Online retailers Temu and Shein reportedly draw millions of visitors to their websites but struggle to convert those visits to sales. Despite their popularity, the two retailers still lag behind market leader Amazon in terms of conversion rate, Reuters reported Wednesday (Nov. 22). Nine out of 10 visitors to Temu’s and Shein’s websites...
Businesses expect that handling payments — both sending and receiving them — will become even more crucial in the future. On average, companies anticipate a 50% increase in payments made and a 46% surge in the number of invoices dispatched in the upcoming three years....
Nordstrom, once known for its opulent runway and exceptional service, is increasingly delving deeper into substantial discounts to navigate financial challenges. But is it working? During the third quarter, Nordstrom opened 11 new Rack stores, with an additional one introduced early in the fourth quarter,...
Floward, a Middle Eastern eCommerce firm, is reportedly working with Goldman Sachs Group and HSBC Holdings for a planned initial public offering (IPO) in Saudi Arabia. The company, which specializes in delivering flowers and gifts, could go public as early as next year, Bloomberg reported Wednesday (Nov. 22), citing unnamed sources. ...
IDEX Biometrics has received an initial order for IDEX Pay, its biometric solution designed for metal cards, from a smart card manufacturing partner in Asia. The partner, who was not identified in the release, will deploy biometric metal payment cards for its bank clients worldwide,...
When it comes to B2B payments innovation, thinking outside the box isn’t enough. It’s time to redesign the whole package. That’s what PYMNTS learned from some of the payments industry executives we spoke to for a new series, “B2B Payments: Outlook 2024.” The pain points...
Fraud related to COVID-19 relief programs continues to occur “at a concerning scale.” Andrea Gacki, director of the Financial Crimes Enforcement Network (FinCEN), said this in a Thursday (Nov. 22) press release announcing the issuance of an alert to financial institutions on fraud schemes related...
eCommerce-focused AI firm Birdseye has raised $3 million to help retailers launch “hyper-personalized” campaigns. The Toronto-based company announced the seed funding Wednesday (Nov. 22), saying it would use the financing to bolster its hiring efforts. “Our technology isn’t about generic promotions or marketing campaigns; it’s about enabling retailers to...
The U.K. risks falling behind other nations unless it can create an alternative to its Faster Payment Service. That’s according to a new government-commissioned review on competitiveness in the country’s payment industry, the focus of a Wednesday (Nov. 22) Financial Times (FT) report. According to the...
