Commerce – Grover Chamber http://groverchamber.com/ Wed, 22 Jun 2022 09:41:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://groverchamber.com/wp-content/uploads/2021/05/default.png Commerce – Grover Chamber http://groverchamber.com/ 32 32 Chamber of Commerce Hosts 18th Annual Golf Tournament https://groverchamber.com/chamber-of-commerce-hosts-18th-annual-golf-tournament/ Wed, 22 Jun 2022 09:35:16 +0000 https://groverchamber.com/chamber-of-commerce-hosts-18th-annual-golf-tournament/ Thirty golf teams gathered at the California Country Club for one of the Chamber of Commerce’s most popular events. The California Region Chamber of Commerce held its 18th annual golf tournament on June 15. With 30 teams and 20 volunteers, this year’s event had the chamber’s second highest attendance behind last year’s tournament. But, this […]]]>

Thirty golf teams gathered at the California Country Club for one of the Chamber of Commerce’s most popular events.

The California Region Chamber of Commerce held its 18th annual golf tournament on June 15. With 30 teams and 20 volunteers, this year’s event had the chamber’s second highest attendance behind last year’s tournament.

But, this year had a higher participation from local businesses. Dwight Sanders, chairman of the chamber’s golf committee, said various businesses in the California community are supporting the tournament through hole sponsorships on the golf course. He said they had 71 paid sponsors for the event compared to 47 last year.

Sanders thanked committee members Tyler Clenin, Brad Baer, ​​Jenny Waymire, Blake Howard, Shelly Hampton as well as chamber executive secretary Sandra Ratcliff for their efforts in organizing the tournament.

He said the six of them collected hole sponsorships, found teams and won door prizes for the event. Sanders said each of the committee members solicited donations, recruited volunteers and planned the tournament.

Sanders said the exact proceeds from the tournament were not yet available, but he estimated $7,000 had been raised.

“It was a great day because we had a lot of great volunteers and a lot of teams came out to support the chamber,” Sanders said. “We are truly grateful to have a community that comes forward and supports business owners and those who are members of the California Chamber of Commerce.”


Democrat Photo/Evan Holmes Members of the California Chamber participate in the 18th Annual Chamber Golf Tournament fundraiser on Wednesday morning.



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Democrat Photo/Evan Holmes Members of the California Chamber participate in the 18th Annual Chamber Golf Tournament fundraiser on Wednesday morning.



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Democratic Photo/Evan Holmes House member Ron Ash puts on the California Country Club on Wednesday.


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Social commerce platform CityMall lays off 191 employees as it struggles with market conditions https://groverchamber.com/social-commerce-platform-citymall-lays-off-191-employees-as-it-struggles-with-market-conditions/ Mon, 20 Jun 2022 05:09:00 +0000 https://groverchamber.com/social-commerce-platform-citymall-lays-off-191-employees-as-it-struggles-with-market-conditions/ Social Commerce Platform CityMall has laid off 191 employees as it struggles to navigate current market conditions. The startup in March had raised $75 million. CityMall, based in Gurugram, is a community commerce platform supported by investors such as General Catalyst, Elevation, Accel and Waterbridge. In a LinkedIn post, the startup said “191 of our […]]]>
Social Commerce Platform CityMall has laid off 191 employees as it struggles to navigate current market conditions.



The startup in March had raised $75 million. CityMall, based in Gurugram, is a community commerce platform supported by investors such as General Catalyst, Elevation, Accel and Waterbridge.

In a LinkedIn post, the startup said “191 of our employees will be parting ways with us due to structural changes to CityMall’s functions.”

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The layoff affects at least 30% of its workforce.

“After exploring several options, we realized that certain roles within the company needed to be dissolved to align with our evolving business model and the current business environment,” the startup said.

CityMall deals with groceries, fresh and packaged consumer goods, electronics and fashion.

The platform said it will provide “outplacement assistance to all employees leaving the company.”

“Every employee affected by this layoff has helped make Citymall what it is today, and this is one of the toughest decisions the company has ever had to make,” he said. added.

The startup has raised over $110 million to date.

Founded by alumni of IIT Delhi and IIT Roorkee, CityMall aims to nurture hundreds of thousands of such micro-entrepreneurs and empower them to create the go-to e-commerce platform for “Bharat”.

To date, more than 10,000 startup employees in India have been laid off amid global macro conditions that have triggered a funding winter for the startup ecosystem.

