Shopify's Financial Solutions for Entrepreneurs
In this episode, we hear how Shopify merchants can better manage their business finances, and increase conversion at checkout.
Our guest today is Tui Allen, a Product Director at Shopify, overseeing financial solutions for entrepreneurs and businesses.
This includes Shopify Capital (available to merchants in the US, UK, and Canada) which provides merchants with timely access to funds to help their businesses grow, simplifying the tedious processes found at traditional banks. Since its launch in 2016, Shopify Capital has provided more than $3 billion in funding to merchants worldwide.
With over 20 years of experience in the software and technology sector, Tui Allen has a track record of leading product development not just for Shopify, but also global financial ERP, CRM and payment solutions for several Fortune 100 companies.
The Unofficial Shopify Podcast
5/10/2022
Kurt Elster: Hello, and welcome back to The Unofficial Shopify Podcast. Today, we are going to talk about getting your money right. We want to know. All right, here’s your takeaway. How can you better manage your business finances and potentially increase conversions at checkout which, guess what? That’s more revenue. That’s more cash flow. And so, we’re gonna talk through that with someone who certainly knows this space, knows eCom business fintech, and talks to quite a few Shopify merchants. Yes, we are joined by someone from the mothership. Tui Allen is a Product Director at Shopify, and she oversees financial solutions for entrepreneurs and businesses like ourselves. Very exciting.
Now, what does that entail? What are we talking about here? That’s Shopify Capital, which, if you’re listening from the U.S., the U.K., and Canada, available to you. It gives timely access to funds, which helps buffer those cash flow issues that we see in eCommerce businesses and in many businesses, which then… The real bonus there is you don’t have to deal with a traditional bank. Anything I can do to avoid traditional banking I am thrilled with. And so, since 2016, I’ve got this phenomenal stat. Shopify Capital has provided $3 billion with a B in funding to merchants worldwide.
And so, back to our guest here, with over 20 years of experience in the software and tech sector, Tui Allen has a track record of leading product development not just for Shopify, but also global financial ERP, CRM, and payment solutions for several Fortune 100 companies. Oh my gosh. I’m intimidated. This is quite the track record. But all right, this is The Unofficial Shopify Podcast. I’m your host, Kurt Elster, A.K.A.:
Ezra Firestone Sound Board Clip: Tech Nasty!
Kurt Elster: And Tui, welcome. Thank you for joining us.
Tui Allen: Kurt, thank you so much for having me. This is such a great podcast that reaches so many of our merchants, and any opportunity to connect and share what we’re doing at Shopify with our merchants is such a pleasure and privilege for me, so thank you so much for having me.
Kurt Elster: Oh. Well, thank you for being here. I greatly appreciate anytime we are visited by genuine Shopafolk.
Tui Allen: And I look forward to geeking out on all things fintech and financial services. I know it’s not necessarily something that all of us wake up every morning thinking about, but at Shopify we’re really hoping we can kind of relieve that burden so that our merchants don’t have to wake up every morning thinking about that. So, really excited to be here to geek out a little bit on fintech.
Kurt Elster: I think the subtext there, for me anyway, is cash flow is the lifeblood of your business. Also, it doesn’t have to suck. That’s kind of the subtext here with what we’re talking about with traditional banking and not being excited about it in the morning. It doesn’t have to be that way. So, one of the keywords here is merchants. Tui, do you talk to merchants?
Tui Allen: I sure do. It’s probably one of the things that I like most about my role. Leading product, you really have the opportunity to spend time directly learning from our customer base, our merchants, and understanding the problems they face, and that engagement and actually doing what we call product discovery, where we spend time directly listening and talking to merchants, is ultimately how we decide what we’re going to build, and that drives our strategy.
As you know, Shopify is incredibly mission driven and serving merchants and making commerce better for everyone is in our DNA, and the way we do that is by listening to our merchants and understanding the challenges and the problems they’re facing, and then my job is to then sort of work with my team to sort of understand those needs, define the product vision, and then ultimately work with our engineering and product teams to ultimately build those capabilities so we can sort of solve these problems for our merchants. But it all starts with listening to merchants.
Kurt Elster: It is phenomenal to me that whether you are a small mom and pop shop or something as big as Shopify, an international juggernaut, the common approach is still talk to your customers, identify a pain, problem, or challenge they have, and then find a better solution for it.
Tui Allen: Totally.
Kurt Elster: Isn’t that interesting? It doesn’t change.
