The end of the week — specifically, the last few sessions — helped the Connected Economy 100 (CE100) outperform the broader indices, surging 9% while the tech-heavy Nasdaq gained 7.3%.
And so, headed into the end of the month, June has thus far eked out gains, gathering 3.3% through the month-to-date. It should come as no surprise that Friday’s significant upswing, where all major indices were up more than 3%, helped improve the CE100’s standing.
CE100 Relative Performance
Source: PYMNTS.com
You know the month is going well when three pillars soar double-digit percentage points.
To that end, the Shop pillar roared ahead by 13%, followed by the Communicate segment, which gathered 11.2%, and the Pay and Be Paid vertical.
Dig down a bit, and within the shopping realm, the companies that helped this pillar reach the top were Vroom (+21.7%), Shopify (+21.6%) and Pinterest (+18.4%).
As is germane to Shopify, Twitter said this week that it will allow Shopify merchants to display and automatically update up to 50 items for sale on their profiles. Through the collaboration, users who click on items will be redirected to the merchant’s website to buy the items.
Read more: Twitter Allows Shopify Merchants to Sell up to 50 Items
We reported here that the deal is further evidence of the connected economy’s evolution, with social media playing an integral part in it all.
The relationship underscores two trends: the growing use of social media to discover what we want to buy, and the need to meet consumer expectations that what they find — and want to buy — will be readily available.
See also: Shopify-Twitter Deal Highlights Social Media’s Growing Role in Retail
Relief Rallies All Over the Place
But to find the names that truly soared, beyond the pillar-by-pillar returns, we’d look to Roblox, which leapt by 34% through the past five sessions.
Though there hasn’t been any company-specific news that might have given tailwind to Roblox, perhaps the relief rally that was broad based, in recent sessions, was enough of a rising tide.
Related: Behind the Hype, Metaverse Marketing Offers Dismal ROI
However, as has been noted in these (digital) pages, the metaverse continues to gain attention. The Roblox game world versions of the metaverse have been flying under the marketing radar for 18 years, and it has had more than 200 million average monthly users for more than a year — and more than 150 million since the start of 2020.
Additionally, Affirm ended the week up 27%, roaring on the heels of comments made earlier this month by Chief Financial Officer Michael Linford in an online fireside chat.
“We can spot the person who’s least likely to pay better than anybody,” Linford said.
Read more: Affirm: Smart Data Provides Edge in BNPL Space
He also pointed to the company’s funding sources as being another particular advantage Affirm has over competitors. Instead of relying on a single source, it uses a mix of funding methods, combining on-balance-sheet financing, securitization program, and forward flow partners for capital.
Now, one week does not a sustained rally make — but it’s a start.
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