Highlights from PayPal's conference where new CEO, Alex Chriss, unveiled key innovations! What can this change mean for investors?
The new PayPal Checkout
PayPal is accelerating the transition to passwordless payments with the new Checkout. In order to minimize clicks during checkout, the new checkout flow allows you to log in with your face or fingerprint. With this move, it simplifies the process and reduces the time to completion by 50 %. A significant step towards a simpler and faster shopping experience.
New product "Fastlane" promises to speed up checkout by up to 40 %. This single sign-on improvement gives merchants the ability to seamlessly return customers without additional verification. Reducing cart abandonment rates brings significant benefits to e-commerce.
Smart receipts and a platform for advanced offers
Receipts are becoming a marketing driver with smart cashback offers. Using deep customer data, PayPalcan provide relevant offers. "Smart receipts" have incredible 45 % email open rates. In addition, the company presents "PayPal Advanced Offers Platform" for more precise offer targeting.
With the app "PayPal Cash Pass", customers get access to cashback offers from big brands. The company uses broad customer data profiles to make the offers as relevant as possible. Combining a debit card with 3% cash back, the value to customers increases.
Venmo Business profile enhancements
Upgrading business profiles to Venmo allows merchants to better track deals and events. The company leverages an extensive data set to identify relevant customers and supports business profiles as a growth engine.
Outlook for the future
Of course, these steps aren't great, but they're steps in the right direction. Chriss' interview for CNBC suggests that a new era of innovation and value for investors is coming. Despite low expectations for Q4, substantial improvement is expected during 2024.
Personally, I expect growth for PayPal, their stock would really deserve it after a significant drop since the Covid days!
How do you feel about $PYPL'+0.0%s news ? 💼💡