Tui Allen: Yeah. But you know what, Kurt? Sometimes I hear of a lot of companies out there that don’t do that, and it’s just crazy to me. Anyways, you’re right. It seems super basic, and it is very much so kind of common sense, but there unfortunately are a lot of technology companies out there that don’t listen to their customer base. That’s definitely not Shopify. We’re quite merchant obsessed.
Kurt Elster: So, in talking to those merchants, what are some of these financial hurdles you’ve seen merchants face with building their stores, scaling, et cetera?
Tui Allen: Yeah. Great question. Well, the reality is I think a lot of small, medium entrepreneurs are still managing financial challenges and the stress of the pandemic. In some ways, we think we’re over that, but the reality is like we’re still kind of trying to figure out what this new world looks like. And one of the biggest hurdles that we see, which some merchants don’t even really realize because they’ve almost thrown up their arms and given up, is that today’s options for business banking aren’t setting them up for success. And you know, in fact, we have some pretty good stats on this.
In 2020, U.S. banks surveyed showed that 82% of small, medium entrepreneurs failed within their first five years because of poor cash flow management. That’s so sad. And factors that led to this are things like bank fees, monthly, annual, minimum balances, lack of transparency around those fees. Two, things like mixing personal and business funds into one bank account. This seems sort of like a basic thing, but the reality is a lot of small businesses just kind of have a great idea and a great concept, and they want to start selling something, but because business banking isn’t accessible to them they end up mixing their personal finances and their business finances. Well, how can you get a handle of your actual business cash flow if you’re just mixing those two things together? Was this a business expense? Was this a personal expense? I don’t know. Am I actually growing profit? Am I not?
And then third, the reality that many banks don’t offer the ability, especially business banking, for our merchants and for small businesses to get their funds fast enough, and so as a small business or an entrepreneur, you’ve done all this great work to sell this product, and you’re actually generating revenue from that sale, but you don’t then get those funds fast enough to reinvest and actually continue to grow. So, there are a lot of things, unfortunately, still stacked up against small businesses as it relates to small business banking, and this is a huge hurdle, and so what we’ve done to address this gap in the market through lots of testing, like we were talking about before, listening, learning from merchants directly, getting feedback, is we’ve built Shopify Balance to directly address these issues.
And basically, Shopify Balance is a money management account to help merchants make better financial decisions directly from their Shopify admin, so right within the platform. They don’t have to leave or go anywhere. They don’t have to walk out the door and walk down the street to the bank. It’s literally right in the same place where they’re actually managing and running their business, which is pretty powerful.
Shopify Balance also offers a physical and a virtual card for everyday spending. And it also offers access to rewards, like cash back, and discounts on things like marketing, shipping, and other types of business spending, and what’s unique and different about the rewards program is that it’s a rewards program that we’ve built specifically for small businesses and for entrepreneurs that’s targeted at the expenses and the things they spend money on. So, not necessarily like your rewards program or card that’s like, “Oh, go stay at this hotel or this travel thing.” It's literally the things that you spend on as a small business, like marking, shipping, et cetera.
And so, then we give you money back to then reinvest in your business, because we know if you do the right things by spending money on marketing and shipping, it’s gonna actually help you grow your business, and so it’s this really nice kind of flywheel effect that we’ve built, and sort of a win-win. So, I’d say that’s the first hurdle, and as a product person, that customer input and feedback is so important to us, and so we really, really spent a lot of time in early access, getting feedback from merchants on Shopify Balance. I actually… I even brought… My mom is a merchant, Shopify. She works her store. She’s a clothing designer. Previously wholesaler, but has now gone direct to consumer, shoiridiumapparel.com, and so you can imagine I got lots of feedback daily, but she loves the fact that she can keep all of her Shopify business spending directly within her Shopify account, because she still does wholesale, but she keeps that separately. And so, having everything within the Shopify platform is really powerful to her.
Kurt Elster: There’s a concept in copywriting called agitate the pain, where you describe the existing solutions about how terrible they are, and if it resonates with a person it’s because they know it’s true. They’ve experienced it. And listening to you describe traditional banking and the issues with it, every issue except mixing personal and business I had experienced and cringed at. Because I know it’s true. And I don’t get it. I just don’t get why traditional business banking has to be so backwards. But clearly it’s 2022, they’re not changing, and so I’m thrilled that there is a better solution available.
If I want to get a regular bank account, I gotta show up at the bank physically, for business banking anyway, with documents. What does signing up for Shopify Balance look like?
