![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/09/CE100-Index-0901.jpg\")
It doesn\u2019t have a dedicated heading in the Connected Economy, but the Buy Now, Pay Later sector of the \u201cpay and get paid\u201d pillar tore up the track last week. Solid Q2 earnings performances from Affirm and Sezzle led the CE 100 to a flat performance for the week that ended August 30, and a 3% gain for the month. Stock price declines from Pinduoduo and Vroom weighed on what would have been a positive week.
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Affirm\u00a0posted a 40% gain in share prices, followed by Sezzle\u00a0at 6.5%. Having covered both company\u2019s earnings recently, we won\u2019t repeat them here. Instead we will focus on other notable performances from the CE 100 for the week, led by database platform MongoDB and home insurance/improvement platform Porch Group.
\nMongoDB reported solid Q2 FY25 results on August 29, leading to a 17.4% share price increase. It reported revenue reaching $478.1 million, a 13% year-over-year increase. The company\u2019s strategic focus on AI integration and legacy system modernization resonated with customers, as evidenced by the successful launch of the MongoDB AI Applications Program (MAAP) and continued recognition as a leading vector database provider. While non-GAAP operating income and net income decreased compared to the previous year, the company believes its cash position, growing customer base, and strategic partnerships with major cloud providers position it well for sustained growth in the expanding database market.
\nAs Dev Ittycheria, President and CEO of MongoDB, stated, \u201cWe remain excited about our opportunity to continue capturing share in one of the largest markets in software. Today, companies of all sizes and across nearly every industry and geography rely on MongoDB to build the software that helps them run and transform their business. We believe we are incredibly well positioned to help customers incorporate generative AI into their business and modernize their legacy application estate.\u201d
\nPorch Group, a homeowners insurance and vertical software platform,\u00a0posted a 7.5% increase a few weeks after reporting second quarter results with total revenue of $110.8 million, an increase of 12% compared to the prior year.\u00a0The company\u2019s insurance profitability actions continued to result in attritional losses performing better than anticipated,\u00a0offsetting the severe Houston catastrophic event in the second quarter.\u00a0GAAP net loss was $64.3 million,\u00a0compared to a GAAP net loss of $87.0 million for the second quarter of 2023.\u00a0Adjusted EBITDA Loss was $34.8 million,\u00a0a $8.4 million improvement from the prior year.
\nPDD Holdings, the parent company of Chinese eCommerce site Temu, got caught in a typical \u201cgood news, bad news\u201d situation reporting strong financial results for the second quarter of 2024,\u00a0but the stock tanked on a weak outlook for the balance of the year. As reported on Monday August 26, total revenues increased 86% year-over-year to RMB97,059.5 million (US$113,355.8 million).\u00a0This growth was primarily due to the increase in revenues from online marketing services and transaction services.\u00a0Operating profit also increased significantly,\u00a0by 156% year-over-year to RMB32,564.5 million (US$4,481.0 million).\u00a0However, the company expects to face challenges in the future,\u00a0including intensified competition and external challenges,\u00a0but is committed to transitioning toward high-quality development and fostering a sustainable ecosystem. The stock plunged 31.3% for the week.\u00a0
\nUsed car digital marketplace Vroom lost 16% for the week and affected the CE 100 as it continues to draw down its inventory. The company announced that it will stop buying and selling vehicles as of Jan. 22.
\nThe post BNPL Firms Save the Day as CE 100 Breaks Even for Week appeared first on PYMNTS.com.
\n", "content_text": "It doesn\u2019t have a dedicated heading in the Connected Economy, but the Buy Now, Pay Later sector of the \u201cpay and get paid\u201d pillar tore up the track last week. Solid Q2 earnings performances from Affirm and Sezzle led the CE 100 to a flat performance for the week that ended August 30, and a 3% gain for the month. Stock price declines from Pinduoduo and Vroom weighed on what would have been a positive week.\n\nAffirm\u00a0posted a 40% gain in share prices, followed by Sezzle\u00a0at 6.5%. Having covered both company\u2019s earnings recently, we won\u2019t repeat them here. Instead we will focus on other notable performances from the CE 100 for the week, led by database platform MongoDB and home insurance/improvement platform Porch Group. \nMongoDB reported solid Q2 FY25 results on August 29, leading to a 17.4% share price increase. It reported revenue reaching $478.1 million, a 13% year-over-year increase. The company\u2019s strategic focus on AI integration and legacy system modernization resonated with customers, as evidenced by the successful launch of the MongoDB AI Applications Program (MAAP) and continued recognition as a leading vector database provider. While non-GAAP operating income and net income decreased compared to the previous year, the company believes its cash position, growing customer base, and strategic partnerships with major cloud providers position it well for sustained growth in the expanding database market.\nAs Dev Ittycheria, President and CEO of MongoDB, stated, \u201cWe remain excited about our opportunity to continue capturing share in one of the largest markets in software. Today, companies of all sizes and across nearly every industry and geography rely on MongoDB to build the software that helps them run and transform their business. We believe we are incredibly well positioned to help customers incorporate generative AI into their business and modernize their legacy application estate.\u201d\nPorch Group, a homeowners insurance and vertical software platform,\u00a0posted a 7.5% increase a few weeks after reporting second quarter results with total revenue of $110.8 million, an increase of 12% compared to the prior year.\u00a0The company\u2019s insurance profitability actions continued to result in attritional losses performing better than anticipated,\u00a0offsetting the severe Houston catastrophic event in the second quarter.\u00a0GAAP net loss was $64.3 million,\u00a0compared to a GAAP net loss of $87.0 million for the second quarter of 2023.\u00a0Adjusted EBITDA Loss was $34.8 million,\u00a0a $8.4 million improvement from the prior year.\nPDD Holdings, the parent company of Chinese eCommerce site Temu, got caught in a typical \u201cgood news, bad news\u201d situation reporting strong financial results for the second quarter of 2024,\u00a0but the stock tanked on a weak outlook for the balance of the year. As reported on Monday August 26, total revenues increased 86% year-over-year to RMB97,059.5 million (US$113,355.8 million).\u00a0This growth was primarily due to the increase in revenues from online marketing services and transaction services.\u00a0Operating profit also increased significantly,\u00a0by 156% year-over-year to RMB32,564.5 million (US$4,481.0 million).\u00a0However, the company expects to face challenges in the future,\u00a0including intensified competition and external challenges,\u00a0but is committed to transitioning toward high-quality development and fostering a sustainable ecosystem. The stock plunged 31.3% for the week.\u00a0\nUsed car digital marketplace Vroom lost 16% for the week and affected the CE 100 as it continues to draw down its inventory. The company announced that it will stop buying and selling vehicles as of Jan. 22. \nThe post BNPL Firms Save the Day as CE 100 Breaks Even for Week appeared first on PYMNTS.com.", "date_published": "2024-09-02T04:00:52-04:00", "date_modified": "2024-09-02T00:07:10-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/CE100-Index-0902.jpg", "tags": [ "Affirm", "CE 100 Index", "Connected Economy", "Featured News", "Investments", "mongoDB", "News", "PDD Holdings", "pinduoduo", "Porch Group", "PYMNTS News", "sezzle", "stock market", "Vroom", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2078448", "url": "https://www.pymnts.com/connectedeconomy/2024/how-the-world-does-travel-sector-checks-in-late-on-digital-engagement/", "title": "How the World Does Travel: Sector Checks In Late on Digital Engagement", "content_html": "The travel industry, long defined by in-person transactions and physical tickets, is gradually moving toward digitalization. However, according to the PYMNTS Intelligence report, \u201cHow The World Does Digital: A Global Benchmark Of Consumer Digital Transformation,\u201d that transition is lagging compared to other sectors.