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Buy the Dip on These 2 Emerging Markets E-Trading Stocks https://groverchamber.com/buy-the-dip-on-these-2-emerging-markets-e-trading-stocks/ Sat, 18 Jun 2022 14:53:00 +0000 https://groverchamber.com/buy-the-dip-on-these-2-emerging-markets-e-trading-stocks/ Concerns about global inflation, rising borrowing costs and the economic fallout from the war in Ukraine overwhelmed the stock market throughout the year. Since the beginning of the year, the S&P500 dropped by 23%, and the Nasdaq Compound fell 32% as investors shunned high-growth tech companies and instead relied on safer assets like bonds and […]]]>

Concerns about global inflation, rising borrowing costs and the economic fallout from the war in Ukraine overwhelmed the stock market throughout the year. Since the beginning of the year, the S&P500 dropped by 23%, and the Nasdaq Compound fell 32% as investors shunned high-growth tech companies and instead relied on safer assets like bonds and value stocks.

E-commerce businesses have felt the chaos. After receiving a major boost during the pandemic, online shopping platforms have seen demand temper as of late. But with the global e-commerce market expected to top $7.5 trillion by 2030 from $3.9 trillion today, investors can be sure that the current headwinds are temporary.

Here are two emerging market e-commerce stocks that investors shouldn’t hesitate to jump into today.

Image source: Getty Images.

1. MercadoLibre

After its stock soared nearly 300% from April 2020 to January 2021, the Latin American-based company MercadoLibre (MELI 3.68%) has seen it plummet 53% since the start of the year. In addition to its growing e-commerce platform, the company offers consumers a variety of value-added services. Mercado Pago is a digital payment platform, Mercado Envios is a logistics solution focused on shipping and fulfillment, and Mercado Crédito enables business and consumer loans.

The company released a strong report for the first quarter to start 2022. Total revenue jumped 62% year-over-year to $2.2 billion, beating Wall Street forecasts, and diluted earnings per share reached $1.30, a notable improvement from its loss of $0.68 a year ago. The company’s operating margin fell 42 basis points year-over-year to 6.2%.

On its online marketplace, gross merchandise volume (GMV) rose 32% year-over-year to $7.7 billion, and items sold soared 20% to 266 .7 million. Mercado Pago’s total payments volume jumped 81% to $25.3 billion, with out-of-market payments volume (which includes payments processed for third-party businesses) increasing 139% to $17.3 billion. dollars. Its logistics network handled 91% of its market’s shipment volume in the first quarter, up 10.5 percentage points from a year ago, and the company’s credit portfolio grew 319% to reach $2.4 billion.

MercadoLibre’s diversified business makes it a very attractive investment for those interested in the rapidly developing Latin American economy. And with the stock’s 3.9 price/sell multiple, the lowest in five years, there is a great window of opportunity to buy stocks today.

2. Jumia Technologies

Jumia Technologies (JMIA 2.82%) reached over $60 per share in February 2021, but the narrative has changed to “the Amazon of Africa” ​​since then. Over the past year, the stock has fallen 79% and now sits around $6. Yet, contrary to what its stock market movement may suggest, the African e-commerce company has shown marked improvement in recent quarters.

In its first quarter of 2022, the company generated sales of $47.6 million, translating to 44% year-over-year growth, and its GMV climbed 27% to reach $252.7 million. Total active customers and orders also saw strong growth in the quarter, up 29% and 40% year-over-year, respectively.

Due to aggressive marketing and technology spending, the company is currently incurring a significant loss, making it a much riskier investment than MercadoLibre. In the first quarter, Jumia suffered an adjusted loss of $55.3 million in earnings before interest, taxes, depreciation and amortization (EBITDA), much higher than a year earlier.

On the bright side, management appeared confident on the earnings call that the company passed its peak in quarterly adjusted EBITDA losses and should start reporting reduced losses in 2023. And like MercadoLibre, Jumia operates a fintech wing through its mobile payment platform, JumiaPay, and continues to develop its logistics as a service.

Although a risky investment at the moment, the company has unlimited potential to tap into Africa’s 1.2 billion consumers. Additionally, the stock has a price/sales multiple of just 3, its lowest level since the company went public in 2019.

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Is text messaging the next channel of commerce? https://groverchamber.com/is-text-messaging-the-next-channel-of-commerce/ Thu, 16 Jun 2022 14:25:21 +0000 https://groverchamber.com/is-text-messaging-the-next-channel-of-commerce/ Text messaging is an emerging commerce channel impacting buyers, merchants and platforms. When entrepreneur and marketer Gary Vaynerchuk launched Wine Library’s Wine Text service in 2019, he effectively created a new e-commerce vehicle. Visitors to the Wine Text website can register, adding payment information and a shipping address in advance. Then, like a text version […]]]>

Text messaging is an emerging commerce channel impacting buyers, merchants and platforms.