Tui Allen: Yeah. We try to make it incredibly seamless and really just part of your managing your Shopify business, right? We don’t want… So, one of the big things that we’re focused on is, like I mentioned at the very beginning, it’s not like everybody wakes up every day thinking about wanting to reconcile the books, or wanting to think about where should I bank, or what am I spending, or what does my cash flow look like, so at Shopify we’re really focused on trying to figure out how do we reduce that friction, reduce that burden, and really kind of simplify the entire experience.
And so, as it relates to onboarding to Shopify Balance, as you look to set up your actual Shopify store, we basically just give you the option to say, “Hey, would you like your funds immediately?” And if you’d like your funds immediately, you can sort of skip the bank and actually start working with Shopify Balance. In addition, we’ll give you a virtual card, a physical card. We will give you cash back. And so, we just sort of make this part of the expected future state experience of what it should be like for a small business or a business to run on Shopify.
Of course, if you’re already a Shopify merchant, which I know a lot of your listener base is, you should easily be able. You’ll notice that there’s now a new finances section, and you’ll notice that there is an option for you to actually onboard to Shopify Balance right there, and we make that process very seamless.
Kurt Elster: The standout feature to me, and maybe this is silly, but I love that it just lives in the Shopify admin. And I’ve heard this from people with Shopify Payments, where they were an existing merchant, and they maybe used a different payment processor, and switched to Shopify Payments, and more than once people have said like, “I love that everything just lives in my Shopify admin.” You’re not jumping through different websites to try and get similar information.
Can you tell me about any reporting features that Balance has?
Tui Allen: Yeah, so as part of introducing Shopify Balance, we also introduced this concept of a finances overview section, and so what we’re trying to do is basically provide merchants with more information about their business so they can make informed business decisions. And so, it’s actually quite visual, and so we’ve spent quite a lot of time, as I mentioned before, working with merchants to get this right and make sure that we’re surfacing the right information, because sometimes it can sort of be information overload and that does no one any good.
And so, what we’re doing is we’re actually surfacing the information they need to make smart business decisions, and we’re doing that in a very graphical way, so there’s quite a bit of value they can get from just trying to understand sort of where their money is coming from, and if you think about now, if you’re leveraging the platform fully with using it to generate and run your business, but also run your finances, we now have the ability for you to see money coming in and money going out, and understanding where the money is coming in and where the money’s going out, and where are you making smart… maybe where do you need to start investing differently or changing your patterns based on seasonality, et cetera.
So, it’s very powerful and giving you that visual view is pretty powerful.
Kurt Elster: Oh, it’s so much better than regular banking.
Tui Allen: It totally is. I’m super proud of the work that our team did. The feedback we’re getting from merchants is amazing. We have some pretty amazing stats too in terms of the number of Shopify merchants who are already seeing value in this, and really look to kind of be one of the larger business banking solutions for small businesses here before too long.
Kurt Elster: The outward appearance, the superficial level is it is fantastic that we just go, “Hey, this is easier. There’s no hidden fees.” Obviously, I like that stuff. But I think the real magic of this is this integration and the fact that I’ve got this wonderful reporting feature is now built into the admin for my finances, for my cash flow, and so I think that really adds a ton of value. I don’t think we can overstate that.
Tui Allen: 100%. I think giving you that ability to kind of understand your business finances in an easy and intuitive way is so powerful so that you can start making and continue to make smart business decisions about where you invest. But managing fraud and managing fraudulent orders is another hurdle that we know many of our merchants face, and it’s why I wanted to make sure to touch on it, because I’m super excited to share that we just recently launched our new solution called Shopify Protect, which is a free protection on all Shop Pay on our one-click checkout solution.
And you know, I think as much as I’d love to say that fraud doesn’t exist, it’s the reality that I think anyone selling online, regardless of what platform you’re on, is gonna deal with fraud and chargebacks, and unfortunately it’s a growing problem, not a shrinking problem. And so, we’ve spent a lot of time listening to merchants again and why we’ve invested in helping them save time and money by tackling this problem space.
Just to give everyone a little more detail, basically what we’re able to do is any order that is paid using Shop Pay that results in fraud, Shopify will automatically cover the merchant’s costs, including the cost of the order and the chargeback fee.
Kurt Elster: Whoa, so this is like chargeback insurance it sounds like.
Tui Allen: Yeah. You could think of it that way. Yeah, for sure, except that we’re offering it for free. But you’re right.
Kurt Elster: That is a critical difference.