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/09/Global-travel-trends-Labor-Day-feature.png\")
The study, which surveyed 67,000 consumers across 11 countries, found that travel-related digital engagement is among the lowest. On average, consumers engage in digital travel activities just 12.3 days per month, far below the sector-wide average of 281 days. Key activities, including using home-sharing platforms, purchasing airfare online and consulting travel information websites, show infrequent usage, highlighting the sector\u2019s struggle to fully embrace a digital-first approach.
\nThe report also highlighted significant variations in digital travel engagement across different countries.\u00a0While some countries are embracing online travel tools,\u00a0others remain reliant on traditional methods.
\nThe report also highlighted a pronounced generational divide in digital travel engagement. Younger generations, especially Gen Z and millennials, are more inclined to use digital tools for travel planning and booking compared to older generations. This trend emphasizes the need for travel companies to tailor their digital strategies to meet the preferences of these younger consumers. As digital natives become the predominant consumer group, travel companies that do not provide engaging online experiences risk losing market share.
\nThe gradual pace of digital adoption in the travel sector presents a blend of challenges and opportunities. The industry must work to persuade a substantial portion of consumers to transition to online tools, yet it also stands to benefit from a burgeoning market of tech-savvy travelers.
\nBy developing intuitive platforms, offering tailored recommendations and ensuring smooth booking processes, travel companies can expedite their digital transformation and meet the demands of today\u2019s travelers. Still, incorporating advanced technologies such as artificial intelligence and virtual reality could further refine the digital travel experience and attract new clientele.
\nWhile the travel sector\u2019s digital evolution is in motion, it trails other industries. The differences in digital engagement across generations and countries underscore the complexity of this transition. However, the rising inclination toward online travel solutions \u2014 particularly among younger consumers \u2014 offers a crucial opportunity for the industry to innovate and align with the digital era.
\nAmid an uncertain economic outlook, consumers are increasingly postponing or reducing their spending on travel and experiences.
\nAccording to AAA booking data, overall domestic travel over Labor Day weekend increased 9% and top destinations included Orlando, New York, Boston, Las Vegas, Denver, Chicago and San Francisco.
\nMeanwhile, international travel over Labor Day weekend dropped 4%, according to AAA, while the cost to travel internationally rose 11%. Top international destinations included Vancouver, Rome, Dublin, London, Paris, Amsterdam and Barcelona.
\nThe post How the World Does Travel: Sector Checks In Late on Digital Engagement appeared first on PYMNTS.com.
\n", "content_text": "The travel industry, long defined by in-person transactions and physical tickets, is gradually moving toward digitalization. However, according to the PYMNTS Intelligence report, \u201cHow The World Does Digital: A Global Benchmark Of Consumer Digital Transformation,\u201d that transition is lagging compared to other sectors.\n\nThe study, which surveyed 67,000 consumers across 11 countries, found that travel-related digital engagement is among the lowest. On average, consumers engage in digital travel activities just 12.3 days per month, far below the sector-wide average of 281 days. Key activities, including using home-sharing platforms, purchasing airfare online and consulting travel information websites, show infrequent usage, highlighting the sector\u2019s struggle to fully embrace a digital-first approach.\nCountry-Specific Trends: A Mixed Bag\nThe report also highlighted significant variations in digital travel engagement across different countries.\u00a0While some countries are embracing online travel tools,\u00a0others remain reliant on traditional methods.\n\nUnited States: American consumers displayed a relatively high level of digital engagement in travel, with 13.9 activity days per month. This suggests a growing preference for online platforms for travel planning and booking. The widespread availability of high-speed internet and the popularity of online travel agencies likely contributes to this trend.\nUnited Kingdom: The U.K., with 18.4 activity days, showed an even stronger inclination toward digital travel solutions. The U.K.\u2019s mature digital infrastructure and the presence of major online travel players could be driving this trend.\nJapan:\u00a0In contrast,\u00a0Japanese consumers exhibited the lowest digital engagement in travel,\u00a0with only 5.8 activity days.\u00a0This indicates a continued reliance on offline channels and a slower adoption of digital tools in the travel sector.\u00a0Cultural factors and a preference for personalized service might explain this reluctance to embrace online travel solutions.\nBrazil: This country, which earned the No. 1 ranking for digital transformation in the \u201cHow the World Does Digital\u201d report, saw its citizens engage digitally with travel an average of 13.9 days per month. Brazil\u2019s digital success stems from a comprehensive national strategy aimed at leveraging digital technologies for economic and social progress, coupled with innovative initiatives such as the PIX payment system. This system, which facilitates free and seamless digital transactions, plays a key role in enhancing financial inclusion. Together, these efforts underscore Brazil\u2019s strong positioning for an increasingly digital future.\nFrance: French citizens, on average, connect digitally with travel 14.4 days per month. French Generation Z users are the most active, with 464.8 activity days per month and about 15.5 activities per day \u2014 the highest engagement by Gen Z in any country in our report.\n\nGenerational Divide: The Young Lead the Way\nThe report also highlighted a pronounced generational divide in digital travel engagement. Younger generations, especially Gen Z and millennials, are more inclined to use digital tools for travel planning and booking compared to older generations. This trend emphasizes the need for travel companies to tailor their digital strategies to meet the preferences of these younger consumers. As digital natives become the predominant consumer group, travel companies that do not provide engaging online experiences risk losing market share.\nThe Road Ahead: Challenges and Opportunities\nThe gradual pace of digital adoption in the travel sector presents a blend of challenges and opportunities. The industry must work to persuade a substantial portion of consumers to transition to online tools, yet it also stands to benefit from a burgeoning market of tech-savvy travelers.\nBy developing intuitive platforms, offering tailored recommendations and ensuring smooth booking processes, travel companies can expedite their digital transformation and meet the demands of today\u2019s travelers. Still, incorporating advanced technologies such as artificial intelligence and virtual reality could further refine the digital travel experience and attract new clientele.\nWhile the travel sector\u2019s digital evolution is in motion, it trails other industries. The differences in digital engagement across generations and countries underscore the complexity of this transition. However, the rising inclination toward online travel solutions \u2014 particularly among younger consumers \u2014 offers a crucial opportunity for the industry to innovate and align with the digital era.\nAmid an uncertain economic outlook, consumers are increasingly postponing or reducing their spending on travel and experiences.\nAccording to AAA booking data, overall domestic travel over Labor Day weekend increased 9% and top destinations included Orlando, New York, Boston, Las Vegas, Denver, Chicago and San Francisco.\nMeanwhile, international travel over Labor Day weekend dropped 4%, according to AAA, while the cost to travel internationally rose 11%. Top international destinations included Vancouver, Rome, Dublin, London, Paris, Amsterdam and Barcelona.\nThe post How the World Does Travel: Sector Checks In Late on Digital Engagement appeared first on PYMNTS.com.", "date_published": "2024-09-02T04:00:50-04:00", "date_modified": "2024-09-01T21:10:22-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/travel-digital-transformation-PYMNTS-Intelligence.jpg", "tags": [ "Connected Economy", "digital transformation", "hospitality", "How the World Does Digital", "Main Feature", "News", "PYMNTS Intelligence", "PYMNTS News", "travel", "travel booking", "Travel Payments", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2063539", "url": "https://www.pymnts.com/connectedeconomy/2024/strong-earnings-and-peloton-recovery-spark-ce-100-2-6-bump/", "title": "Strong Earnings and Peloton Recovery Spark CE 100 2.6% Bump", "content_html": "The tail end of Q2 earnings were good to several companies on the CE 100 this week. The Index ended the week of August 23 up 2.6%, led by the \u201cLive\u201d pillar up 3.7% and \u201cBank\u201d at 2.7%. Many companies posted positive gains for the week, but none more than Peloton, which overcame a drop in subscription revenue announced in its quarterly earnings to go up more than 50% for the week. The companies who posted losses for the week were less dramatic, with Snowflake dropping 9.5%.