When entrepreneur and marketer Gary Vaynerchuk launched Wine Library’s Wine Text service in 2019, he effectively created a new e-commerce vehicle.

Visitors to the Wine Text website can register, adding payment information and a shipping address in advance. Then, like a text version of a daily deals site, Wine Text sends daily wine deals via SMS. The recipient buyer could purchase by simply sending the number of bottles.

“The thesis of this incredible service, this revolutionary service…was how to spend two minutes to register – the address you ship the wine to and the credit card you use – so that when you receive text daily, it takes two seconds,” Vaynerchuk said in a video posted to Wine Text’s homepage.

A few experts (including me) have asked, “Why isn’t that already a thing?”

Buyers

In a way, it was already a thing. Wine Text and the various platforms it has inspired are part of a shopping trend.

“I believe the natural progression towards more streamlined shopping experiences and meeting consumers where they are (social media, chat, SMS, video) is driving the rise of SMS as a preferred mode of conversational commerce for consumers. consumers and businesses,” Blu Atwood, CEO of text commerce company Textual, said in an email.

Retailers want to remove the friction of e-commerce and make shopping easier for shoppers. Placing orders online on an Alexa device is an example of this trend. So were Amazon’s now closed Dash Buttons.

Text commerce is the most recent iteration and one that could gain traction.

Merchants

Text messaging won’t be a platform for all sellers, but it can be for many.

“I don’t think we’ll be texting mattresses anytime soon,” said Sam Schrup, the founder of TextRetailer, another texting shopping platform.

“On the contrary, it is well suited to a certain category of products. Wine is one. Coffee is another. We see a lot of it in cosmetics. The common theme between all of these is something easy to ship, consumable…and there’s enough variety,” Schrup said.

Merchants can focus on curating products, offering easy restocking, and promoting offers.

In each case, the medium offers retailers a new channel and a new opportunity to connect with consumers.

KC Needlepoint (left) and BeautyText are examples of successful merchants selling products through TextRetailer’s service.

Platforms

Admittedly, SMS shopping is nothing new. Amazon, for example, launched a mobile service called TextBuyIt in 2008.

“With today’s launch of TextBuyIt, any Amazon.com customer can now use any mobile device to shop and buy on Amazon.com, anytime, anywhere,” said said Howard Gefen, then director of Amazon Mobile Payments, in a press release.

“With TextBuyIt, if you’re coming out of a concert and want to buy a CD by the artist you just saw, or if you’re having dinner and a friend tells you about a good book you should read, all you have to do is pull out your mobile device, text Amazon, reply to reply, confirm your order, and your item will be on its way.It’s incredibly simple and convenient.

Amazon was ahead of its time. Since then, consumers have become more comfortable with e-commerce and text messaging. Platforms and merchants may want to try again.

Textual and TextRetailer are examples of messaging-based business services ready for retailers. Other services are coming.

Walmart, for example, is experimenting with text for shopping. The shopper sends an SMS with the name of the product, Walmart makes a suggestion, and the shopper confirms. Do. Order.

Screenshot of Walmart's text to buy page.

Walmart has tested a text-to-shop service that makes restocking easier.

Don’t be surprised if other enterprise retailers or even e-commerce platforms soon offer similar services. Amazon could do it again. Shopify, Adobe Magento, BigCommerce, and Miva could all try it.

Potential challenges

The current generation of text commerce services will likely face a few challenges to succeed.

  • Competition. The industry could become too fragmented.
  • E-commerce platforms. Shopify and other platforms may cancel text-to-shop services through restrictions on the platform’s app or API.
  • Carriers. Cellphone carriers have already started limiting SMS commerce, even banning certain product categories. If consumers see commercial text messages as spam, these carriers could shut it down.

Therefore, new SMS-to-buy services may follow the path of Dash and Amazon’s TextBuyIt. Or they could become a powerful new channel.

