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Visa and Revolut Partner to Revolutionize Cross-Border Payments
Ikea Launches Trial for Second-Hand Online Marketplace
Mercado Libre Bet on Stablecoins as the Future of Digital Payments
Shopify Integrates with Onfleet for Enhanced Last-Mile Delivery
Mobile Shopping Poised to Overtake Desktop by 2025
ECOMMERCE DIGITAL PAYMENTS
Visa and Revolut Partner to Revolutionize Cross-Border Payments
Visa and London-based FinTech Revolut have announced a new partnership to transform cross-border business payments. The collaboration, revealed on Tuesday (Aug. 27), introduces instant card transfers for Revolut’s business customers through Visa Direct.
Traditionally, international business transfers have been slow, expensive, and complex. This new solution simplifies the process, enabling Revolut Business customers to send funds globally in real-time using just a card number, bypassing the need for details like IBAN and BIC. Payments arrive in 30 minutes or less and the service is available in over 78 countries, supporting more than 50 currencies.
This partnership builds on previous collaborations between Visa and Revolut, including their 2023 initiative offering card transfers for peer-to-peer payments across 90 countries. The two companies also launched virtual cards focused on the B2B travel sector earlier this year.
The move aligns with a growing trend toward real-time payments, which are becoming increasingly crucial across various industries. Recent research by PYMNTS highlights how sectors like restaurants are benefiting from instant payments, while others, such as trucking, still rely on outdated methods.
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ECOMMERCE MARKETPLACES
Ikea Launches Trial for Second-Hand Online Marketplace
Ikea is testing its own second-hand online marketplace, “Ikea Preowned,” allowing customers to sell items directly to each other without relying on third-party platforms like eBay or Gumtree. The service is already operational in Madrid and Oslo, with plans for a global rollout by December.
This initiative aligns with Ikea’s sustainability goals by encouraging the reuse of products, reducing landfill waste, and increasing profits from the resale of its goods. “Our ambition is higher,” said an Ikea spokesperson, indicating that the company will evaluate and potentially expand the project after December.
The second-hand market for furniture and other goods is steadily growing. Ikea items are already popular on platforms like Craigslist, eBay, and Gumtree, where thousands of listings appear regularly. Environmentalists have long criticized the furniture industry for contributing to plastic waste and promoting disposable products.
By taking control of the resale process, Ikea could incentivize the production of more durable and sustainable items. This move also allows Ikea to shift focus from costly brick-and-mortar stores to the expanding online market.
Ikea Preowned listings are seller-generated, with the company’s algorithms providing item details, including measurements and original prices. Ikea already offers pre-owned items in select stores.
ECOMMERCE CRYPTO PAYMENTS
Wyoming and Mercado Libre Bet on Stablecoins as the Future of Digital Payments
The rise of stablecoins could be the key to accelerating cryptocurrency adoption. Wyoming is developing its own U.S. dollar-backed stablecoin, the Wyoming Stable Token, set to launch in early 2025. This move comes as experts speculate that stablecoins may serve as the ideal entry point for users into the digital asset space.
Just days before, Latin American eCommerce giant Mercado Libre introduced the Meli Dollar, a U.S. dollar-pegged stablecoin in Brazil through its financial arm, Mercado Pago. The Meli Dollar aims to mitigate the impact of Brazil’s currency fluctuations while boosting the scalability of digital payments.
Stablecoins like the Meli Dollar and Wyoming Stable Token can easily integrate into existing digital wallets, making them user-friendly for those accustomed to mobile payments. As more merchants consider accepting stablecoins, their use could drive a broader adoption of digital assets.
In the B2B sector, stablecoins offer a more efficient alternative for cross-border transactions, bypassing the delays and costs of traditional methods. However, challenges remain, as Germany raises concerns over privacy and security with the European Central Bank’s digital euro initiative, highlighting the hurdles stablecoins must overcome to gain widespread acceptance.
ECOMMERCE TECH
Shopify Integrates with Onfleet for Enhanced Last-Mile Delivery
Shopify users can now streamline their delivery process by integrating their online orders with Onfleet’s last-mile delivery management software. This new integration automatically generates Onfleet delivery tasks from Shopify fulfillment orders, providing real-time delivery status updates “from click to doorstep,” according to Onfleet’s announcement on Monday (Aug. 26).
The integration is accessible to Onfleet and Shopify customers, as well as businesses seeking to improve their delivery services, and can be found in Onfleet’s Integrations Marketplace.
Chris Garrison, Onfleet’s director of enterprise sales and strategic partnerships, highlighted that the partnership “bridges the gap between order and delivery fulfillment,” enhancing business processes through easy integration and an open API.
Onfleet’s platform offers efficient routing, proof of delivery, and last-mile analytics, along with real-time tracking and branded customer notifications, ensuring a smooth delivery experience for all parties involved.
Launched in August 2023, Onfleet’s Integrations Marketplace is designed to boost delivery efficiency by providing extended functionality across multiple SaaS platforms. CEO Khaled Naim noted that meeting consumer expectations for faster, more affordable deliveries is essential, drawing inspiration from industry leaders like Amazon.
ECOMMERCE MOBILE
Mobile Shopping Poised to Overtake Desktop by 2025
Despite years of “mobile-first” design strategies, desktop shopping still dominates 52.3% of online sales, according to a new Adobe report. However, the gap is closing fast, with mobile sales growing 10.2% year over year. Adobe predicts that by 2025, mobile will surpass desktop in overall sales.
The report, which analyzes one trillion visits to U.S. retail sites, highlights key trends. Mobile devices now rule holiday shopping, with 54% of sales expected on mobile this year, up from 51% last year. Urgent, time-sensitive promotions drive this shift, as consumers are eager to snag deals on the go.
Cosmetics and clothing are particularly strong on mobile, with 77% and 60.8% of sales respectively. Surprisingly, influencers drive just 3% of traffic, indicating that price point and well-designed mobile apps are the main factors.
Groceries are also booming on mobile, accounting for 68.2% of digital sales, a 15% increase from last year. The convenience of reordering staples aligns well with mobile shopping habits.
However, big-ticket items like home improvement and electronics lag behind, with mobile capturing only 33.3% and 21.3% of sales. Consumers remain hesitant to make large purchases on mobile due to poor user experience and high price points.
Signing off,
The Merchant @CartHustle