\n![\"ce100\"](\"https://www.pymnts.com/wp-content/uploads/2024/08/CE100-0825.jpg\")
Peloton was the story of the week. The pandemic darling and once-soaring fitness company\u00a0has pedaled its way out of a sales slump,\u00a0recording its first revenue increase in nine quarters.\u00a0This positive turn,\u00a0coupled with better-than-expected earnings,\u00a0sent its stock price on an impressive 28% climb,\u00a0its best day in over a year and a half.\u00a0The company\u2019s strategic shift away from solely relying on hardware sales towards recurring revenue from app subscriptions appears to be gaining traction.
\nDespite challenges in maintaining subscriber growth and the ever-present shadow of economic uncertainty,\u00a0Peloton\u2019s recent performance signals a potential turning point.\u00a0This report is the first since the departure of former CEO Barry McCarthy,\u00a0leaving the company under the interim leadership of Karen Boone and Chris Bruzzo.\u00a0While the road to full recovery may be long,\u00a0Peloton\u2019s recent success suggests that their turnaround efforts are starting to bear fruit.
\nThe second biggest gainer in the CE 100, Zoom, also followed up a successful earnings report. It was up 20.8% for the week reporting modest revenue growth of 2.1% year-over-year in Q2,\u00a0reaching $1.16 billion.\u00a0While not explosive,\u00a0the company showed strength in its enterprise segment,\u00a0with revenue increasing 3.5%.\u00a0Online revenue remained flat.
\nThe earnings report highlighted Zoom\u2019s focus on efficiency,\u00a0with operating cash flow and free cash flow growing 33.7% and 26.2%,\u00a0respectively.\u00a0
\nKey customer metrics pointed to a healthy enterprise business,\u00a0with a 7.1% increase in large customers and a net dollar expansion rate of 98%.\u00a0Online churn reached a record low,\u00a0further solidifying Zoom\u2019s customer base. Overall,\u00a0Zoom\u2019s Q2 performance was characterized by steady growth and operational efficiency.\u00a0The company\u2019s outlook for the rest of the fiscal year remains positive,\u00a0with expectations of continued revenue growth and strong free cash flow generation.\u00a0
\nAnd while it wasn\u2019t following earnings, LendingClub also posted a double-digit gain at 13%. On Thursday August 22 it launched LevelUp Savings,\u00a0a high-yield savings account designed to incentivize regular monthly deposits.\u00a0The account offers a LevelUp Rate of 5.30% APY for those who deposit at least $250 per month,\u00a0significantly higher than the national average,\u00a0and a Standard Rate of 4.80% APY for months when the deposit minimum is not met. The account has no fees or minimum balance requirements,\u00a0provides convenient access to funds,\u00a0and includes a free ATM card with fee rebates.\u00a0It\u2019s particularly aimed at helping borrowers transition into savers by offering attractive rates and removing barriers to entry.
\nAs mentioned previously, cloud-provider Snowflake led the decreases for the week in the CE 100 Index, mostly due to a tepid sales outlook for the balance of the year. Snowflake\u2019s Q2 earnings release exceeded revenue expectations with 30% year-over-year product revenue growth and a substantial 48% increase in remaining performance obligations.\u00a0The company also highlighted significant customer expansion,\u00a0particularly among large enterprises.\u00a0Despite these positive indicators, Snowflake\u2019s full-year outlook appears somewhat cautious,\u00a0potentially signaling a moderation in growth expectations for the remainder of the fiscal year.\u00a0While the company remains optimistic about its AI product advancements and overall market opportunity,\u00a0investors interpreted the revised guidance as a sign of potential headwinds in the coming quarters.
\nThe post Strong Earnings and Peloton Recovery Spark CE 100 2.6% Bump appeared first on PYMNTS.com.
\n", "content_text": "The tail end of Q2 earnings were good to several companies on the CE 100 this week. The Index ended the week of August 23 up 2.6%, led by the \u201cLive\u201d pillar up 3.7% and \u201cBank\u201d at 2.7%. Many companies posted positive gains for the week, but none more than Peloton, which overcame a drop in subscription revenue announced in its quarterly earnings to go up more than 50% for the week. The companies who posted losses for the week were less dramatic, with Snowflake dropping 9.5%.\n\nPeloton was the story of the week. The pandemic darling and once-soaring fitness company\u00a0has pedaled its way out of a sales slump,\u00a0recording its first revenue increase in nine quarters.\u00a0This positive turn,\u00a0coupled with better-than-expected earnings,\u00a0sent its stock price on an impressive 28% climb,\u00a0its best day in over a year and a half.\u00a0The company\u2019s strategic shift away from solely relying on hardware sales towards recurring revenue from app subscriptions appears to be gaining traction.\nDespite challenges in maintaining subscriber growth and the ever-present shadow of economic uncertainty,\u00a0Peloton\u2019s recent performance signals a potential turning point.\u00a0This report is the first since the departure of former CEO Barry McCarthy,\u00a0leaving the company under the interim leadership of Karen Boone and Chris Bruzzo.\u00a0While the road to full recovery may be long,\u00a0Peloton\u2019s recent success suggests that their turnaround efforts are starting to bear fruit.\nThe second biggest gainer in the CE 100, Zoom, also followed up a successful earnings report. It was up 20.8% for the week reporting modest revenue growth of 2.1% year-over-year in Q2,\u00a0reaching $1.16 billion.\u00a0While not explosive,\u00a0the company showed strength in its enterprise segment,\u00a0with revenue increasing 3.5%.\u00a0Online revenue remained flat.\nThe earnings report highlighted Zoom\u2019s focus on efficiency,\u00a0with operating cash flow and free cash flow growing 33.7% and 26.2%,\u00a0respectively.\u00a0\nKey customer metrics pointed to a healthy enterprise business,\u00a0with a 7.1% increase in large customers and a net dollar expansion rate of 98%.\u00a0Online churn reached a record low,\u00a0further solidifying Zoom\u2019s customer base. Overall,\u00a0Zoom\u2019s Q2 performance was characterized by steady growth and operational efficiency.\u00a0The company\u2019s outlook for the rest of the fiscal year remains positive,\u00a0with expectations of continued revenue growth and strong free cash flow generation.\u00a0\nAnd while it wasn\u2019t following earnings, LendingClub also posted a double-digit gain at 13%. On Thursday August 22 it launched LevelUp Savings,\u00a0a high-yield savings account designed to incentivize regular monthly deposits.\u00a0The account offers a LevelUp Rate of 5.30% APY for those who deposit at least $250 per month,\u00a0significantly higher than the national average,\u00a0and a Standard Rate of 4.80% APY for months when the deposit minimum is not met. The account has no fees or minimum balance requirements,\u00a0provides convenient access to funds,\u00a0and includes a free ATM card with fee rebates.\u00a0It\u2019s particularly aimed at helping borrowers transition into savers by offering attractive rates and removing barriers to entry.\nAs mentioned previously, cloud-provider Snowflake led the decreases for the week in the CE 100 Index, mostly due to a tepid sales outlook for the balance of the year. Snowflake\u2019s Q2 earnings release exceeded revenue expectations with 30% year-over-year product revenue growth and a substantial 48% increase in remaining performance obligations.\u00a0The company also highlighted significant customer expansion,\u00a0particularly among large enterprises.\u00a0Despite these positive indicators, Snowflake\u2019s full-year outlook appears somewhat cautious,\u00a0potentially signaling a moderation in growth expectations for the remainder of the fiscal year.\u00a0While the company remains optimistic about its AI product advancements and overall market opportunity,\u00a0investors interpreted the revised guidance as a sign of potential headwinds in the coming quarters.\nThe post Strong Earnings and Peloton Recovery Spark CE 100 2.6% Bump appeared first on PYMNTS.com.", "date_published": "2024-08-26T04:00:48-04:00", "date_modified": "2024-08-25T22:54:30-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/CE-100-index-0826.jpg", "tags": [ "CE 100 Index", "Connected Economy", "Earnings", "Featured News", "Investments", "LendingClub", "News", "Peloton", "PYMNTS News", "Snowflake", "stock market", "Zoom", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2055849", "url": "https://www.pymnts.com/connectedeconomy/2024/do-gm-layoffs-signal-a-speed-bump-for-connected-cars/", "title": "Do GM Layoffs Signal a Speed Bump for Connected Cars?", "content_html": "Layoffs signal that a company is changing strategies, pulling back \u2026 maybe the market demand is not there that had been anticipated.