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Today in Food Retail: Instacart takes on DoorDash https://groverchamber.com/today-in-food-retail-instacart-takes-on-doordash/ Tue, 14 Jun 2022 21:51:34 +0000 https://groverchamber.com/today-in-food-retail-instacart-takes-on-doordash/ Today in food retail, Instacart announces a new partner that brings the aggregator closer to competition with its restaurant delivery counterparts, and Chipotle Rewards goes live in Canada’s Great White North. Additionally, Marnie Boyer, VP of Restaurant Acquisition at Grubhub, talks about virtual brands. Restaurants Seeking New Automation Ideas to Fight the Bite of Inflation […]]]>

Today in food retail, Instacart announces a new partner that brings the aggregator closer to competition with its restaurant delivery counterparts, and Chipotle Rewards goes live in Canada’s Great White North. Additionally, Marnie Boyer, VP of Restaurant Acquisition at Grubhub, talks about virtual brands.

Restaurants Seeking New Automation Ideas to Fight the Bite of Inflation

When inflation runs high, when input costs spiral out of control, in any industry, margins suffer. And for restaurants, there’s an inevitable inflationary punch. Food prices are rising, which means that it is increasingly expensive to bring meals to the table, to the door or to the customer. Plus, it’s more expensive to hire and keep workers who make it all possible.

Instacart slips further into DoorDash space with Juice Bar partnership

Instacart has announced a new partnership that comes eerily close to the jurisdiction of its restaurant aggregator competitors. Last week, the aggregator announced a partnership with Southern California juice bar Pressed. The partnership is kind of a gray area, Pressed operating somewhere between the restaurant and grocery spaces.

Restaurant brands achieve international loyalty with rewards rollouts

As major restaurant brands seek to retain consumers around the world, Chipotle is expanding its Rewards program internationally. The brand announced on Tuesday (June 14) that it launched Chipotle Rewards in Canada, promising free chips and guacamole with every member’s first purchase to drive adoption.

Grubhub: virtual brands are “more popular” with independent operators

“More restaurants have leveraged the concept because it gives operators the ability to test additional, delivery-only menu concepts with little financial risk. These concepts create new revenue streams, attract untapped customers, and increase restaurant exposure, all with little overhead,” Marnie Boyer, vice president of Diner Acquisition at Grubhub, told PYMNTS in an interview.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

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Fast Commerce: Dunzo Looks at the Evolution of the Retail Shopping Experience https://groverchamber.com/fast-commerce-dunzo-looks-at-the-evolution-of-the-retail-shopping-experience/ Sun, 12 Jun 2022 21:45:00 +0000 https://groverchamber.com/fast-commerce-dunzo-looks-at-the-evolution-of-the-retail-shopping-experience/ A new black store in a day and a half. This equates to 18 new dark stores over the next 30 days. It is at this speed that Dunzo seeks to establish itself in new cities. The objective: to set up in 15 new cities by the end of the year. Currently, it operates 120 […]]]>

A new black store in a day and a half. This equates to 18 new dark stores over the next 30 days. It is at this speed that Dunzo seeks to establish itself in new cities. The objective: to set up in 15 new cities by the end of the year. Currently, it operates 120 dark stores across the eight cities. This broad base of partners would be the backbone of its multi-city rollout plan. That aside, over the next two to three years, the platform will expand into pockets of top metropolitan and Tier I cities that remain under-penetrated or unaddressed at the moment. Kabeer Biswas, CEO and co-founder of Dunzo, believes it is cities that will experience the next stage in the evolution of the retail shopping experience in the form of quick commerce or q-commerce.

Dunzo Daily, its instant delivery service arm launched in September 2021, fits perfectly into this plan.

“We grew the Dunzo Daily category by 40-50% mom, with new cities seeing 70-80% mom growth. Along with growth, managing the operational efficiency and order fulfillment of our dark stores is a priority area for us,” adds Biswas. Dunzo Daily contributes 60% of Dunzo’s overall business and this share is expected to increase to 80% by the end of this calendar year. “While other verticals continue to be an integral part of the business, their share is expected to reach 20-25% of overall business by the end of this calendar year as we focus on growing our business. the Dunzo Daily category,” he said. The company also offers a white label logistics service to merchants.

India’s q-commerce sector is expected to grow into a $5 billion (Rs 38,500 crore) market by 2025, according to RedSeer. In terms of execution rates, in the first quarter of CY22, industry rigs made around $1.5 billion (Rs 11,550 crore) annualized, says Rohan Agarwal, Partner, Redseer Strategy Consultants. The biggest challenge for players now is to increase the order value per customer in addition to convincing those still sitting on the fence to take the plunge.