Tui Allen: But you’re right. It is similar to an insurance model, for sure. And by the end of the summer, Shopify Protect will be available to all eligible U.S. merchants who have Shop Pay active on their Shopify Payments account. And just to kind of summarize, what this will enable is them to save cash, so Shop Protect will cover the cost of any fraud-based charges for eligible Shop Pay transactions that they sell through their Shopify store, or even on social channels like Facebook or Instagram, and then of course in aggregate it’s gonna save merchants a ton of time because we know from feedback we get from merchants how much time is spent chasing down orders for fraud, or chasing down chargeback fees and issues, and the back and forth that goes with that is very painful and a real time suck.
So, we’re super excited to be able to share that.
Kurt Elster: You will save me the time of dealing with the chargeback? Shopify handles the dispute?
Tui Allen: Yeah. We’re gonna cover the costs of the chargeback fee. Correct.
Kurt Elster: Quite a relief. I mean, listening… No one wants to get ripped off, so it’s just a horrible feeling, and then on top of it, trying to dispute a chargeback when you’re on the receiving end of one of those is very time consuming. There’s a lot you have to put together if you have any hope of reversing it. And so, a system where for eligible orders I don’t have to worry or think about it is pretty exciting. Is it limited availability right now?
Tui Allen: Correct. So, we’re in an early stage, we’re in early access. Again, we really want to make sure when we launch new functionality and capabilities that we do it right, and we want to make sure that we get as much feedback from merchants in that process, and so we’re kind of iterating through early access with merchants who’ve kind of signed up for the program, and by the summer we will be rolling this out broadly.
Kurt Elster: I’ve got a single… I have at least one client where I logged in and it’s got the card on the home screen that’s like, “Hey, you should check out Shopify Protect.” And so, I already just… Every time I log into this one store it’s like sitting there taunting me and I’m like, “What is that? I want to play with it.”
Tui Allen: Now you know.
Kurt Elster: And so, I finally just sent it to them. I said, “You guys gotta check this out.” I just DM’d them in Slack. I’m like, “You gotta try this. I think this is worthwhile.”
Tui Allen: Awesome. Love it.
Kurt Elster: Obviously, not having to deal with unexpected chargebacks, certainly helpful for my cash flow. Cash flow concerns are always an issue in many businesses and eCommerce is not exempt. I’m willing to bet you have ideas, thoughts, and solutions how to handle cash flow concerns.
Tui Allen: Cash flow is one of, and I think we were talking about this earlier, it’s like the lifeblood of your business. It is so important and also it is so hard to get a handle of, and so yes, absolutely, and one of the things that if you’re a new merchant, or are a growing business, one suggestion that is huge is to take the sort of step to get ahead of your kind of annual sales forecast, and actually create a sales forecast. This is so important and creating an annual sales forecast, there’s tons of different templates online, but it can help you map out your year and get a full picture of what’s coming up. And this can help you understand what expenses you have to cover each month. It can prepare you for the busy season with inventory, and shipping, and supplies, which of course in this world that we’re in now with growing supply chain issues, getting ahead of that and kind of understanding and having visibility into the different scenarios is super important.
It can also help you make strategic decisions on when you should invest in your business. And if you’re a growing business, the reality is you do need to frequently add additional funding or cash to help fuel this growth, and we recognize that that is a big challenge for entrepreneurs and for growing businesses. Acquiring additional external funding from traditional banks is brutal. It requires things like… We were talking about this earlier. Lengthy applications, or providing a business plan, or maybe even having to share your credit score if you have one, and unfortunately this can disproportionately affect some business owners more than others. There’s systematic challenges in kind of the current state of the financial system.
And you know, this is really why we launched, at Shopify, Shopify Capital in 2016. It really leverages machine learning and artificial intelligence to proactively evaluate how a merchant is doing in terms of their sales capacity to grow, and we leverage real, real actual sales data rather than sort of some ambiguous credit score, or who you are, or where you come from, so we use real, real live data to actually inform and provide funding. And a merchant can typically access and accept capital funding from Shopify within a few clicks. Right again, like we were talking about with Shopify Balance, within their Shopify platform where they receive their funding immediately then within a few days.
And one of the other things I wanted to share is like for merchants who are not aware, different than traditional funding options, merchants can use this funding to hire staff. They can use it to pay staff. They can use it to market and grow their business. They can use it to even open a brick-and-mortar location, which I know now that folks are kind of moving into this next stage of this endemic world we’re in, a lot of really successful online merchants are now looking to kind of expand their reach through brick and mortar, and so capital is a great way to actually kind of have a new channel.