\nIn the wake of General Motors\u2019 latest corporate actions, is it fair to say that the road ahead for connected cars \u2014 and by extension, connected car commerce \u2014 may be bumpy?
\nGiven the spate of partnerships, the emergence of artificial intelligence (AI), the apps and the voice assistants, the road ahead is long and winding.
\nAs widely reported this week, General Motors laid off over 1,000 salaried employees in Software and Services, its division focused on infotainment, OnStar, subscriptions and other emerging features. A posting through GM Financial noted\u00a0the continuum of data-driven offerings and indicated that among the conveniences of connected vehicles: \u201cIn addition to the branded apps specific to your vehicle, GM Financial has a mobile app to manage your account, pay your bill or message us from anywhere.\u201d
\nThe layoffs come a few months after public criticism helped steer General Motors away from sharing connected car data with brokers.
\n\u201cAs of March 20th, OnStar Smart Driver customer data is no longer being shared with LexisNexis or Verisk,\u201d GM said. Data, of course, remains a critical component of powering the subscriptions, the infotainment, car diagnostics and commerce.
\nIn the meantime, in reference to data and privacy concerns, Vero and Privacy4Cars have partnered to provide privacy tools and identity protection services for owners of connected cars. The new Identi-FI solution covers the deletion of data from connected cars and the recovery from identity theft, the companies said in March.
\nAs has been seen in so many other verticals, AI is grabbing its share of connected-car-related headlines beyond the confines of the entertainment available to the driver in the cockpit. As reported earlier in August, DC Connected Car has raised \u20ac2.1 million ($2.29 million) for its AI-driven remote vehicle diagnostics offering. The funding will be used to help DC Connected Car develop AI diagnostic tools for roadside assistance, warranty and repair.
\nAnd where GM may be retooling/sharpening its connected focus, a host of other partnerships and joint efforts and announcements have shown that the connected car\u2019s evolution still has wheels.\u00a0 The movement toward connectivity in motion comes as PYMNTS Intelligence has found in its \u201cHow the World Does Digital\u201d reports that voice technology is used by 15% of consumers for payments at least weekly; music streaming by roughly half of consumers, traffic related apps by a third of people surveyed across 11 countries.
\nIn one example of automakers\u2019 efforts, Ford and its luxury brand Lincoln are enabling customers to access apps and services in their vehicles through a new integrated native experience. Drivers will also be able to do so with Apple CarPlay and Android Auto, the company said at the beginning of the year.
\nThe driver can access the system through a touchscreen control panel and buttons on the steering wheel. Drivers can place apps and services where they want them on the screen and can see information like media, weather and fuel economy via widgets. The rollout also features integrated Google Maps; the option to use Google Assistant or Alexa Built-In as a voice assistant.
\nAs for the commerce aspect, last year, Mercedes-Benz introduced Mercedes pay+, which leverages Visa technology to facilitate seamless in-car payments via a fingerprint sensor integrated within the vehicle itself. And in 2021, J.P. Morgan teamed up with German automaker Volkswagen to acquire about 75% of its Volkswagen Payments S.A.
\nIn June of this year, Stellantis announced it would be rolling out several software products and connected features for its vehicles around the world for its roster of brands such has Chrysler, Fiat and Peugeot. They include ChatGPT-enhanced virtual assistant that can converse with customers in natural language, and AppMarket, an in-vehicle hub for services and experiences that allows drivers to purchase subscriptions in the vehicle.\u00a0
\nFor all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.
\nThe post Do GM Layoffs Signal a Speed Bump for Connected Cars? appeared first on PYMNTS.com.
\n", "content_text": "Layoffs signal that a company is changing strategies, pulling back \u2026 maybe the market demand is not there that had been anticipated.\nIn the wake of General Motors\u2019 latest corporate actions, is it fair to say that the road ahead for connected cars \u2014 and by extension, connected car commerce \u2014 may be bumpy?\nGiven the spate of partnerships, the emergence of artificial intelligence (AI), the apps and the voice assistants, the road ahead is long and winding. \nAs widely reported this week, General Motors laid off over 1,000 salaried employees in Software and Services, its division focused on infotainment, OnStar, subscriptions and other emerging features. A posting through GM Financial noted\u00a0the continuum of data-driven offerings and indicated that among the conveniences of connected vehicles: \u201cIn addition to the branded apps specific to your vehicle, GM Financial has a mobile app to manage your account, pay your bill or message us from anywhere.\u201d\nThe layoffs come a few months after public criticism helped steer General Motors away from sharing connected car data with brokers.\n\u201cAs of March 20th, OnStar Smart Driver customer data is no longer being shared with LexisNexis or Verisk,\u201d GM said. Data, of course, remains a critical component of powering the subscriptions, the infotainment, car diagnostics and commerce.\nIn the meantime, in reference to data and privacy concerns, Vero and Privacy4Cars have partnered to provide privacy tools and identity protection services for owners of connected cars. The new Identi-FI solution covers the deletion of data from connected cars and the recovery from identity theft, the companies said in March.\nAI\u2019s Role for Rides and Commerce\nAs has been seen in so many other verticals, AI is grabbing its share of connected-car-related headlines beyond the confines of the entertainment available to the driver in the cockpit. As reported earlier in August, DC Connected Car has raised \u20ac2.1 million ($2.29 million) for its AI-driven remote vehicle diagnostics offering. The funding will be used to help DC Connected Car develop AI diagnostic tools for roadside assistance, warranty and repair.\nAnd where GM may be retooling/sharpening its connected focus, a host of other partnerships and joint efforts and announcements have shown that the connected car\u2019s evolution still has wheels.\u00a0 The movement toward connectivity in motion comes as PYMNTS Intelligence has found in its \u201cHow the World Does Digital\u201d reports that voice technology is used by 15% of consumers for payments at least weekly; music streaming by roughly half of consumers, traffic related apps by a third of people surveyed across 11 countries. \nIn one example of automakers\u2019 efforts, Ford and its luxury brand Lincoln are enabling customers to access apps and services in their vehicles through a new integrated native experience. Drivers will also be able to do so with Apple CarPlay and Android Auto, the company said at the beginning of the year. \nThe driver can access the system through a touchscreen control panel and buttons on the steering wheel. Drivers can place apps and services where they want them on the screen and can see information like media, weather and fuel economy via widgets. The rollout also features integrated Google Maps; the option to use Google Assistant or Alexa Built-In as a voice assistant.\nAs for the commerce aspect, last year, Mercedes-Benz introduced Mercedes pay+, which leverages Visa technology to facilitate seamless in-car payments via a fingerprint sensor integrated within the vehicle itself. And in 2021, J.P. Morgan teamed up with German automaker Volkswagen to acquire about 75% of its Volkswagen Payments S.A.\nIn June of this year, Stellantis announced it would be rolling out several software products and connected features for its vehicles around the world for its roster of brands such has Chrysler, Fiat and Peugeot. They include ChatGPT-enhanced virtual assistant that can converse with customers in natural language, and AppMarket, an in-vehicle hub for services and experiences that allows drivers to purchase subscriptions in the vehicle.\u00a0 \nFor all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.\nThe post Do GM Layoffs Signal a Speed Bump for Connected Cars? appeared first on PYMNTS.com.", "date_published": "2024-08-20T19:38:57-04:00", "date_modified": "2024-08-20T19:38:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/GM-connected-cars.jpg", "tags": [ "AI", "Android Auto", "Apple CarPlay", "AppMarket", "artificial intelligence", "connected car data", "connected cars", "Connected Economy", "connected vehicles", "general motors", "GM", "GM Financial", "GM layoffs", "News", "Privacy4Cars", "PYMNTS News", "Software and Services", "Vero", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2054465", "url": "https://www.pymnts.com/connectedeconomy/2024/ce-100-index-surges-4-7-percent-as-vroom-steers-toward-double-digit-growth/", "title": "CE 100 Index Surges 4.7% as Vroom Steers Toward Double-Digit Growth", "content_html": "Earnings were everywhere this past week, propelling the CE 100 Index 4.7% higher, and any losses seen among our names were negligible.\u00a0 In fact, most of those declining stocks slipped less than 1%, except Tencent, which was down double digits.