More than a quarter of Dunzo’s customers come from the satellite cities of Delhi NCR and Hyderabad. While he sees an addressable market of around five crore consumers in the q-commerce category, Biswas says there is a huge market for on-demand delivery of non-consumable products – products such as medicines , fresh flowers, etc. “We want to get into on-demand grocery delivery and then gradually expand to fulfill other adjacent categories,” he adds. Adjacent categories are convenience-oriented and require quick rotation. Alcohol, over-the-counter drugs, quick bites are typical products in this category, and they require very different storage, packaging, and operating facilities. Biswas adds that their potential largely depends on their ease of access. He says the demand will come when we are able to expand the selection to a large assortment of 3,000 to 4,000 SKUs.

Improve the customer experience

Kearney partner Rajat Tuli adds that the capabilities needed to serve these adjacent categories include accurate customer and data analytics, mechanization of dark stores to enable fast pick-up and delivery, lower fulfillment costs and l improving the customer experience. In other words, how quickly Dunzo will be able to crack this segment will depend on how quickly it can deploy technology to make faster and better decisions and to eliminate operational bottlenecks.

That said, the key to running efficient dark stores – mini-warehouses – is to first reduce the number of tasks and processes that need to be done in these warehouses. To enable sustainable operations, it is essential that mini-warehouses are located near areas where demand densities are highest.

Besides increasing warehousing facilities and delivery partners who can meet multiple needs, says Rutu Mody Kamdar, founder of Jigsaw Brand Consultants, what will really help is a steady shift in consumer behavior. This can be done by giving them a good reason to choose their app over the local kirana/medical stores through highly targeted communication.

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A&M-Commerce Student Demetrius Harrell Jr. Named Texas A&M University System Student Regent https://groverchamber.com/am-commerce-student-demetrius-harrell-jr-named-texas-am-university-system-student-regent/ Sat, 11 Jun 2022 00:00:08 +0000 https://groverchamber.com/am-commerce-student-demetrius-harrell-jr-named-texas-am-university-system-student-regent/ Bryan/College Station, Texas — Texas Governor Greg Abbott has appointed Navy veteran Demetrius L. Harrell Jr. as student regent for the Texas A&M University System. Harrell, who is pursuing a criminal justice degree with a double minor in sociology and legal studies from Texas A&M University-Commerce, will serve a one-year term expiring May 31, 2023. […]]]>

Bryan/College Station, Texas — Texas Governor Greg Abbott has appointed Navy veteran Demetrius L. Harrell Jr. as student regent for the Texas A&M University System.

Harrell, who is pursuing a criminal justice degree with a double minor in sociology and legal studies from Texas A&M University-Commerce, will serve a one-year term expiring May 31, 2023. Harrell previously served honorably in the U.S. Marines. United States. , where he was a corporal in charge of an amphibious assault vehicle and crew.

“We are honored to have Mr. Harrell on the Texas A&M University System Board of Trustees,” Chancellor John Sharp said. “Military service is a fundamental aspect of the very character of the Texas A&M university system, and I am sure that Mr. Harrell will do an outstanding job representing the interests of his fellow students.”

Harrell is currently serving his second term as Chairman of the Texas A&M University-Commerce Campus Activities Council, where he helps provide high-quality entertainment to promote unity among students, faculty, staff, elders and the great trading community. He also served as the President of the African American Men’s Mentorship Program, where he dedicated himself to the retention of African American men at Texas A&M University-Commerce. Harrell is also a brother of the Kappa Alpha Psi fraternity and is polemarch, or president, of his chapter.

In 2005, the 79th Texas Legislature authorized the governor to appoint nonvoting student regents to each university system’s board of regents. The chancellor of each university system recommends at least two students to the governor from the nominations submitted by participating universities.

The Texas A&M System Board of Directors meets quarterly with special meetings held as needed. Harrell replaces former student regent Mati Rigsby, a student at Texas A&M University in Gainesville.

About the Texas A&M University System

The Texas A&M University System is one of the largest higher education systems in the nation, with a budget of $7.2 billion. Through a network of 11 statewide universities, a comprehensive health sciences center, eight state agencies, and the RELLIS campus, the Texas A&M System educates more than 152,000 students and establishes more than 24 million additional educational contacts through service and outreach programs each year. System-wide, research and development spending exceeds $1 billion and helps drive the state’s economy.

