Online Shopping Archives

Revolutionizing E-commerce Payments: Insights from Skipify’s Linda Xu

July 2, 2024 Brent W. Peterson

Welcome to another exciting episode of Talk Commerce! I’m your host, Brent Peterson, and today we’re diving deep into the world of e-commerce payments with Linda Xu, the Chief Commercial Officer at Skipify. Linda’s journey from finance to co-founding Cart.com, and now leading innovation at Skipify, offers a wealth of insights for anyone in the e-commerce space. Let’s explore how Skipify is changing the game in online transactions.

The Evolution of Connected Wallets

Linda introduced us to Skipify’s groundbreaking “connected wallet” concept. Unlike traditional digital wallets, Skipify’s solution allows customers to access their payment information using just their email address. This streamlined approach significantly reduces friction in the checkout process, potentially boosting conversion rates for merchants.

As someone who’s been in the e-commerce industry for years, I find this innovation particularly exciting. It addresses a long-standing pain point in online shopping – the tedious process of entering payment information, especially on mobile devices.

Boosting Conversion Rates Through Better Authorization

One of the most striking insights Linda shared was about improving authorization rates. Skipify’s technology has shown to increase these rates by 4-6%, which directly impacts conversion rates. Linda explained how this improvement comes from reducing common decline reasons, such as incorrect billing information.

This resonates with my experience working with merchants. Even a small increase in authorization rates can have a significant impact on a business’s bottom line. It’s a prime example of how focusing on the technical aspects of payments can yield tangible business results.

The Future of E-commerce Platforms

We had an interesting discussion about the future of e-commerce platforms. Linda emphasized Skipify’s platform-agnostic approach, which I believe is crucial in today’s diverse e-commerce landscape. As someone who’s worked with various platforms, I appreciate solutions that can adapt to different ecosystems.

Linda’s insights into the evolving merchant needs and the importance of flexibility in technology solutions were spot-on. It’s clear that the future of e-commerce will require adaptable, user-centric solutions.

Personalization in Online Payments

Another fascinating aspect of our conversation was about personalization in payments. Linda explained how Skipify aims to surface the payment methods that individual shoppers prefer. This level of personalization not only enhances the user experience but also aligns with the broader trend of tailored shopping experiences in e-commerce.

From my perspective, this focus on personalization is key to staying competitive in today’s market. It’s no longer just about offering a product; it’s about creating a seamless, personalized journey from browsing to checkout.

Security and Trust in Digital Transactions

We couldn’t discuss online payments without addressing security concerns. Linda detailed Skipify’s approach to ensuring secure transactions, including real-time verification and partnerships with trusted financial institutions.

Having seen the evolution of payment security in e-commerce, from the early days of unencrypted credit card storage to today’s sophisticated systems, I’m impressed by Skipify’s commitment to security. It’s reassuring to see companies prioritizing this crucial aspect of online commerce.

Embracing Innovation in E-commerce

My conversation with Linda Xu was enlightening and inspiring. It’s clear that Skipify is at the forefront of revolutionizing how we think about and implement online payments. From connected wallets to improved authorization rates and personalized experiences, the future of e-commerce payments looks exciting.

For merchants and e-commerce professionals, staying informed about these innovations is crucial. I encourage you to listen to the full episode to gain more insights into leveraging these advancements in your business.

Thank you for joining us on this episode of Talk Commerce. Don’t forget to subscribe for more discussions on the latest trends and innovations in e-commerce. Until next time, keep innovating and growing your online business!

You can learn more about Linda Xu and Skipify Here.

Amazon E-commerce Analysis: Navigating Through the Waves of Digital Retail Evolution

February 5, 2024 Brent W. Peterson

Amazon’s e-commerce traffic saw substantial growth from 71.7 billion visits in 2019 to 108.3 billion in 2023, representing a 33.81% increase over the 5-year period and reaching new heights in consumer engagement.

Transforming Retail through Product Experience with Kristin Naragon

February 12, 2024January 30, 2024 Brent W. Peterson

The future of retail lies in delivering exceptional product experiences. That’s the key message from digital commerce expert Kristin Naragon in this insightful episode of Talk Commerce. As Chief Strategy and Marketing Officer at Akeneo, Naragon has seen firsthand how centralizing product data and incorporating AI is revolutionizing online shopping.