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/08/CE100-INDEX-0819.jpg\")
Vroom shares rallied by nearly 64%, driving the Shop segment of the CE 100 Index up by about 11%.
\nFollowing the company\u2019s wind-down of eCommerce operations, the current units of UACC, which offers vehicle financing through third-party dealers, and Carstory, which offers AI-driven analytics for automotive retail, continued to show momentum.\u00a0
\nThe company\u2019s presentation materials noted that Vroom\u2019s origination metrics indicate continued migration toward higher quality credit. The gross serviced accounts stood at 82,161 in the latest quarter, where that tally had been 79,896 in the year-ago period.\u00a0 The indirect origination volumes in the second quarter were $116 million, compared to $92 million a year ago.\u00a0 Net interest income in the second quarter of 2024, after losses and recoveries, was $18.1 million and had been $5.9 million last year.
\nWalmart also drove the shopping pillar higher, having surged 8.1% in the past week.\u00a0 As reported here, quarterly revenue across all of Walmart\u2019s business lines rose about 5%.
\nConsolidated operating income was up $0.6 billion, or 8.5%; adjusted operating income was up 7.2% due to higher gross margins and growth in membership income, as well as reduced eCommerce losses.\u00a0 Overall, eCommerce sales were up 21%; Walmart Marketplace sales were up 32%.\u00a0
\nAdyen shares posted the next-largest gain after Vroom\u2019s dramatic uplift, at 20.7%, as the Pay and Be Paid segment was 4% higher.\u00a0 In our coverage of earnings, Adyen posted first-half results that showed North America was the fastest growing region with net revenue growth up 30% year over year, followed by EMEA, where net revenues were up 25% year on year; the Asia Pacific region gained 15% in net sales as measured against last year.\u00a0 Net revenue for the Dutch firm was 913.4 million euros, up 24% year on year.
\nThe company said in its earnings materials that during the half, the company processed volumes of 619.5 billion euros, up 45% year over year.
\nThe company\u2019s Unified Commerce offering, as detailed in its filings, saw volumes surge 29% year over year, and point-of-sale (POS) volumes gathered 32%. POS volumes were 15% of total processed volumes.
\nVisa shares were up 2.9%, and Amazon\u2019s stock was roughly flat.\u00a0 In an announcement this week, Amazon teamed with Santander to launch a new Amazon Visa card in Germany.
\nThe card lets users earn rewards while shopping on and off Amazon\u2019s Germany website, according to the release at the beginning of the week.
\n\u201cCardholders can pay for their purchases quickly, intuitively and securely through Zinia, Santander\u2019s consumer finance platform, and they are able to choose between full and revolving payments any time,\u201d the release said.
\nThe announcement comes weeks after reports that Amazon and Santander were at work on a deal in which the Spanish bank would provide financing options for Amazon customers across the European Union, starting in Germany.
\nThose gains were blunted at least a bit by Tencent\u2019s 18.8% decline.
\nTencent Holdings reportedly said it is in discussions with Apple about sharing revenue from its WeChat mini-games.
\nTencent is exploring adding in-app transactions via Apple\u2019s iOS payment system, which would allow Apple to begin taking a cut of those transactions, Tencent Chief Strategy Officer James Mitchell said during the company\u2019s earnings call.
\n\u201cWe want to make it available on terms that we think are economically sustainable, that are also fair,\u201d Mitchell said on the call. \u201cAnd so that\u2019s a discussion that\u2019s underway, and we hope that the discussion leads to a positive outcome.\u201d
\nDuring the second quarter, Tencent\u2019s gross receipts from mini-games \u2014 which are accessed through the WeChat app \u2014 rose by more than 30%.\u00a0 Overall, Tencent\u2019s revenues were up 8% to RMB161.1 billion ($22.6 billion) compared to a year ago.
\nThe post CE 100 Index Surges 4.7% as Vroom Steers Toward Double-Digit Growth appeared first on PYMNTS.com.
\n", "content_text": "Earnings were everywhere this past week, propelling the CE 100 Index 4.7% higher, and any losses seen among our names were negligible.\u00a0 In fact, most of those declining stocks slipped less than 1%, except Tencent, which was down double digits.\n\nVroom shares rallied by nearly 64%, driving the Shop segment of the CE 100 Index up by about 11%.\nFollowing the company\u2019s wind-down of eCommerce operations, the current units of UACC, which offers vehicle financing through third-party dealers, and Carstory, which offers AI-driven analytics for automotive retail, continued to show momentum.\u00a0 \nThe company\u2019s presentation materials noted that Vroom\u2019s origination metrics indicate continued migration toward higher quality credit. The gross serviced accounts stood at 82,161 in the latest quarter, where that tally had been 79,896 in the year-ago period.\u00a0 The indirect origination volumes in the second quarter were $116 million, compared to $92 million a year ago.\u00a0 Net interest income in the second quarter of 2024, after losses and recoveries, was $18.1 million and had been $5.9 million last year.\nWalmart Weighs In \nWalmart also drove the shopping pillar higher, having surged 8.1% in the past week.\u00a0 As reported here, quarterly revenue across all of Walmart\u2019s business lines rose about 5%.\nConsolidated operating income was up $0.6 billion, or 8.5%; adjusted operating income was up 7.2% due to higher gross margins and growth in membership income, as well as reduced eCommerce losses.\u00a0 Overall, eCommerce sales were up 21%; Walmart Marketplace sales were up 32%.\u00a0 \nAdyen shares posted the next-largest gain after Vroom\u2019s dramatic uplift, at 20.7%, as the Pay and Be Paid segment was 4% higher.\u00a0 In our coverage of earnings, Adyen posted first-half results that showed North America was the fastest growing region with net revenue growth up 30% year over year, followed by EMEA, where net revenues were up 25% year on year; the Asia Pacific region gained 15% in net sales as measured against last year.\u00a0 Net revenue for the Dutch firm was 913.4 million euros, up 24% year on year.\nThe company said in its earnings materials that during the half, the company processed volumes of 619.5 billion euros, up 45% year over year.\nThe company\u2019s Unified Commerce offering, as detailed in its filings, saw volumes surge 29% year over year, and point-of-sale (POS) volumes gathered 32%. POS volumes were 15% of total processed volumes.\nVisa shares were up 2.9%, and Amazon\u2019s stock was roughly flat.\u00a0 In an announcement this week, Amazon teamed with Santander to launch a new Amazon Visa card in Germany.\nThe card lets users earn rewards while shopping on and off Amazon\u2019s Germany website, according to the release at the beginning of the week.\n\u201cCardholders can pay for their purchases quickly, intuitively and securely through Zinia, Santander\u2019s consumer finance platform, and they are able to choose between full and revolving payments any time,\u201d the release said.\nThe announcement comes weeks after reports that Amazon and Santander were at work on a deal in which the Spanish bank would provide financing options for Amazon customers across the European Union, starting in Germany.\nThose gains were blunted at least a bit by Tencent\u2019s 18.8% decline.\nTencent Holdings reportedly said it is in discussions with Apple about sharing revenue from its WeChat mini-games.\nTencent is exploring adding in-app transactions via Apple\u2019s iOS payment system, which would allow Apple to begin taking a cut of those transactions, Tencent Chief Strategy Officer James Mitchell said during the company\u2019s earnings call. \n\u201cWe want to make it available on terms that we think are economically sustainable, that are also fair,\u201d Mitchell said on the call. \u201cAnd so that\u2019s a discussion that\u2019s underway, and we hope that the discussion leads to a positive outcome.\u201d\nDuring the second quarter, Tencent\u2019s gross receipts from mini-games \u2014 which are accessed through the WeChat app \u2014 rose by more than 30%.\u00a0 Overall, Tencent\u2019s revenues were up 8% to RMB161.1 billion ($22.6 billion) compared to a year ago.\nThe post CE 100 Index Surges 4.7% as Vroom Steers Toward Double-Digit Growth appeared first on PYMNTS.com.", "date_published": "2024-08-19T04:00:29-04:00", "date_modified": "2024-08-18T22:05:16-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/CE100-Index-0819-stocks.jpg", "tags": [ "Adyen", "CE 100 Index", "Connected Economy", "Featured News", "Investments", "News", "PYMNTS News", "stock market", "tencent", "Visa", "Vroom", "walmart", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2053018", "url": "https://www.pymnts.com/connectedeconomy/2024/why-location-is-personalizations-superpower-for-merchants/", "title": "Why Location Is Personalization\u2019s Superpower for Merchants", "content_html": "In the current business landscape, consumers crave personalized experiences.
