Business and Finance
PayPal and Venmo Unveil Six New Innovations to Revolutionize Commerce
Company introduces reimagined checkout and guest checkout experiences, new advanced offers platform for merchants, and new consumer app to earn cash back and give customers more reasons to shop with PayPal
New Venmo enhancements enable local small businesses to be discovered and grow
SAN JOSE, Calif. /PRNewswire/ — PayPal Holdings, Inc. (NASDAQ: PYPL) today announced six new innovations the company is piloting and bringing to market this year to revolutionize commerce through artificial intelligence (AI) driven personalization for both merchants and consumers. During the PayPal First Look keynote, Alex Chriss, President and CEO, introduced: a completely new PayPal checkout experience that radically speeds up check out for consumers and helps merchants convert transactions like never before; Fastlane by PayPal, a dramatically faster and smarter guest checkout experience; Smart Receipts, giving customers AI-personalized recommendations from merchants to keep them coming back; the PayPal advanced offers platform so merchants can provide relevant, personalized, real-time offers to consumers and drive more sales; a reinvented PayPal consumer app giving shoppers new ways to earn cash back and more reasons to use PayPal; and, Venmo’s enhanced business profiles, so small businesses can find and engage new customers, and grow their businesses.
“PayPal is on a mission to revolutionize commerce, globally, and today we are starting the next chapter,” said Alex Chriss, President and CEO, PayPal. “With nearly 400 million consumer accounts, and 35 million merchant accounts, PayPal handles transactions for about a quarter of the world’s e-commerce transactions each year, but more importantly, shoppers trust PayPal to power their payments.”
Chriss continued, “PayPal is introducing six new innovations that will not only solve real customer pain points, but we believe will change the world of payments and commerce. From new solutions for merchants to speed up checkout and personalize offers, to a new consumer app that will give our loyal customers more reasons to shop with PayPal, to the next generation of Venmo designed to be the growth platform for local small businesses, PayPal has always brought the future of money to our consumers and merchants and today marks the next revolution.”
With digital commerce expected to exceed $6 trillion in 20241, merchants need new, advanced ways to speed consumers through checkout in a seamless way that reduces lost sales. Additionally, consumers are continuously looking to stretch their budgets and get as much value while shopping as possible. PayPal’s global scale and extensive data set, combined with the power of AI, will deliver the next generation of value for both consumers and merchants.
Transforming Checkout
Checkout is the last interaction between a consumer and a merchant, and while it seems so simple, any friction can disrupt the moment. Business owners want to focus on the next sale and consumers are looking to remove any annoying interruptions like password prompts or lagging response times. To address this, PayPal has massively accelerated the checkout process to get customers to choose PayPal, integrate passkeys to enable customers to log in with their face or fingerprint with one tap, and to improve latency. In fact, this will reduce latency by as much as 50%2, and enable customers to check out twice as fast, all with the same level of security and trust they have come to expect from PayPal. Additionally, the new PayPal checkout will also leverage AI to get smarter and faster over time.
Introducing Fastlane by PayPal
Merchants are losing out on sales because the guest checkout process is both slow and cumbersome. Additionally, shoppers do not often sign in or sign up while browsing, and when they are ready to check out, they must find their password, update their credit card information, or shipping address. To help, PayPal is introducing Fastlane by PayPal, a new one-click guest checkout experience that merchants using PayPal’s platform will be able to offer their shoppers, allowing them to make a fast and painless purchase. Customers simply save their information with Fastlane to check out in as little as one tap. No username or password to remember, no personal information to update, and no need to share a credit card with businesses all over the web.
PayPal has been piloting Fastlane by PayPal with a group of merchants and are seeing astounding early results. Select merchants on BigCommerce, a leading open software-as-a-service (SaaS) ecommerce platform and longtime PayPal partner, have seen early results showing that Fastlane can recognize 70% of guests3 and accelerated checkout speeds of nearly 40% compared to a traditional guest checkout process.4
Introducing PayPal Smart Receipts
Merchants want to incentivize customers to come back, and consumers want to find the best deals, so PayPal is eliminating the guesswork for both with the introduction of Smart Receipts. When consumers shop with PayPal, they will receive a receipt that allows them to not only track their purchase, but also harnesses AI to predict what they may want to buy next from that merchant. As a result, now merchants will be able to include a personalized recommendation along with a cashback reward offer on the receipt.
As almost 45% of PayPal customers globally open their email receipts everyday5 – an incredible open rate – this could mean tens of millions of merchants and hundreds of millions of consumers seeing timely, hyper-relevant recommendations and rewards in these receipts. This increases the opportunities for merchants to re-engage directly with their customers, increasing the probability of repeat shopping and business growth.