Key Takeaways:

Implementing a product information management (PIM) solution led to a 36% sales increase for Rural King and 15 minute time-to-market for Staples Canada.
61% of retailers are adopting augmented reality, with some seeing conversion rates double for AR-enabled products.
AI can be transformative but needs human validation – incorrect product details could be dangerous.
A comprehensive product experience strategy requires buy-in across the c-suite, not just marketing.

About Kristin Naragon

With nearly 20 years in tech marketing, including senior roles at Akeneo and Adobe, Kristin brings a wealth of go-to-market strategy experience. As a customer-obsessed, outcomes-focused leader, she’s passionate about developing partnerships and solutions that drive business success. At Akeneo, that means delivering product experience innovation that transforms retail.

Exploring Centralized Data and AI for Next-Gen Shopping

Kristin traces the genesis of Akeneo back to a frustrating shopping experience – her husband struggling to find compatible AV equipment across various retailer sites. The problem? Inconsistent and conflicting product information stemming from decentralized data. As Kristin explains, “You can control the product information. Having that core record, categorized, cataloged, complete, enriched…that’s what Akeneo uniquely solves.”

That product record lies at the heart of Akeneo’s product experience cloud. By centralizing all product data into a PIM, retailers can distribute accurate, up-to-date listings to every touchpoint – web, mobile, print, and more. The result, as evidenced by Rural King and Staples Canada, is operational efficiency, reduced time to market, and revenue growth. “It touches every part of the business,” Naragon states.

And that was just the beginning. The launch of Akeneo’s in-platform app store unlocked innovation opportunities through 3rd party AI integrations. As Kristin explains, “We had about a dozen applications developed leveraging AI to help different parts of the product experience management process.” From onboarding data to generating descriptions and translating content, AI is transforming PIM capabilities.

Ultimately, Akeneo’s acquisition of AI startup Unifi was fueled by demand for enhanced data enrichment. But Kristin cautions AI requires oversight. “Bad product information generated from these AI models can really serve the business in a bad way,” she warns, sharing examples of incorrect phone storage stats and dangerously mixed chemical data. The solution lies in Akeneo’s workflows – “introducing a checking system with employees, humans.”

The Future of Retail Will Be Experiential

As the podcast wraps up, Kristin points to AI, AR, and the blockchain as technologies that will converge to enhance shopping dramatically. But the biggest shift must start internally. “Making product experience strategy a C-suite initiative – that’s something we’re going to be focused on,” she predicts. Because as omnichannel retail blurs lines, the brands offering the most contextual, consistent and helpful product experiences will win consumer loyalty.

In closing, Kristin perfectly captures the ethos of our digital era: “It seems so obvious, I guess. And sometimes the things that seem so obvious are often overlooked.”

Memorable Quotes

“You can control the product information. Having that core record, categorized, cataloged, complete, enriched…that’s what Akeneo uniquely solves.”

Here Kristin eloquently sums up the universal product data dilemma facing retailers – and how a properly structured PIM solves it through centralization.

“Bad product information generated from these AI models can really serve the business in a bad way.”

A stark reminder that while AI delivers efficiency, its capability to propagate nonsense means implementing guardrails is crucial.

“Making product experience strategy a C-suite initiative – that’s something we’re going to be focused on.”

This prediction underscores Kristin’s belief that optimizing product content across channels needs to become a boardroom priority to drive sales.

Tune In and Join the Product Experience Revolution

If mindset shifts, emerging technologies and real-world use cases have you rethinking your ecommerce content strategy, be sure to check out the full episode. Subscribe to Talk Commerce so you don’t miss future conversations at the intersection of commerce and digital disruption.

At its core, this podcast highlights that product experiences represent the new competitive battleground. As consumers increasingly demand personalized, contextual, and helpful shopping journeys, retailers must transform product content from a cost center into a revenue driver. The brands that invest in product experience now will shape the future of retail.

Welcome to 8 Days of AI: Embarking on a Fortnight of Innovation with Shopware

August 21, 2023August 21, 2023 Brent W. Peterson

Through Shopware, the incorporation of AI in e-commerce is creating an elevated shopping experience. Together, they represent the future of online shopping – smarter, faster, and more efficient.