\nIn an increasingly digital world, the importance of location intelligence in marketing cannot be overstated, particularly when it comes to areas like personalizing customer experiences, enhancing operational efficiencies and ensuring compliance across various industries.
\n\u201cOne of the trends we\u2019re seeing is foreground location-based experiences,\u201d Radar\u00a0CEO and Co-founder\u00a0Nick Patrick\u00a0told PYMNTS.
\nPatrick explained that the stereotype of geofencing as a background activity \u2014 like triggering a push notification when a user is near a store \u2014 is becoming outdated in the face of modern applications that increasingly focus on engaging users through foreground experiences when they have an app open.
\nAs businesses increasingly rely on data to inform their strategies, the ability to understand and leverage geographic information has emerged as a key differentiator. Location intelligence enables businesses to deliver highly personalized experiences to customers by integrating geographic data with other customer information. By understanding where customers are located and their movement patterns, companies can tailor their offerings, marketing campaigns and services to meet specific needs.
\n\u201cA second trend we\u2019re seeing is around indoor location, which we often call micro geofencing,\u201d said Patrick.
\nBusinesses are now looking to understand customer behavior at a granular level, he said, such as identifying which department of a store a customer is in or whether they are near a checkout area. The precise tracking enabled by micro geofencing allows for highly tailored customer interactions and a more personalized shopping experience.
\nRead more: Radar CEO Sees Geolocation Driving Future of Digital-Physical Commerce
\nLocation intelligence has evolved into a powerful tool, with solutions today that go beyond mapping and navigation.\u00a0Instead, today\u2019s location intelligence acts as a multifaceted force multiplier that offers businesses a competitive edge.
\nPatrick noted that a perhaps unexpected, but increasingly effective, new application of location intelligence is within fraud detection. Companies, particularly in eCommerce, logistics and gaming, are using geolocation to determine whether transactions are occurring from suspicious or unusual locations. This is crucial in preventing fraudulent activities and ensuring compliance with regional regulations.
\nOne of the rapidly growing applications of Radar\u2019s own technology is in the gaming industry, he added, noting that companies like DraftKings and FanDuel rely on geolocation to ensure compliance with state regulations, verifying that users are placing bets from legal jurisdictions.
\nOther sectors are beginning to recognize the importance of geolocation in ensuring regulatory compliance. Media and streaming companies, Patrick said, may need to restrict access to content based on geographic location, while payment services must ensure that transactions are conducted within permitted jurisdictions.
\nThe principles of geolocation compliance also extend to other industries, such as logistics and eCommerce, where verifying the authenticity of a user\u2019s location is crucial. For example, logistics companies can use geolocation to prevent workers from spoofing their location, while eCommerce businesses can detect fraudulent transactions based on suspicious location patterns.
\nWhile the benefits of location intelligence are clear, integrating these technologies into a company\u2019s marketing stack can be met with some key, but surmountable, challenges.
\nTwo primary obstacles identified by Patrick are cost and privacy concerns.
\nIn a time of heightened budget scrutiny, companies may view location intelligence as a \u201cnice-to-have\u201d rather than a \u201cneed-to-have\u201d tool. Patrick said Radar addresses this challenge by offering cost-effective alternatives to existing map services, such as Google Maps. By saving on these essential but expensive services, businesses can reallocate funds to more innovative geolocation use cases that drive customer engagement and revenue.
\nAt the same time, privacy concerns and the challenges of obtaining user consent for location tracking remain hurdles to adoption. Many users are hesitant to share their location data, which limits the effectiveness of background geolocation services. Radar is tackling this issue, Patrick said, by focusing on foreground, in-app experiences that engage a broader user base while respecting privacy preferences.
\nBut by understanding the tangible benefits \u2014 such as increased in-store engagement, higher conversion rates and reduced fraud \u2014 businesses can make informed decisions about how to leverage location intelligence.
\nThe post Why Location Is Personalization\u2019s Superpower for Merchants appeared first on PYMNTS.com.