PayPal is also leveraging AI-powered suggestions that are based on shopper behavior data, combined with the scale of what PayPal can see across the web. Through personalized AI, PayPal is giving any sized merchant the power of being one of the largest retailers in the world.
Introducing PayPal Advanced Offers Platform
Today, when consumers shop online their experience includes ads generated by their browsing behavior only, which can be irrelevant and frustrating. In response, PayPal will use unique customer insights to build a dynamic, truly personalized advanced offers platform giving merchants the ability to reach customers based on what they have actually bought across the internet, down to the stock keeping unit (SKU) and the individual product. This new, performance-based offers platform has the potential to use AI to organize and analyze data from nearly half a trillion dollars’ worth of merchant transactions globally6. The platform will also allow merchants to customize offers for customers, and merchants will only pay for performance, not impressions or clicks. For PayPal consumers, it means they will get more relevant offers, and more opportunities to earn rewards.
PayPal is also building transparent, easy-to-use privacy controls so if a customer does not want their data shared with merchants to personalize their shopping experience – they can opt in or out.
Reinventing the PayPal app
PayPal is also reinventing the PayPal app to give loyal customers even more reasons to shop and pay with PayPal every day. Too often consumers are served the top items from the largest merchants that can afford to buy the best search terms. Additionally, consumers are still feeling the inflationary pinch and looking for ways to spend smarter and find the best deals. This is why PayPal is introducing CashPass to give customers access to hundreds of exciting, personalized cash back offers from top brands in the U.S. A user will simply need to tap on the offer, shop at that business, and check out with PayPal. CashPass uses AI to organize personalized offers for customers based on shopping behaviors, and customers will regularly discover new cash back offers giving them more reasons to visit the app.
Starting in March, PayPal is planning to launch CashPass with an amazing set of launch partners, so consumers can access offers from merchants such as Best Buy, eBay, McDonald’s, Priceline, Ticketmaster, Uber, and Walmart.
PayPal CashPass users will also be able to stack with other PayPal rewards such as cash back from the PayPal Cashback Mastercard®. Users can then put cash back into a PayPal Savings account and earn more on top.
Introducing the Next Generation of Venmo Business Profiles
Venmo introduced business profiles in 2021 to provide an affordable and easy way for businesses to accept payments and grow their business and has grown to a community of more than 90 million active accounts. Small businesses rely on word-of-mouth, social media, and reviews on other sites for referrals. It can be difficult to stand out on social media, and one bad review can set their business back. Venmo is solving this by introducing enhanced Venmo business profiles to help small businesses be discovered like never before. The next evolution of business profiles will add subscribe buttons, profile rankings, and the ability to offer promotions to consumers, bringing powerful new ways for businesses to drive traffic, generate sales, and more meaningfully grow their business through increased visibility in the Venmo app.
For consumers, they will be able to discover top-ranked businesses endorsed by their network and enjoy cashback deals when supporting local businesses in their community. No other mobile payment service has a social feed as active, useful and as personal as Venmo, and this is a revolution in providing real-time offers and promotions at a hyper-local level for small businesses. The same type of privacy controls will be available on Venmo, as on PayPal.
All of these new experiences will begin rolling out in the United States throughout 2024.
For more information, visit http://www.paypal.com/us/whats-new/first-look.
1 Insider Intelligence, “Ecommerce growth worldwide will pick up before tapering off,” Aug. 23, 2023
2 Based on PayPal internal data from October to November 2023.
3 Based on PayPal internal data from October 1 to November 2, 2023.
4 Based on PayPal Internal data from November 2 to November 18, 2023.
5 Based on PayPal internal data from November 1, 2023 to January 8, 2024.
6 Based on PayPal internal data from Global Branded XO TPV for the 12-month period between Dec’22 to Nov’23.
About PayPal
PayPal has remained at the forefront of the digital commerce revolution for more than 25 years. By leveraging technology to make sending money and shopping more convenient, affordable, and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect, among other things, PayPal’s plans with respect to product innovation. Forward looking statements may be identified by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, “expect”, “project”, “forecast”, or intend”, and statements that an event or result “may”” “will”, “should”, “could”, or “might” occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. More information about these and other factors can be found in PayPal Holdings, Inc.’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the “SEC”), and its future filings with the SEC.
The forward-looking statements contained in this press release speak only as of the date hereof. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE PayPal Holdings, Inc.
financial wellness
Turn Your Tax Refund Into a New Ride
As tax refunds are beginning to come in, it’s an excellent opportunity for people to explore different investment avenues and make the most of their money.
Make a major purchase more manageable
(Family Features) With tax refunds starting to flow in, many people are considering ways to invest their money.