And then, of course, inventory, right? Inventory is a huge cost and so you can use Shopify Capital to generate and to purchase additional inventory. Merchants that take Shopify Capital actually grow at a faster pace and that’s what we want at Shopify.
Kurt Elster: Is this part of the Shopify Effect I have been reading about?
Tui Allen: Yeah. It’s the sort of ecosystem of flywheel effect, and really the more value, and the more that Shopify can bring to merchants, and making things simple and easier, the more that we can then sort of… They can then take advantage of these features and functionality like we were just talking about Shopify Balance, Shopify Protect, now Shopify Capital. These things are solutions and tools that are going to help actually help merchants grow. And as the merchants grow, Shopify grows, and as the merchants grow, Shopify grows, and so there’s this really great Shopify Effect of this really powerful ecosystem of merchants, and even beyond merchants. We’ve got app partners, developers, this whole ecosystem of merchants, and businesses, and partners, and apps that are all working together to kind of like help boost up really small business and entrepreneurs and give them a leg up against sort of these big institutions, like the big box stores and big institutions that are kind of more your traditional “corporate America.”
Kurt Elster: When you combine everyone in that Shopify ecosystem, merchants especially, and then partners as well, you get into hundreds of billions of annual global economic impact, which really is quite extraordinary.
Tui Allen: It’s the lifeblood of if you think about if let’s say obviously Shopify is global, and it’s small business is the lifeblood of healthy, vibrant economies, and it’s what… I happen to live in the United States, although I’m Canadian as well, but it really is what has made the United States what it is. It is also very much so the lifeblood of many very healthy, growing economies around the world, and Shopify intends to kind of keep pushing that and making that happen with the kind of global, large, corporate kind of world that we live in.
Kurt Elster: Going back to Shopify Capital, so with traditional business lending, A, it’s a big pain, just traditional lending institutions just aren’t set up to understand or accommodate entrepreneurship. They just aren’t. I mean, if you’re in the U.S., if you have as a self-employed individual tried to get a mortgage, you know the nightmare struggle that it entails. It just turns into a bizarre bureaucratic nightmare.
And business lending from a traditional bank, not particularly better. And so, Shopify Capital, we’re trying to solve that. And again, the magic of it is it lives inside my Shopify admin, and so I’m guessing it’s pulling… A, it’s geared toward this scenario, obviously, but B, it can pull a lot of metrics regarding my cash flow, and that’s how it’s determining credit worthiness versus like that traditional credit score that someone may or may not even have, right?
Okay, where do I find Shopify Capital if I wanted to utilize it?
Tui Allen: Shopify Capital is available to merchants in the U.S., Canada, and the U.K., and we’re continuing to expand that. You can online, there is Shopify… I think it’s like backslash Capital, but if you just go to Shopify’s site and seek out Capital, you’ll find it very easily and there’s tons of information on how to get more.
Kurt Elster: Excellent. Certainly, you have tips, thoughts, and experience on improving customer experience. Shopify Capital, Shopify Balance, Shopify Fraud Protect, these are things that help ease my day-to-day operations of my business. It’s back-office stuff. What about the front end? What about things that the customer sees?
Tui Allen: Yes, definitely. A strong customer experience is key to repeat customers and that’s sort of key to continuing to fuel this kind of growth that we want to see with our merchants. And we’re very much so working to make sure that merchants can provide their customers, the buyers, starting with a seamless checkout experience, where they can actually even offer flexibility and different ways to pay, right? In this world that we live in today, buyers and consumers have high expectations, and they are looking for… They want to purchase and buy from merchants that are gonna offer them a ton of flexibility.
And so, for example, accelerated checkouts has sort of become this popular sort of expectation among customers, and that’s why we created Shop Pay, which allows customers to easily save their email address, their card information, their shipping and billing information, and this is all securely saved just for easy checkout and for all future purchases, so you can have that super simple, easy repeat customer experience. I’m sure, Kurt, like me, I actually get frustrated now when someone doesn’t have something like Shop Pay, because I no longer have the days where I want to go and have to type in my credit card information, or my address, or any of that, and so this is sort of I think this new reality that we expect now as buyers and consumers.
Kurt Elster: 100%. The accelerated checkouts in a Shopify store, so Shop Pay, the buy now buttons, the express, the dynamic express checkout buttons with Apple Pay, because I’m an iPhone user, are responsible for so many silly impulse purchases, because it’s literally… No joke, it’s less than 10 seconds when you’re logged in and it’s set up. I once timed it. You can do it in eight seconds consistently. Make a purchase, done.
