PayPal’s Venmo wallet is now accepted at 2 million U.S. retailers
Retailers across the nation are giving mobile shoppers another way to pay for purchases.
Starting this week, Venmo customers can shop on their mobile phone and make purchases at brands that accept PayPal. Customers can shop at retailers including Lululemon, Forever 21, and Foot Locker, among others, using their Venmo balance or linked credit or debit card, or bank account.
Throughout the program launch, Venmo customers will receive a notification in their app inviting them shop. Eligible purchases made with Venmo also qualify for purchase protection — a service that may provide a full refund if customers don’t receive an item or it’s significantly different than the description, the company reported.
“Offering a way to pay at millions of retailers is a major step in the evolution of Venmo,” said Bill Ready, COO of PayPal.
“Our vision for Venmo is to not only be the go-to app for payments between friends, but also a ubiquitous digital wallet that helps consumers spend wherever and however they want to pay, regardless of device,” he said. “Through 2017 and beyond, we will continue to evolve the payments experience that has helped make Venmo a cultural staple, while also applying that same magic to split, share and pay in new ways.”
Retailers will also benefit by accepting Venmo. Specifically, they will expand their brand recognition through Venmo’s social media feed. As customers share transactions on the company’s social platform for example, it gives brands more exposure than a PayPal purchase would, according to Tech Crunch.
Another benefit for retailers is that the Venmo addition doesn’t require extra integration work within their websites. Instead, PayPal is leveraging its platform architecture to enable Venmo as a payment method, Tech Crunch added.
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Electronics e-retailer positions new automotive product category as shopping destination
Newegg is bolstering its business offering with a new product category — one that is on pace to grow 30% this year.
The electronics e-retailer introduced its new automotive product category on its business-to-business website, NeweggBusiness.com — a marketplace available in more than 50 countries. While Newegg has sold automotive products for many years, this marks the first time this merchandise is grouped under a single category.
The e-retailer describes its newest category as an “automotive marketplace” where B2B customers can find and purchase products critical to their automotive businesses. The category offers more than one million stockkeeping units (SKUs) across a wide range of automotive products focused on vehicle maintenance, tools & equipment, electric vehicle supply equipment, as well as industrial & agricultural products.
Improved site navigation and category presentation helps customers to find the products they need. Customers also have the option of purchasing products individually, or in bulk at a discount.
The company also plans to continue growing the category as new vendors sign on to the platform.
“Automotive and technology customers are becoming more similar each day as tech continues to push today’s automotive market,” said Danny Lee, Newegg’s CEO. “We find there’s a growing contingent of our B2B customers who source products for their businesses. We’re here to serve those customers with our new automotive product category.”
Automotive products sold via NeweggBusiness increased at a rate of 30% year-over-year – a growth rate expected to increase in the coming year through the new category destination, Newegg said.
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