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DHgate makes foray into social commerce and unveils all-new MyyShop one-stop SaaS platform to drive social media business https://groverchamber.com/dhgate-makes-foray-into-social-commerce-and-unveils-all-new-myyshop-one-stop-saas-platform-to-drive-social-media-business/ Thu, 09 Jun 2022 07:00:00 +0000 https://groverchamber.com/dhgate-makes-foray-into-social-commerce-and-unveils-all-new-myyshop-one-stop-saas-platform-to-drive-social-media-business/ BEIJING–(BUSINESS WIRE)–DHgate, the first cross-border e-commerce marketplace in China, announced the repositioning of MyyShop as a one-stop social commerce SaaS platform. In response to the rise of Gen Z consumer trends and evolving decentralized online shopping use cases, MyyShop enables global merchants to significantly lower the barrier of cross-border e-commerce business operations through a full […]]]>

BEIJING–(BUSINESS WIRE)–DHgate, the first cross-border e-commerce marketplace in China, announced the repositioning of MyyShop as a one-stop social commerce SaaS platform. In response to the rise of Gen Z consumer trends and evolving decentralized online shopping use cases, MyyShop enables global merchants to significantly lower the barrier of cross-border e-commerce business operations through a full suite of digital solutions. To signify its transformation, MyyShop has unveiled a new logo, the global brand slogan “Social Power Boosts Business”, and a brand new website. The new MyyShop logo conveys its “young, distinctive, credible and attractive” image and represents its pioneering and pioneering spirit as a leader in the rising era of social commerce.

“E-commerce has traversed the PC, mobile, and social stages, and the emergence of Gen Z is driving new business models that address niche markets and unique demands. We’re seeing strong growth in this new model, including the growth of the creator and social media economy DHgate.com’s strategy is to focus on the continued growth of the global social commerce industry, the group’s dual engine, DHgate.com and MyyShop, offers both centralized and decentralized model as well as comprehensive products and services; this is also our unique advantage in the industry,” said Diane Wang, Founder, President and CEO of DHgate Group.

“Today, everyone is both a consumer and a seller, and everyone can ‘connect’ directly to the producer. Whether it’s a merchant, a social influencer, a creator content provider, micro-merchant or individual business owner, MyyShop aims to help people turn social power into good business at every step of their cross-border e-commerce business journey.”

According to Influencer Marketing Hub, social e-commerce creators are worth at least $104.2 billion, with more than 50 million creators using the internet to showcase their work directly to global audiences. To lower the barrier of entry and empower social media content creators around the world, including their entrepreneurial potential and ability to monetize traffic, MyyShop has this time rolled out a host of new features. This includes XianZhi.AI, which is a short video analysis tool powered by AI and big data technology that helps users stay on top of popular social media trends as well as select and advertise effectively. the best matching products. There’s also social commerce site builder, StarShift, which helps build a high-converting e-commerce site from scratch in minutes, and StarLink, a live commerce and online learning platform. end-to-end line that offers live online courses. and step-by-step tutorials. The Niumktg integrated cross-border marketing services platform also provides a wide variety of marketing products and tailored solutions, from influencer affiliate marketing to “One-Click” omnichannel ad placement. Finally, DHLink, the cross-border intelligent logistics platform, offers drop shipping, a full chain logistics fulfillment service and a global warehouse network.

MyyShop was officially launched in 2020. To date, the number of registered users for MyyShop has exceeded 100,000 in the African market alone. Less than two years after its launch, MyyShop currently develops over 2.26 million products and works with over 110,000 online influencers worldwide. In the first quarter of 2022, the number of active users on MyyShop recorded an annual growth of 76.3%, while the number of paying users on MyyShop recorded an annual increase of 65.6%.

According to a report by consultancy Accenture, the global social commerce market will grow three times faster than traditional e-commerce to reach US$1.2 trillion by 2025, which is expected to account for 62% of all spending. of e-commerce. “We expect the GMV generated by MyyShop in partnership with influencers and content creators around the world to reach over 400 million USD this year; our goal is to enable our influencer and content creator partners to exceed $1 billion in GMV over the next three years, and also reach over one million active users,” explained Diane Wang.

About MyyShop

MyyShop, a cross-border e-commerce Software as a Service (SaaS) platform launched by DHgate in 2020, aims to help MSMEs, especially newbie merchants and people with social influence, to run their own shops online. online as direct sellers, to turn their impact into good business. Committed to involving everyone in global trade, MyyShop connects Chinese manufacturing capability with private domain traffic to lower the barrier of opening and operating a cross-border e-commerce business, with its advantages in intelligent product recommendation, social commerce site building, cross-border trade marketing services and intelligent logistics. For more information, visit MyyShop.com and follow @MyyShopOfficial

About DHgate

Founded in 2004, DHgate has become the first B2B cross-border e-commerce marketplace in China. Through our global operations and offices, including the US and UK, we reach millions of people with trusted products and services. As of December 31, 2021, DHgate serves over 46 million registered buyers from 223 countries and regions by connecting them to over 2.4 million sellers in China and other countries with over 37 million listings in directly on the platform every year. For more information, please visit dhgate.com and follow @DHgate.com.