Tui Allen: It is amazing. And you know, impulse purchases, but also impulse purchases that result in maybe some of the best, most favorite products that I own that maybe I would never have discovered because I wouldn’t have taken the time to go through a lengthy checkout process. Yeah. Totally.
And actually, a second one, so along with accelerated checkout, I mentioned customers are also kind of looking for flexibility around how they want to make payments, and how they want to pay, and that’s why as a feature of Shop Pay we’ve partnered with Affirm as our exclusive Shop Pay installment provider for our buy now, pay later solution in the U.S. And so, Shop Pay Installments really was built directly for merchants and customers, so it’s the best buy now, pay later experience that exists for merchants that’s out there, because it was intentionally built specifically for merchants. And it provides flexibility, and it’s a simple way, obviously, to shop online.
Also, one of the features we’ve added is it gives merchants a comprehensive view of their customers and their spending through a dashboard, and so you can kind of get a sense for where spending’s happening, how it’s happening, and then one of the other great… Because we built this, again, with a lot of merchant input and feedback, and directly into the Shopify platform, it actually also manages your inventory, and so your inventory is fully integrated so that you can overselling your inventory. So, there’s definitely apps out there you could use to do buy now, pay later, but none of those will be directly sort of integrated into the full experience, and so decrementing, and managing inventory, making sure you don’t oversell your inventory obviously is really important if we talk about going back to repeat customers and a good experience. All those things are super important.
Kurt Elster: Well, and the common thread here is that tight integration between features within the Shopify admin. And so, it is wonderful to see these things leveraging those integrations. And certainly, buy now, pay later, BNPL, has taken off tremendously, and part of it is because access to credit is unevenly distributed, especially like millennials is a generational split often because of how laws changed in the United States around how credit card companies could pursue people. Net positive, but the downside of it was a lot of people weren’t building credit scores the same way they used to be.
And so, for especially like Gen Z, buy now, pay later is a much more commonly used option, and so if you’re thinking to yourself like, “I’ve never used buy now, pay later,” yeah, because you probably have a credit card and credit score, right? And so, for younger millennials and Gen Z, they don’t necessarily. And so, if you’re in that space, you may want to strongly consider offering BNPL if you don’t, and as far as metrics go, we have consistently noticed positive upticks in things like return customer rate, average order value, customer lifetime value, when you offer buy now, pay later.
Tui Allen: Yeah. Exactly, Kurt. So, so true. Very much so. And maybe just to kind of round out on a third way merchants can help offer a good customer experience, because at the end of the day that’s so critical, I wanted to make sure that there’s awareness of the broad Shopify app store and the Shopify app ecosystem that we have. And this helps small businesses integrate other features that can kind of personalize that shopper experience, so think things like creating special discount codes, or engaging customers with newsletters, running unique marketing campaigns via third party platforms like Google, or powering their store with new themes and changes to make sure that they keep their online store appearance fresh.
And obviously, we offer some of that directly within the platform, but there are also other apps out there that have some sort of very unique special capabilities. And really at the end of the day, this allows small businesses to kind of just really stay focused on improving that customer experience, leading their customers and driving them to more conversions at checkout, and of course, very importantly, driving repeat customer engagement and loyalty. Once you have those customers, we really want to make sure they keep coming back.
Kurt Elster: We’ve covered so many nifty features in here. We got Shopify Balance, Fraud Protect, Capital, Shop Pay, Shop Pay Installments. There’s a lot of wonderful toys and features to go implement if I haven’t yet. I love a good shiny toy and new feature, especially when it makes my life easier or helps me sell more stuff more often within my store.
Anything we missed? A final call to arms, call to action? What do you want people to take away?
Tui Allen: Yeah. I mean, I’ll maybe just close with I think at Shopify we’re reinventing what commerce means for small businesses. Trying to give merchants, like we were talking about, all these tools, shiny objects, capabilities to help empower them to own their direct relationship with the customers across the web. It’s their online storefront. It’s their social media channels and social media shopping avenues. It’s cross-platform customer solution engagement and more.
And so, Shopify is really looking to reinvent what commerce means to small businesses.
Kurt Elster: I love ending it on that note. Tui, this has been enlightening. Thank you so much.
Tui Allen: Wonderful, Kurt. It’s been so great to be here and loved the conversation. So many good things out there, so hopefully lots of your listeners will be able to take advantage of all the great functionality that we’re providing.
Kurt Elster: Absolutely.
Bill & Ted Sound Board Clip: Excellent!
Tui Allen: I love all your sound things that you bring.