\n", "content_text": "In the current business landscape, consumers crave personalized experiences.\nIn an increasingly digital world, the importance of location intelligence in marketing cannot be overstated, particularly when it comes to areas like personalizing customer experiences, enhancing operational efficiencies and ensuring compliance across various industries.\n\u201cOne of the trends we\u2019re seeing is foreground location-based experiences,\u201d Radar\u00a0CEO and Co-founder\u00a0Nick Patrick\u00a0told PYMNTS.\nPatrick explained that the stereotype of geofencing as a background activity \u2014 like triggering a push notification when a user is near a store \u2014 is becoming outdated in the face of modern applications that increasingly focus on engaging users through foreground experiences when they have an app open.\nAs businesses increasingly rely on data to inform their strategies, the ability to understand and leverage geographic information has emerged as a key differentiator. Location intelligence enables businesses to deliver highly personalized experiences to customers by integrating geographic data with other customer information. By understanding where customers are located and their movement patterns, companies can tailor their offerings, marketing campaigns and services to meet specific needs.\n\u201cA second trend we\u2019re seeing is around indoor location, which we often call micro geofencing,\u201d said Patrick.\nBusinesses are now looking to understand customer behavior at a granular level, he said, such as identifying which department of a store a customer is in or whether they are near a checkout area. The precise tracking enabled by micro geofencing allows for highly tailored customer interactions and a more personalized shopping experience.\nRead more: Radar CEO Sees Geolocation Driving Future of Digital-Physical Commerce\nCapturing the Emerging Trends in Location Intelligence\nLocation intelligence has evolved into a powerful tool, with solutions today that go beyond mapping and navigation.\u00a0Instead, today\u2019s location intelligence acts as a multifaceted force multiplier that offers businesses a competitive edge.\nPatrick noted that a perhaps unexpected, but increasingly effective, new application of location intelligence is within fraud detection. Companies, particularly in eCommerce, logistics and gaming, are using geolocation to determine whether transactions are occurring from suspicious or unusual locations. This is crucial in preventing fraudulent activities and ensuring compliance with regional regulations.\nOne of the rapidly growing applications of Radar\u2019s own technology is in the gaming industry, he added, noting that companies like DraftKings and FanDuel rely on geolocation to ensure compliance with state regulations, verifying that users are placing bets from legal jurisdictions.\nOther sectors are beginning to recognize the importance of geolocation in ensuring regulatory compliance. Media and streaming companies, Patrick said, may need to restrict access to content based on geographic location, while payment services must ensure that transactions are conducted within permitted jurisdictions.\nThe principles of geolocation compliance also extend to other industries, such as logistics and eCommerce, where verifying the authenticity of a user\u2019s location is crucial. For example, logistics companies can use geolocation to prevent workers from spoofing their location, while eCommerce businesses can detect fraudulent transactions based on suspicious location patterns.\nThe Future of Geolocation-Led Commerce \nWhile the benefits of location intelligence are clear, integrating these technologies into a company\u2019s marketing stack can be met with some key, but surmountable, challenges.\nTwo primary obstacles identified by Patrick are cost and privacy concerns.\nIn a time of heightened budget scrutiny, companies may view location intelligence as a \u201cnice-to-have\u201d rather than a \u201cneed-to-have\u201d tool. Patrick said Radar addresses this challenge by offering cost-effective alternatives to existing map services, such as Google Maps. By saving on these essential but expensive services, businesses can reallocate funds to more innovative geolocation use cases that drive customer engagement and revenue.\nAt the same time, privacy concerns and the challenges of obtaining user consent for location tracking remain hurdles to adoption. Many users are hesitant to share their location data, which limits the effectiveness of background geolocation services. Radar is tackling this issue, Patrick said, by focusing on foreground, in-app experiences that engage a broader user base while respecting privacy preferences.\nBut by understanding the tangible benefits \u2014 such as increased in-store engagement, higher conversion rates and reduced fraud \u2014 businesses can make informed decisions about how to leverage location intelligence.\nThe post Why Location Is Personalization\u2019s Superpower for Merchants appeared first on PYMNTS.com.", "date_published": "2024-08-16T04:02:33-04:00", "date_modified": "2024-08-15T22:32:22-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/geolocation.jpg", "tags": [ "ecommerce", "Featured News", "fraud", "Fraud Prevention", "Gaming", "Geofencing", "location intelligence", "location technology", "logistics", "micro geofencing", "News", "Nick Patrick", "privacy", "PYMNTS News", "pymnts tv", "Radar", "Security", "Technology", "video", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2052798", "url": "https://www.pymnts.com/connectedeconomy/2024/former-google-ceo-eric-schmidt-successful-startups-work-in-offices/", "title": "Former Google CEO Eric Schmidt: Successful Startups Work in Offices", "content_html": "Former Google CEO and Executive Chairman Eric Schmidt is reportedly not a fan of remote work.
\nSpeaking to students at Stanford University, Schmidt said that Google\u2019s offering of remote work has caused it to fall behind in the artificial intelligence (AI) competition, The Wall Street Journal reported Wednesday (Aug. 14), citing a video of the event.
\n\u201cGoogle has decided that work-life balance and going home early and working from home was more important than winning,\u201d Schmidt said, according to the report.
\nSchmidt also told the students that if they want to launch a startup, they must require employees to work in an office because successful startups \u201cwork like hell,\u201d per the report.
\nGoogle has been stepping up its efforts to get employees to work in the office, saying in 2022 that they would be back in the office three days a week, and adding in 2023 that office attendance is a factor in annual performance reviews, according to the report.
\nThe company\u2019s employees spend at least three days a week in the office, as they have done for the past two years, and have occasional access to remote work. Any non-remote employees who are out of compliance get reminded about these policies.
\nSome companies have made changes to their work-from-home policies.
\nIt was reported in May that Walmart was ending most remote work and asking staff at small offices in Dallas, Atlanta and Toronto to relocate to central hubs such as the retailer\u2019s central headquarters in Bentonville, Arkansas, as well as Hoboken, New Jersey, or Northern California. Walmart will still permit staff to work from home some of the time.
\nIn July 2023, Amazon ramped up its return-to-the-office mandate across the country by telling employees working remotely or located in smaller remote offices that they may have to return to what the company calls its \u201cmain hub\u201d locations, including Seattle, New York and San Francisco.
\n\u201cThere\u2019s more energy, collaboration and connections happening since we\u2019ve been working together at least three days per week, and we\u2019ve heard this from lots of employees and the businesses that surround our offices,\u201d Amazon spokesman Brad Glasser told PYMNTS at the time in an emailed statement.
\nThe post Former Google CEO Eric Schmidt: Successful Startups Work in Offices appeared first on PYMNTS.com.
\n", "content_text": "Former Google CEO and Executive Chairman Eric Schmidt is reportedly not a fan of remote work.\nSpeaking to students at Stanford University, Schmidt said that Google\u2019s offering of remote work has caused it to fall behind in the artificial intelligence (AI) competition, The Wall Street Journal reported Wednesday (Aug. 14), citing a video of the event.\n\u201cGoogle has decided that work-life balance and going home early and working from home was more important than winning,\u201d Schmidt said, according to the report.\nSchmidt also told the students that if they want to launch a startup, they must require employees to work in an office because successful startups \u201cwork like hell,\u201d per the report.\nGoogle has been stepping up its efforts to get employees to work in the office, saying in 2022 that they would be back in the office three days a week, and adding in 2023 that office attendance is a factor in annual performance reviews, according to the report.\nThe company\u2019s employees spend at least three days a week in the office, as they have done for the past two years, and have occasional access to remote work. Any non-remote employees who are out of compliance get reminded about these policies.\nSome companies have made changes to their work-from-home policies.\nIt was reported in May that Walmart was ending most remote work and asking staff at small offices in Dallas, Atlanta and Toronto to relocate to central hubs such as the retailer\u2019s central headquarters in Bentonville, Arkansas, as well as Hoboken, New Jersey, or Northern California. Walmart will still permit staff to work from home some of the time.\nIn July 2023, Amazon ramped up its return-to-the-office mandate across the country by telling employees working remotely or located in smaller remote offices that they may have to return to what the company calls its \u201cmain hub\u201d locations, including Seattle, New York and San Francisco.\n\u201cThere\u2019s more energy, collaboration and connections happening since we\u2019ve been working together at least three days per week, and we\u2019ve heard this from lots of employees and the businesses that surround our offices,\u201d Amazon spokesman Brad Glasser told PYMNTS at the time in an emailed statement.\nThe post Former Google CEO Eric Schmidt: Successful Startups Work in Offices appeared first on PYMNTS.com.", "date_published": "2024-08-14T17:43:42-04:00", "date_modified": "2024-08-14T17:45:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Google-AI-Schmidt.jpg", "tags": [ "AI", "artificial intelligence", "Connected Economy", "Eric Schmidt", "Google", "News", "PYMNTS News", "remote work", "startups", "What's Hot", "work from home", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2050594", "url": "https://www.pymnts.com/connectedeconomy/2024/ce-100-index-q4-wrap-up-and-q1-outlook/", "title": "CE 100 Index Q4 Wrap-Up and Q1 Outlook", "content_html": "The CE 100 Index lost 0.2% last week in the wake of earnings reports that, over the course of the past several days, have moved names to the upside (and the downside, of course).
