Platforms see payments as key to their growth objectives, but their capabilities in this field may be too inefficient to support their ambitious plans. On another note, many Americans are not receiving a basic financial education. In retail, Kids on 45th raised funding for its children’s clothing style box platform, while brands are actively designing and marketing cosmetic products for a mixed male and female audience. And Amazon is looking to make one-day shipping the default for Prime members. All this, Today in Data.
$300,000: Average amount an American woman spends on cosmetics over her lifetime, per one survey.
2005: The year Amazon introduced Prime and free two-day shipping.
98 percent: Share of digital payments platforms that believe payments will play a “very” or “extremely” important role in future expansion.
57 percent: Approximate share of the adult population that is financially literate, per an S&P Global Financial Literacy Survey.
$3.3 million: Amount of funding Kids on 45th recently raised.