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#10 - Shop Circle Funding, B2B Survey, Clean Canvas & Tiny, Composable vs. Monolithic and Post-Covid Era
This week we have a mixed bag of Ecommerce stories as usual. Good news for Clean Canvas and Shop Circle. Bad news for Benitago. Educational insights on IT architecture and on the evolution of B2B.
Today you are getting this email a bit later than usual, I know. Yesterday, I was in Prague for ShopCamp: an annual event for service providers and merchants in the Czech Ecommerce Ecosystem. It was a pleasure to connect with awesome people, but the after-party got a bit out of hand 😅 So, that’s why I’m sending this just now. If you’re curious, here’s a nice video recap of the event (in Czech):
5 - Do you know the difference between Composable and Monolithic Ecommerce?
The world of commerce is undergoing a revolution with the rise of Composable Commerce, a flexible and modular approach that challenges traditional E-Commerce platforms. Leading the charge is Shopify, which introduced its super-enterprise solution, Shopify Components, this year. This innovative solution empowers businesses with flexibility, scalability, and seamless integration to adapt quickly to market changes and provide exceptional shopping experiences. As Composable Commerce gains traction, Shopify is at the forefront, helping businesses thrive in this dynamic digital landscape.
4 - Covid Ecommerce Surge dies off. Some companies fail with it too.
Benitago Group, a major player in Amazon e-commerce acquisitions, has filed for bankruptcy despite raising $380 million in the past two years. Founded in 2016, its financial struggles align with the e-commerce sector's post-pandemic slowdown, emphasizing the need for adaptable business models. This stands in contrast to companies like Rohlik and Notino, which thrived during decreased online shopping demand, showcasing the value of innovative strategies and customer-centric approaches in challenging times and the perils of overreliance on rapid expansion.
3 - Clean Canvas becomes part of Tiny
WeCommerce Holdings, a subsidiary of Tiny Ltd., has acquired Clean Canvas, a renowned developer of premium Shopify themes used by over 80,000 merchants. This strategic move aligns with Tiny's goal of investing in top Shopify technology businesses. Clean Canvas will continue to operate independently. The acquisition is expected to boost WeCommerce's revenues and margins while highlighting Clean Canvas as a premier Shopify theme provider. The deal includes an upfront cash payment of US$11.5 million, with an additional potential US$1.2 million contingent on Clean Canvas' performance over 18 months. Congratulations to Clean Canvas on this successful venture!
2 - B2B ecommerce survey findings
This B2B ecommerce survey, comprising 100 respondents and sponsored by Tradecentric, reveals that companies with extensive experience (over six years) dominate the B2B ecommerce landscape. Challenges hindering full end-to-end integration include IT concerns, sales reps' job fears, and senior management's limited understanding. Despite these hurdles, there is a positive trend towards advanced B2B ecommerce adoption, with over half of respondents offering personalized features and two-thirds experiencing customer demand for e-procurement integrations. In essence, the survey underscores the growing emphasis on advanced B2B ecommerce despite a majority of long-standing players in the field.
1 - Shop Circle Raises $120 Million 🥂
London-based e-commerce software startup Shop Circle has raised an impressive $120 million in Series A funding, bringing its total funding to $140 million. The company provides a suite of 37 tools to assist e-commerce brands, streamlining various aspects of their operations. Shop Circle, which currently serves Shopify sellers, aims to centralize these tools under one brand, offering everything from referrals to mobile app building. The startup has been profitable for 11 months and is capitalizing on the ongoing growth in the e-commerce industry. While offering the convenience of consolidation, some caution against vendor lock-in. Shop Circle plans to expand its clientele to platforms like Amazon and invest in AI technology to enhance its offerings. Congratulations to Shop Circle on this significant funding achievement!
Another Popular Czech startup on Shopify Plus
It's a pleasure to welcome Fabini.cz to the family of successful Czech businesses upgrading to Shopify Plus. I remember when we first met in Brno in 2018, when the whole project was in its very early stages. We had the pleasure to cooperate for a couple of years, and it was awesome to see how the concept evolved.
Learn all new features announced by Shopify
Our live stream about Shopify Summer Editions 23’ is approaching! Don’t forget to register and add it to your calendars. If you have any burning questions that you’d like us to discuss during the event, let me know and I’ll make sure we address them.
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