Shopify this week announced new functionality to display product prices in multiple currencies. The new feature will detect a shopper’s location and automatically update prices a customer sees while shopping. Nine currencies will be initially available. Merchants will be required to distinguish between the shop’s native currency and the presented currency and foreign exchange rates will be included in the final purchase price.
Elsewhere in Shopify news, the e-commerce giant announced Q3 earnings, proving to be one of the top tech performers so far by reporting higher-than expected earnings per share of $0.04 (versus the forecast estimate of $0.02 loss). Most recently, data for over 87 million Facebook accounts were improperly seized and misused in a scandal that cost Facebook £500 in UK data watchdog fines alone. The mandate for an audit comes after the EU’s civil liberties committee earlier this year ordered a full and independent audit of Facebook, as well as an investigation into a tech “monopoly” by giant social media platforms.
In social media news, Facebook has recently been subjected to a full audit by the European Parliament in response to a string of data breaches. Most recently, data for over 87 million Facebook accounts were improperly seized and misused. Facebook has received the maximum fine of £500K in UK and other countries may follow suit.
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In events news, the FE team had a great time attending MicroConf EU this past week, where Thomas and the team had a chance to meet up with valued clients and successful SaaS entrepreneurs. Next up, Thomas is off to Chiang Mai SEO Conference in Chiang Mai, Thailand to catch up with fellow digital marketing experts and clients. Respond to this email if you will be in the area and would like to set up a meeting!
Continue reading below for more on Shopify Payments’ addition of global currency, Facebook’s EU audit and Shopify’s third-quarter earnings.
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In The News…
Shopify Reports Higher-than-Expected Q3 Profits
Shopify reported higher than expected Q3 profits, sending shares up 4% before the close of the trading day Thursday.
Shopify increased the number of subscribers and merchants who have signed for the platform and reported that total subscription revenue increased 46% to $121 million in the quarter. The earnings report showed that Shopify’s expenses rose 61% to a total of $181.1 million, reflecting the high spending the platform undertook in an effort to increase its market share. Included in the higher expenses was its first brick-and-mortar location the company opened this year in order to recruit more vendors. Gross Merchandising Volume (GMV), also known as the total sales volume by all merchants using the platform, increased 55% this quarter YoY, falling slightly short of the 56% jump recorded in Q2 for the same metric. The report showed that net loss increased to $23.2 million ($0.22 per share), up from $9.4 million, ($0.09 per share), one year earlier.
Profits came in at $0.04 per share, up from a loss of $0.02 per share predicted by analysts, and total revenue rose 57% from the previous year to $270.1 million.
Facebook Subjected to Full Audit by EU
Facebook is being subjected to a full audit ordered by the European Parliament in response to several recent data breach scandals.
Facebook has received urging from MEPs to accept a full audit by EU bodies in order to evaluate data protection and how secure users’ personal data is. Recently, the social media giant was involved in a breach that resulted in the data of 87 million Facebook users being improperly obtained and misused. Riding the wave of asking Facebook to make changes, a resolution adopted this week recommended the company take efforts to combat election interference under the assertion that the company has breached not just the trust of European users “but indeed EU law.” The EU parliament’s civil liberties committee has also demanded an update to EU competition rules to accurately reflect “the digital reality” for fear of a tech monopoly. Civil Liberties Chair Claude Moraes stated “This is a global issue, which has already affected our referenda and our elections. This resolution sets out the measures that are needed, including an independent audit of Facebook, an update to our competition rules, and additional measures to protect our elections. Action must be taken now, not just to restore trust in online platforms, but to protect citizens’ privacy and restore trust and confidence in our democratic systems.”
Mark Zuckerberg appeared in front of the EU parliament’ Conference of Presidents this past May in a series of hearings alongside Facebook staffers.
Shopify Adds Global Currency Payments
In order to assist Shopify merchants in expanding to international customers, Shopify has added the functionality to sell in multiple currencies via Shopify Payments.
The feature, which will first launch for Shopify Plus Merchants in early December, will automatically detect which country the customer is in and display a personalized currency to improve the shopping experience for buyers. Initially, only nine currencies will be available on the platform. Merchants will set up their Shopify API with a shop currency, or the currency under which products are sold in by the merchant, as well as a presentment currency, which will be displayed to the customer on the storefront, in the cart, and during checkout. Prices will be automatically updated based on foreign exchange rates. Shopify notes it is imperative that apps are set up to retrieve currency correctly for the merchant’s use.
Shopify merchants will have to ensure to update apps in order to take advantage of the new functionality.