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These Yale graduates raised $27 million to create the Universal Commerce API https://groverchamber.com/these-yale-graduates-raised-27-million-to-create-the-universal-commerce-api/ Tue, 07 Jun 2022 15:15:03 +0000 https://groverchamber.com/these-yale-graduates-raised-27-million-to-create-the-universal-commerce-api/ SMB service providers need access to SMB data to serve them effectively, but data is fragmented across many different systems and communication media, leaving a massive multi-billion dollar market that needs a solution. Rutter, a universal commerce application programming interface (API) startup was founded by Peter Zhou and Eric Yu to act as a data […]]]>

SMB service providers need access to SMB data to serve them effectively, but data is fragmented across many different systems and communication media, leaving a massive multi-billion dollar market that needs a solution. Rutter, a universal commerce application programming interface (API) startup was founded by Peter Zhou and Eric Yu to act as a data bridge between SMBs and service providers. The San Francisco-based startup recently raised a $27 million Series A led by a16z.

Charley Ma, Managing Director of Fintech at Ally and angel investor at Rutter, says, “I invested in Rutter because I was really impressed with the pace of iteration of the product and the team that Eric and Peter have built in no time! I was also very excited about the product surface offered by their data integrations to their entire customer base – there are many opportunities to create deeper integrations and solutions for their customers and thus extend the LTV as well over time !

Frederick Daso: What were some of your biggest lessons as you pivoted and iterated into what Rutter has become today?

Pierre Zhou: Only work on issues with potential clients and team members you are passionate about. Startups rely so much on momentum that if you work on things that don’t energize you, even if they turn out to be successes, you’ll never go through with it because you weren’t passionate enough about it .

Treat every idea as an experience. People often get attached to what they’re working on, and it’s a big hit when things don’t work out. It’s common for startup ideas to fail, and failure doesn’t necessarily make you look bad as an operator. Treat failure objectively as a learning experience and move on to the next one.

The market is the ultimate litmus test. It’s important to have a strong belief in whatever you’re working on, but your product lives and dies on whether people will use it or buy it at the end of the day.

Daso: How did you come up with the concepts of open and closed markets, and how did you use this framework to define new markets in which Rutter can expand in a scalable way?

Zhou: Open and closed markets come from conversations with many customers and many different markets. You can roughly judge an open/closed market by the ratio of companies with an open problem to companies with a solution. The higher the ratio, the more open the market – we’ve developed the intuition for this by trying to sell a ton of different products and seeing, through hundreds of customer conversations, how many positive reviews we’ve received per product.

Daso: It’s clear that SMB service providers need business data from SMBs and so have gone ahead and built their own integrations. Beyond the initial realization of these internal solutions, were they maintainable from a long-term engineering perspective?

Zhou: There are constant maintenance costs that result from the different styles of platforms these SMBs can be on – sometimes the platform is self-hosted like WooCommerce or Magento which means that each SMB built on top can run a different version, each with its own API, firewall, or customizable nuances. Other times the SMB is on a platform that is not self-hosted and all SMBs are running the same latest version, which means you need to make sure your integration is always up to date.

Daso: What is unique about financial services that made them ideal clients for Rutter to approach first as a bridgehead market?

Zhou: They have concise requirements, represent a large initial market, and are so cutting-edge that we were convinced that working with them was the fastest way to iterate and improve our product.

Daso: What were the key features of Rutter’s API design that you needed to ensure were “stable” before getting the product into the hands of a diverse group of startup customers?

Zhou: The baseline is that no matter what, the API should always be up and running – our data infrastructure is so critical to our customers that if our product fails, it causes their product to go down. So we spent a lot of time making sure our system was tolerant to faults (which are inevitable). Beyond that, we needed to make sure that all ways to fetch and write data worked, so we tested these endpoints extensively. It’s inevitable that a first product will start to crack under explosive pressure, so we started logging requests early on to make sure we could respond instantly with a fix the moment someone submitted an API request that returned an error.

Daso: All founding teams have conflicts within them. What techniques did you learn as Rutter positively evolved to leverage conflict at all levels of the business?

Zhou: Communication is essential, and it is important to solve problems as soon as they arise. The worst thing you can do is let a problem escalate and become unbearable down the road.

