Shopify Launches 100+ New Products and a Next-Gen Commerce Model

Shopify's latest set of updates gives independent merchants control of the tools and technology needed to attract and build deeper connections with consumers anywhere and everywhere they shop.
Shopify Launches 100+ New Products and a Next-Gen Commerce Model

Making huge strides in the commerce ecosystem, Shopify, a leading provider of essential internet infrastructure for commerce, has unveiled 100+ platform updates along with notable predictions for the future of the Indian commerce market. These revelations were a part of Shopify's new twice-yearly global product release, Editions, of which the first programme was titled Summer ‘22 Editions. 

Tobi Lütke, Founder and CEO of Shopify said, “At Shopify, we believe in the infinite game. That means we’re constantly pushing the boundaries of what’s possible for entrepreneurs. We work hard to solve the complex challenges merchants face today while constantly imagining entirely new ways for them to grow their businesses. With Shopify Editions, we’re sharing our big bets and latest innovations in commerce so that those ambitious enough to try their hand at entrepreneurship can start and scale faster than ever before.

With issues like global inflation, logistics, supply chain issues, and changes to advertising standards, it has become harder for businesses to reach their target audience, engage in fruitful conversations, and increase customer retention. In this context, Shopify has forecasted that the commerce ecosystem is at a critical shift phase from D2C (Direct to Consumer)  to C2C (Connect to Consumer). 

Shopify says in this new C2C era, the relationship between brand and customer is more than just the transaction as customers want to feel connected, considered, and appreciated by the brands they support. C2C is an entirely new phase of commerce where opportunities to connect exist everywhere. If D2C gave merchants a direct line to consumers, C2C gives merchants endless pathways and puts authenticity, loyalty, and trust at the heart of every interaction between merchants and consumers.

Bharati Balakrishnan, Shopify's Country Director and Head of India said, “While a post-pandemic future compounded by inflation may feel unpredictable for Indian merchants, we’re strengthening our investment in innovation and product development to launch solutions that support what our merchants need well before that future arrives.

Shopify’s latest set of updates gives independent merchants control of the tools and technology needed to attract and build deeper connections with consumers anywhere and everywhere they shop.

Shopify unlocks NFT-powered opportunities for brands to reward loyalty with token-gated commerce. In this new era of commerce, Shopify believes non-fungible tokens (NFTs) represent a unique opportunity to build even deeper connections through brand loyalty. This is increasingly important in a world where customer acquisition costs are on the rise and fostering a loyal brand community is key to business growth.

NFTs are a hot topic across the industry, however, Shopify says the most exciting experience isn’t in selling NFTs, but in activating them with token gated commerce. 

Shopify research found that 45 percent of Indian consumers are likely to purchase an NFT in 2022. Tokengated commerce on Shopify offers a fundamentally new way to deepen the connection between brands and consumers and reward true fans and VIPs, by giving NFT holders exclusive access to products, perks, and experiences. For these consumers turned fans, all they need to do is connect their crypto wallets to a Shopify online store, and they can use their NFTs to unlock exciting experiences. Shopify is making it possible everywhere — from online to mobile to physical retail through POS.

Bharati Balakrishnan, Shopify's Country Director and Head of India said, “Tokengated commerce on Shopify allows Indian merchants to offer a fundamentally new way for loyal customers to expand the utility of their NFTs and access personalized experiences from their favorite brands.” said Bharati Balakrishnan, Shopify's Country Director and Head of India."

Tokengated commerce on Shopify will also be multiplayer and collaborative. One brand’s NFT can unlock another brand’s store, making it easier than ever for brands to partner and collaborate. 

Shopify expands into  B2B to unlock massive market opportunities for Indian merchants. Connecting to consumers isn’t just something that happens one-to-one. There is a whole world of opportunity that exists in merchants connecting with other businesses — billions of untapped revenue and several times that of D2C (source) — which is why Shopify is introducing B2B. 

Directly integrated into Shopify, B2B makes it even easier for Shopify merchants to sell to other businesses using the same platform they use for their D2C storefront. B2B on Shopify offers a similar online store experience that merchants use to sell to consumers, but with customized tools that make it easier to sell wholesale or in bulk directly to large businesses. 

Bharati Balakrishnan, Shopify's Country Director and Head of India said, "India's B2B commerce is one of the fastest-growing markets worldwide and a lucrative portion of the Indian retail industry, however, until now, Indian merchants had fewer resources to reach the right buyers. Within the same Shopify platform, our B2B offering accelerates the path for young D2C brands to test the waters with small retailers and wholesalers from small cities, before investing in the channel. And, creates an opportunity for traditional brands to service their existing B2B footprint, but also extend distribution beyond that."

With B2B on Shopify, merchants can set customer-specific prices at fixed rates or discounted retail prices, easily modify currencies and exchange rates for international buyers, and add automated payment terms while integrating with ERP solutions like Acumatica and Netsuite.

Shopify teams up with Google to help Indian brands turn browsers into local buyers. Indian consumers make billions of local searches every month to find a business online. With local inventory sync on Google, Shopify merchants can automatically let nearby customers know when a product is available in-store, making it easier than ever to shop and support local brands. Google local inventory sync is available to retail merchants globally.

Shopify Functions is a radical step forward for C2C commerce on Shopify. Shopify is allowing developers to extend or replace Shopify’s backend layer with custom code so they can create out-of-the-box Shopify features to tailor commerce experiences like never before. 

Functions create the flexibility of an open-source platform without needing to deal with any of the hosting, security, or code versioning challenges. The custom code runs on Shopify’s global infrastructure, allowing merchants to handle high volume traffic spikes from flash sales while still providing a checkout experience in under five milliseconds. 

Starting with Discounts, Functions lets developers build powerful custom offers like volume discounts (e.g., spend $100 get $20 off) or free gift with purchase. Merchants can use these alongside existing Shopify discounts, such as free shipping, without ever needing to touch a line of code. 

Functions can be developed for a single merchant or shared with millions of merchants today through the Shopify App Store, meaning developers will have even more ways to generate income with Shopify. 

The products featured here are at the heart of C2C and pivotal to our merchants’ success. But our entire ecosystem of brands, developers, and partners needs even more to harness every opportunity the world throws their way. Twice a year, we’ll introduce you to a new iteration of Shopify Editions that offers you new and improved tools to create, customize, and scale your business, alongside our vision for what lies ahead. Welcome to the next frontier of commerce.

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