If you’re looking to purchase a vehicle, putting your tax refund toward a down payment on a used car can be a smart financial decision for several reasons – from reduced interest rates on your loan and shortened loan terms to lower monthly payments – and the timing is right to take advantage of improving market conditions. Consider this information to help make an informed buying decision.
Lower Your Monthly Payment
The more you can invest in the down payment of a vehicle, the lower your monthly cost will typically be and the less interest you will typically pay over the length of the loan. This can lead to smaller, more manageable monthly payments.
A significant down payment can also help offset higher-than-average interest payments and could lead to a shorter term, meaning less total accrued interest. An auto loan calculator can show you how a down payment can affect interest charges.
More Affordable Vehicle Options
Used car prices have been trending downward month-over-month, according to the Bureau of Labor Statistics’ consumer price index. These decreases in used car prices are helping offset higher than normal interest rates. The average sales price for a pre-owned vehicle through Enterprise Car Sales, for example, is approximately $21,000 right now, compared to average new car prices, which are hovering around $44,000.
Vehicle inventory is improving along with an increase in consumer demand for cars, which makes now an attractive time to buy. Many used car sellers feature inventory that is readily available so you can select from options you know are in stock, including different makes and models with a wide range of different features that can offer more affordable options.
“We have a large inventory of vehicles across the country currently priced under $20,000,” said Mike Bystrom, vice president of Enterprise Car Sales. “There are several considerations to keep in mind when shopping for a vehicle, and there is no one-size-fits-all approach. Consumers should weigh their options, but the one thing they shouldn’t compromise on is receiving great customer service.”
Protect Your Purchase
Ensuring your purchase is protected is also a smart financial decision. Take advantage of dealers that offer additional benefits to help protect your purchase and provide peace of mind that your tax refund has been well spent.
Look for a used vehicle that has passed an inspection by an ASE-certified technician and comes with a limited powertrain warranty, as well as extra coverage options such as roadside assistance and a return policy up to a certain amount of days or mileage.
With a little research and careful planning, you can find a reliable used car that meets your needs and puts your tax refund to good use. Visit enterprisecarsales.com for more information.
SOURCE:
Enterprise Car Sales
Daily News
Spotify Price Increase: What to Know About Higher Music Download Service Fees
“Spotify raises prices for music download services, introducing new features and tiers. The music keeps playing, with an enhanced listening experience!”
Music streaming giant Spotify has shaken up the industry once again with its recent announcement of raising prices for its music download services. In this blog post, we will explore the details of the price increase, its potential impact, and the new features Spotify plans to introduce. Let’s dive in!
The Price Changes:
According to a Bloomberg report, Spotify will be increasing prices in the United States, as well as in various international markets. Individual plans are anticipated to rise by approximately $1 per month, while family plans will see a $2 increase. These changes come as Spotify aims to better serve its diverse user base.
New Pricing Tiers and Features:
In addition to the price hike, Spotify plans to introduce new pricing tiers and services. One exciting possibility is the inclusion of a higher audio quality option. Audiophiles and music enthusiasts will likely appreciate the enhanced listening experience this feature brings forth.
The Reason Behind the Price Increase:
As technology and licensing costs continue to rise, it’s no surprise that Spotify must adjust its pricing to ensure sustainability and continue offering a top-notch music streaming experience. The company consistently seeks to strike a delicate balance between providing affordable access to music and fair compensation for artists.
Impact on Users:
While any price increase can be an unwelcome change, it is crucial to consider the value Spotify brings to the table. With millions of songs at your fingertips, personalized playlists, and groundbreaking algorithms that recommend music you’ll love, the platform remains an extraordinary resource for music lovers.
Alternatives to Consider:
If the price increase has you rethinking your music streaming subscription, it’s important to remember that there are several other streaming services available in the market. Platforms like Apple Music, Amazon Music, and YouTube Music all offer unique features and vary in pricing. It’s worth exploring these alternatives to determine which one aligns best with your needs and budget.
The Bigger Picture:
As digital music consumption continues to evolve, it’s essential to recognize the efforts Spotify makes to support artists and drive the music industry forward. Despite the increase in pricing, Spotify remains committed to nurturing talented musicians, ensuring a platform for creativity, and connecting artists with their fans.
Ultimately, Spotify’s pricing adjustment reflects the constant evolution of the music streaming landscape. While price increases are never easy to digest, it is vital to appreciate the immense value Spotify provides to millions of users worldwide. As Spotify rolls out these changes and introduces new features, we can look forward to an even better music streaming experience. So, open your playlist, turn up the volume, and let the music continue to inspire and uplift you on Spotify!
