The company announced in July 2023 the launch of its Shopify Magic, a suite of AI-powered service descriptions, virtual assistance, email campaigns, and blog posting tools for merchants and traders. As part of this artificial intelligence solutions suite, Shopify also launched the AI application Sidekick, which was designed to improve the manner in which sellers decided on inventory, promotions, and marketing strategies, in order to lessen their dependence on third-party widgets,
Analysts expect Shopify’s merchant products, including Shopify Magic, to increase by 21% to USD 1.2 billion compared to last year, as the first declaration in four quarters.
In addition, the Shopify Magic tool represented a part of the company’s long-term strategy to gain more traders and merchants on its platform, in order for them to pay higher prices for its solutions and services. The subscriptions of Shopify include the Shopify Magic product, with no additional charge being included in the price.
Internet commerce infrastructure provider Shopify had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world.
In September 2023, India-based payments and API banking company Cashfree Payments announced its partnership with Shopify in a bit to extend onsite payments for Indian merchants. Throughout this collaboration, Cashfree Payments was set to launch onside payments with cards for traders and merchants in India. Following the introduction of this new feature, businesses were enabled to offer an improved checkout experience for their customers by collecting payment information directly on their websites, in a secure and efficient manner.
By eliminating the need for customers to be redirected to a third party, merchants were anticipated to enjoy reduced transaction time, higher revenues, as well as fewer client drop-offs.
Earlier in the same month, India-based CRED announced its strategic deal with Shopify in order to diversify payment options for traders that were operating on the Shopify platform. The companies aimed to expand payment methods for traders, as well as allow CRED members to utilise its payment service when making purchases on the Shopify merchant platform. As CRED Pay was designed to be operational on select Shopify traders, the company also aimed to extend its availability to all interested brands and merchants that were able to register on the website.
Shopify merchants were enabled to leverage the payment suite of CRED in order to unlock improved revenue potential by allowing secure transactions, expanding payment options, as well as developing curated campaigns for members.
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