Any Other Business: 16 April 2021

This week’s AOB looks at the latest e-commerce news from around the world including PayPal’s move into the cryptocurrency arena, and why Dr Fauci is the man of the moment over at Etsy.   

PayPal¹ has just announced the launch of Checkout with Crypto², a feature that allows customers to pay for goods online with crypto coins. They will be able to use their cryptocurrency holdings (such as Bitcoin or Ethereum) to pay at millions of online retailers worldwide, with the service converting their cryptocurrencies to fiat currencies like euros and dollars with no additional transaction fees. Checkout with Crypto will automatically appear in the PayPal wallet at checkout for eligible customers, and is currently available in the US, with plans for a European rollout in the works.  

“As the use of digital payments and digital currencies accelerates, the introduction of this feature continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet”, CEO Dan Schulman said³, adding that for merchants, there are no additional integrations or fees required. “All transactions are settled in dollars and converted to the applicable currency for the business at the standard PayPal conversion rates.”

Did you know that the payment solutions you offer your customers at checkout could stop them abandoning their carts at the last moment? Here are some different payment methods you should be considering!

Etsy⁴ has reported a surge in demand for vaccine-themed merchandise as people who have received the COVID-19 jab look to celebrate the milestone. Innovative sellers have created “Pfizer Alumni” T-shirts and “Fauci Ouchie” buttons (in tribute to the US’s Chief Medical Advisor, Doctor Fauci). There are also face masks and bracelets marked “Vaccinated”, and more practical products such as protective sleeves for vaccination cards.

The online marketplace has seen several new buyer trends emerge throughout the pandemic, as consumers react to their new situations. In Q2, 2020, the company recorded US$346 million worth of mask sales, accounting for 14% of all sales across small sellers on the platform⁵.

Are you selling on Etsy yet? Discover which of the leading online marketplaces will connect you with your target customers with our exclusive guide.

An Israeli startup has just received approval for its new telemedicine service from the US FDA (Food and Drug Administration⁶). MyHomeDoc’s handheld device uses embedded sensors to administer complete medical check-ups on patients via nine common tests required for primary medical care⁷.

An accompanying smartphone app with an easy-to-use interface guides patients through the simple process, before delivering them a diagnosis, referral, or prescription from a certified medical physician in real-time.

Amidst the pandemic, demand for telemedicine has grown, as it provides a convenient, online alternative for vulnerable patients who cannot access health services in person. The global telemedicine market size is forecast to reach US$298.9 billion by 2028⁸.

Amazon may be considered a global giant, but the online marketplace has just launched a “local” channel for businesses in Germany and Austria. In an effort to offer consumers a more regional and personalized shopping experience, the platform has introduced a separate website section where SMEs from the two countries can present their goods.

“Amazon Kleine Unternehmen” (“Amazon Small Business”) will allow customers to discover products from sellers specifically based in their region. In Germany – one of Europe’s leading e-commerce markets – customers can browse the product range of SMEs in the individual federal states, whilst in Austria, they can find their favorite stores from across the country.  

Amazon’s new offering comes as more people are choosing to support local enterprises amidst the pandemic. A survey last year found that 63% of consumers said they have made a conscious effort to support local independent businesses more since the pandemic started⁹.

It may be time to consider your business’s green credentials. A global survey from Accenture¹⁰ found that the pandemic has shifted consumers’ attitudes towards sustainability, with 60% reporting they are buying more ethically and eco-friendly than they did before it started¹¹. Furthermore, nine out of ten said they will continue to shop more eco-consciously going forward.

If your business is looking to make a switch to a greener way of life and become an eco-friendly company, reducing packaging waste is a great place to get started. Discover more.