Business and Finance
Pickleball Growth & Outdoor Sports Gear: Insights from Escalade’s Financials
Explore how Escalade’s financial report affects pickleball gear innovation and availability in the outdoor sports industry.
Pickleball Growth?
Escalade, Inc. (NASDAQ: ESCA) has recently announced its fourth quarter and full-year 2023 results. While net sales saw a decrease, there were improvements in gross margin and operating income.
These results have implications for outdoor sports, including pickleball – a fast-growing recreational activity. Let’s dive into what this means for the world of outdoor sports and how it may impact pickleball enthusiasts.
In the fourth quarter of 2023, Escalade reported a decline in net sales by 9.2%, primarily due to softer consumer demand across most product categories. However, there was also improved demand in the basketball and indoor games categories. Despite the decrease in net sales, Escalade saw positive developments in gross margin, which increased by 192 basis points compared to the prior year’s quarter. This improvement was driven by price discipline, a favorable sales mix, and reduced costs of freight and storage.
For the full year 2023, Escalade experienced a decrease in net sales by 16.0%. However, gross margin only declined by 3 basis points, indicating some resilience in maintaining profitability. Operating income saw a larger decline of 32.3%, reflecting the challenging market conditions. Nevertheless, Escalade generated significant cash flow from operations, with a substantial increase compared to the prior year.
What does this mean for outdoor sports, particularly pickleball? While Escalade manufactures and distributes a variety of sporting goods and recreational equipment, their Onix brand focuses on pickleball. The financial performance of Escalade has the potential to impact the availability and innovation of pickleball equipment and products. As Escalade continues to navigate the current macroeconomic environment, it will prioritize reducing debt while investing in its brands and product portfolio.
Pickleball, a paddle sport that combines elements of tennis, badminton, and table tennis, has been growing in popularity, especially among older adults. As more individuals embrace outdoor activities, the demand for pickleball equipment is likely to continue increasing. By closely monitoring the financial performance of companies like Escalade, pickleball enthusiasts can gain insights into the availability and development of high-quality equipment to support their game.
Escalade’s commitment to reducing debt and strengthening its balance sheet also indicates stability and the potential for future investments and product innovations. This can have a positive effect on the pickleball community, as new and improved products may enhance the overall playing experience.
In conclusion, while Escalade has reported some declines in net sales and operating income, the improvements in gross margin and cash flow from operations are promising. For outdoor sports enthusiasts, including pickleball players, it signals continued opportunities for innovation and growth in the industry. As Escalade focuses on reducing debt and investing in its brands, the future looks bright for those who enjoy outdoor recreational activities like pickleball. Stay tuned for further updates and exciting developments in the world of outdoor sports.
CONFERENCE CALL
A conference call will take place on Monday, April 1, 2024, at 11:00 a.m. ET to discuss the Company’s financial results, recent events, and answer questions.
A live webcast of the conference call along with the presentation materials will be accessible in the Investor Relations section of Escalade’s website at www.escaladeinc.com. To listen to the broadcast in real-time, please visit the website at least 15 minutes before the scheduled start time to register, download, and install any audio software that may be required.
To participate in the live teleconference:
Domestic Live: 1-877-407-0792 International Live: 1-201-689-8263
To listen to a replay of the teleconference, which subsequently will be available through April 15, 2024:
Domestic Replay: 1-844-512-2921 International Replay: 1-412-317-6671 Conference ID: 13745214
USE OF NON-GAAP FINANCIAL MEASURES
In addition to presenting financial statements following U.S. generally accepted accounting principles (GAAP), this release includes a non-GAAP financial measure called EBITDA. A reconciliation of this non-GAAP measure can be found at the end of the press release. EBITDA is used by Escalade to compare operating performance over time. Escalade believes that disclosing EBITDA provides valuable information to investors about its financial condition and results. Non-GAAP measures should be seen as a supplement and not a replacement for the company’s GAAP measures of performance and financial results. When evaluating these measures, it’s important to consider the limitations and also analyze the company’s results as reported under GAAP.
ABOUT ESCALADE
Escalade, established in 1922 and headquartered in Evansville, Indiana, is a company that designs, manufactures, and sells sporting goods, fitness equipment, and indoor/outdoor recreation products. The company’s goal is to foster connections among family and friends, creating lasting memories. Escalade is a leader in various categories and its brands include Brunswick Billiards®, STIGA® table tennis, Accudart®, RAVE Sports® water recreation, Victory Tailgate® custom games, Onix® pickleball, Goalrilla™ basketball, Lifeline® fitness, Woodplay® playsets, and Bear® Archery. Escalade’s wide range of products can be purchased online or at leading retailers throughout the United States. For more information about Escalade’s brands, history, financials, and governance, please visit www.escaladeinc.com.
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