’s Business Messages, says in the report: “88% of internet users say they prefer to connect with brands via messaging over other contact channels. We expect significant session growth in the message channel in 2024.”

The study found these percentages of consumers giving the following reasons why they’d be more likely to purchase from a company:

• 82% – A company lets them send a text message for information.
• 73% – The company’s AI is supervised and managed by human agents that customers can contact directly.
• 68% – AI can help complete purchases.
• 53% – AI can predict what kinds of products and services a customer wants.

When the survey asked business executives, “What problems do you think AI-powered assistant can help solve for you as a company?” it received the following percentages of replies:

• 67% – Providing faster information/answers.
• 53% – Providing more accurate information/answers.
• 41% – Providing more personalized information/answers.
• 62% – Reducing long wait times.
• 42% – Creating a more consistent customer experience.
• 28% – Reducing operational costs.

The report notes that businesses and consumers in the surveys agreed that companies should not “pretend your AI is human.”

95% of consumers and 97% of business executives said they “believe it’s important for a business to disclose whether a human agent or AI is behind the conversation,” the surveys found.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. paul@digitalcommerce360.com.

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“PayPal is on a mission to revolutionize commerce, globally, and today we are starting the next chapter,” Alex Chriss, president and CEO of PayPal, said in a statement. “With nearly 400 million consumer accounts, and 35 million merchant accounts, PayPal handles transactions for about a quarter of the world’s ecommerce transactions each year, but more importantly, shoppers trust PayPal to power their payments.”

PayPal provides payment processing services to 147 merchants in the Top 1000. The database is Digital Commerce 360’s ranking of North America’s online retailers by web sales. It also provides payment security services to 21 of the Top 1000.

2024 Ecommerce Platforms Report

Analysis of the top ecommerce platforms being used today in both B2C and B2B. Includes a list of the leading platform vendors, an analysis of where companies have invested, the latest trends in platform technology, and an in-depth look at where AI matters most.

View Details

PayPal’s new tools

PayPal introduced six of the new features available to its customers.

1. New checkout

   PayPal “massively accelerated the checkout process” by removing friction like password prompts and slow response times. Customers will be able to log in with their face or fingerprints and check out twice as fast. It will also use AI to “get smarter and faster over time,” PayPal says.

2. Fastlane by PayPal

   Consumers can save their payment and shipping information with Fastlane and checkout with just one tap, PayPal says. They won’t have to remember a username and password or share credit card information with every business. Fastlane recognized 70% of consumers and accelerated checkout by nearly 40% in a pilot with select BigCommerce customers.

3. PayPal smart receipts

   Consumers who make purchases using PayPal will receive a receipt with order information and tracking details. It will also use AI to predict what that customer might want to buy next from that business. Retailers using smart receipts can share a personalized recommendation and a cashback offer all within the receipt.

4. PayPal advanced offers platform

   PayPal says it will give business clients the ability to advertise to consumers based on the specific products they’ve purchased around the internet, not just based on their browsing history. The platform will use AI to organize and analyze data from billions of dollars in online purchases. 

5. Updated PayPal app

   The company is updating its mobile app with a new service called CashPass. CashPass will give consumers access to personalized cash-back offers generated by PayPal using AI. This feature will launch in March with offers from Walmart (No. 2 in the Top 1000), Best Buy (No. 7), eBay, McDonald’s, Priceline, Ticketmaster, and Uber.

6. Venmo business profiles

   Venmo, the payment app owned by PayPal, will roll out new enhanced Venmo business profiles. The new profiles will help consumers discover small businesses, PayPal says. Consumers will be able to subscribe to business profiles, and businesses can offer promotions to customers through the app.

PayPal’s CEO on new features

“PayPal is introducing six new innovations that will not only solve real customer pain points, but we believe will change the world of payments and commerce,” Chriss said. “From new solutions for merchants to speed up checkout and personalize offers, to a new consumer app that will give our loyal customers more reasons to shop with PayPal, to the next generation of Venmo designed to be the growth platform for local small businesses, PayPal has always brought the future of money to our consumers and merchants and today marks the next revolution.”

Chriss became PayPal’s CEO in September. 

“We do not think investors will view any of them as groundbreaking new information, but instead initiatives they would have expected the company to already be working on,” BTIG analyst Andrew Harte said in a research note, Reuters reported.

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