Make sure the team is aligned on values ​​- everyone gets along when things are going well, but in tough times the team is tested on what matters to them. If the team cares about similar things (personal growth, learning, etc.), it’s easier to make decisions.

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Mass LGTB Chamber of Commerce scores big in Budget 2023, but does the investment add up for taxpayers? • Greylock glass https://groverchamber.com/mass-lgtb-chamber-of-commerce-scores-big-in-budget-2023-but-does-the-investment-add-up-for-taxpayers-greylock-glass/ Sun, 05 Jun 2022 16:30:55 +0000 https://groverchamber.com/mass-lgtb-chamber-of-commerce-scores-big-in-budget-2023-but-does-the-investment-add-up-for-taxpayers-greylock-glass/ Just because a cause deserves public funding doesn’t mean a majority of voters would necessarily support it. Enter budget appropriations — provisions inserted into a budget that direct funds to a designated organization or entity without requiring the recipient to be approved through a merit-based or competitive fund allocation process. Election years seem to bring […]]]>

Just because a cause deserves public funding doesn’t mean a majority of voters would necessarily support it. Enter budget appropriations — provisions inserted into a budget that direct funds to a designated organization or entity without requiring the recipient to be approved through a merit-based or competitive fund allocation process. Election years seem to bring out the best in bringing home the bacon for voters (or potential voters), regardless of party. In a May 26 press release from State Senator Adam Hinds, after aiding rural schools and funding the Berkshire Flyer, a hefty $250,000 for the Massachusetts LGBTQ Chamber of Commerce appears to be the top job. largest added to the Commonwealth’s fiscal year 2023 budget. .

According to the statement, Hinds noted that “approximately $1.7 trillion is generated annually by LGBTQ+-owned businesses.”

US News and World Report pegs the gross state product of Massachusetts at just under $6 billion, so astute readers would be justified in scratching their heads over this colossal estimate.

This staggering sum appears to be based on a 2016 report by the National Gay & Lesbian Chamber of Commerce, which has not, as far as can be determined, been verified by the US Treasury, State Bureau of Labor Statistics United or any other number. – crisp government body. If based on facts, however, this report, with its blatant price tag of $1.7 trillion figure, would appear to be Exhibit A in the argument why the Massachusetts LGBT Chamber of Commerce should receive state funding at such extravagant levels. If LGBTQ-owned businesses are such an economic powerhouse, the taxpayers of Mass. should jump at the chance to promote the fortunes of these wealth generators – to the tune of a quarter of a million smackeroos, right?

Not so fast. The U.S. Department of Commerce’s Office of Policy Analysis and Development reported in September 2021 that minority-owned businesses (MBEs), in the last year for which data is available, generated just 1 $.7 trillion in revenue nationwide, when all 9.2 million employer and non-employer (classifiable) MBEs were combined. $1.7 trillion coincidence aside, common sense suggests that all minority-owned businesses combined, from Portsmouth, New Hampshire to the Port of Los Angeles, California, will generate more LGBTQ-owned businesses. .

The NGLCC appears to have arrived at this figure by averaging its members’ incomes and projecting on a running total based on an estimated number of LGBTQ-owned businesses in the United States, which, again, did not not been independently verified, as far as I can tell.

The report, however, acknowledges that its members’ annual income range is from $1,707 (less than $2,000 per year) to $180,000,000. With a range like this, likely containing obviously extreme outliers at the top of the scale, using the mean is not a sound methodology. A median, which would be slightly more useful, is not provided.

In a December 7, 2021 Hampshire Daily Gazette piece, Grace Moreno, head of the Massachusetts LGTB Chamber of Commerce, was quoted as saying that approximately 21,000 LGBT-owned businesses operated in Massachusetts. No source data has been offered to support this figure. The organization has less than 400 member companies. Similarly, the entire National The Gay and Lesbian Chamber of Commerce represents less than 1,000 businesses (according to their most recent published figures).

“Our chamber wants to find those 21,000 companies,” Moreno told the Gazette.

Greylock glass, in a May 27 email, reached out to the organization, which was established in 2018, to ask if they’ve encountered any roadblock preventing them from locating more than 387 LGBT-owned businesses in Massachusetts. We also asked how, specifically, the organization plans to use this $250,000 and how it expects this taxpayer investment will benefit the Commonwealth. Split among the six staff members listed on the organization’s website, that slice of pork would represent a portion of $41,666 per person.

The Massachusetts LGBT Chamber of Commerce did not respond to our request for comment.

Nor did Senator Adam Hinds’ office return our request for comment, which was emailed the same day.

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