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/08/CE-INDEX-0811.jpg\")
Shares of Sezzle soared 51%, and the Pay and Be Paid pillar moved 5.9% higher.
\nIn the company\u2019s most recent earnings report, management ramped up its revenue expectations on the heels of greater demand for buy now, pay later (BNPL), as sales moving ahead were guided to be higher by 35%-40% year over year (previous guidance of 25%).
\n\u201cAs shoppers want to use us everywhere and as a regular part of their daily lives, it\u2019s both exciting and rewarding to see,\u201d Sezzle CEO Charlie Youakim told the company\u2019s earnings call audience.
\nIn the latest quarter, underlying merchant sales (UMS) increased by 38.9% year over year to $532.2 million, surpassing the previous non-holiday quarterly high. Consumer purchase frequency rose to 4.8 times from 3.3 times in the same period in 2023. Total revenue grew by 60.2% year over year to $56 million, accounting for 10.5% of UMS.
\nElsewhere, Shopify shares gathered 27.3%, bringing the Shop segment 0.8% higher.
\nAs reported here, management noted that the company\u2019s point-of-sale (POS) solution is gaining traction, with offline gross merchandise volume (GMV) increasing by 27% year over year.\u00a0 Cross-border sales accounted for 14% of Shopify\u2019s GMV in Q2, highlighting the eagerness of merchants to reach new regions. Shopify Payments penetration reached 61%, and Shop Pay facilitated $16 billion in GMV, up 45% from the previous year.
\nZillow was 17% higher. Revenue in the most recent quarter was 13% higher to $572 million. The company\u2019s latest shareholder letter noted that rentals revenue was 29% to $117 million, primarily driven by a 44% increase in multifamily revenue, and residential revenue was 8% higher to $409 million, besting total industrywide transaction growth of 3%. The company\u2019s mobile apps and sites logged 231 million average monthly unique users, roughly flat year over year.
\nBut those gains were blunted by Vroom\u2019s skid, where the shares were 33.7% lower.
\nThe second quarter, as Vroom said, interest income in the latest quarter stood at $51.8 million, compared to $47 million in the year ago quarter. Within the UACC segment, interest income was up 10.2%. As had been reported earlier in the year, the company had moved to wind down its eCommerce operations and discontinue its used vehicle dealership business.
\nPorch Group\u2019s stock lost more than 31%, driving the Live segment 3.3% lower. The company noted total revenue of $110.8 million for the most recent quarter, an increase of 12% or $12.1 million compared to the prior year (second quarter 2023 results here were $98.8 million), driven by the insurance segment, including a 28% increase in premium per policy and lower reinsurance ceding. The latest top line report missed consensus expectations by about 6%.
\nPorch\u2019s financials flagged that its 21% attritional loss ratio for the quarter, an improvement from 35% in the prior year, was driven by the insurance profitability actions. Policies in force, per the company\u2019s latest financials, were down 35% year on year to 232,000.
\niRobot shares plummeted about 25%, as the company noted that second quarter revenues came in at the low end of expectations, affected by what management termed a \u201cmore challenging consumer spending environment.\u201d\u00a0 Revenues were down 29.6% to $166.4 million.
\nThe post CE 100 Index Q4 Wrap-Up and Q1 Outlook appeared first on PYMNTS.com.
\n", "content_text": "The CE 100 Index lost 0.2% last week in the wake of earnings reports that, over the course of the past several days, have moved names to the upside (and the downside, of course).\n\nSezzle Sizzles and BNPL Demand Soars\nShares of Sezzle soared 51%, and the Pay and Be Paid pillar moved 5.9% higher.\nIn the company\u2019s most recent earnings report, management ramped up its revenue expectations on the heels of greater demand for buy now, pay later (BNPL), as sales moving ahead were guided to be higher by 35%-40% year over year (previous guidance of 25%).\n\u201cAs shoppers want to use us everywhere and as a regular part of their daily lives, it\u2019s both exciting and rewarding to see,\u201d Sezzle CEO Charlie Youakim told the company\u2019s earnings call audience.\nIn the latest quarter, underlying merchant sales (UMS) increased by 38.9% year over year to $532.2 million, surpassing the previous non-holiday quarterly high. Consumer purchase frequency rose to 4.8 times from 3.3 times in the same period in 2023. Total revenue grew by 60.2% year over year to $56 million, accounting for 10.5% of UMS.\nShopify Powers Ahead \nElsewhere, Shopify shares gathered 27.3%, bringing the Shop segment 0.8% higher.\nAs reported here, management noted that the company\u2019s point-of-sale (POS) solution is gaining traction, with offline gross merchandise volume (GMV) increasing by 27% year over year.\u00a0 Cross-border sales accounted for 14% of Shopify\u2019s GMV in Q2, highlighting the eagerness of merchants to reach new regions. Shopify Payments penetration reached 61%, and Shop Pay facilitated $16 billion in GMV, up 45% from the previous year.\nZillow was 17% higher. Revenue in the most recent quarter was 13% higher to $572 million. The company\u2019s latest shareholder letter noted that rentals revenue was 29% to $117 million, primarily driven by a 44% increase in multifamily revenue, and residential revenue was 8% higher to $409 million, besting total industrywide transaction growth of 3%. The company\u2019s mobile apps and sites logged 231 million average monthly unique users, roughly flat year over year.\nVroom, Porch Lead to Downside\nBut those gains were blunted by Vroom\u2019s skid, where the shares were 33.7% lower.\nThe second quarter, as Vroom said, interest income in the latest quarter stood at $51.8 million, compared to $47 million in the year ago quarter. Within the UACC segment, interest income was up 10.2%. As had been reported earlier in the year, the company had moved to wind down its eCommerce operations and discontinue its used vehicle dealership business.\nPorch Group\u2019s stock lost more than 31%, driving the Live segment 3.3% lower. The company noted total revenue of $110.8 million for the most recent quarter, an increase of 12% or $12.1 million compared to the prior year (second quarter 2023 results here were $98.8 million), driven by the insurance segment, including a 28% increase in premium per policy and lower reinsurance ceding. The latest top line report missed consensus expectations by about 6%.\nPorch\u2019s financials flagged that its 21% attritional loss ratio for the quarter, an improvement from 35% in the prior year, was driven by the insurance profitability actions. Policies in force, per the company\u2019s latest financials, were down 35% year on year to 232,000.\niRobot shares plummeted about 25%, as the company noted that second quarter revenues came in at the low end of expectations, affected by what management termed a \u201cmore challenging consumer spending environment.\u201d\u00a0 Revenues were down 29.6% to $166.4 million.\nThe post CE 100 Index Q4 Wrap-Up and Q1 Outlook appeared first on PYMNTS.com.", "date_published": "2024-08-12T04:00:07-04:00", "date_modified": "2024-08-11T19:26:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/CE00-0812.jpg", "tags": [ "CE 100 Index", "Charlie Youakim", "Connected Economy", "Featured News", "iRobot", "News", "Porch", "PYMNTS News", "sezzle", "shopify", "Vroom", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2021888", "url": "https://www.pymnts.com/connectedeconomy/2024/ce100-index-loses-4-1-led-by-snaps-post-earnings-plummet/", "title": "CE 100 Index Loses 4.1%, Led by Snap\u2019s Post-Earnings Plummet", "content_html": "Earnings drove the CE 100 Index lower this past week \u2014 and almost all segments were under water, so to speak, as markets swooned amid the specter of a slowing economy.
\n![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/08/CE100-0805.jpg\")
Only one pillar of the CE 100 Index posted a positive return, as the Eat segment gathered 6.3%. Within that group, DoorDash shares gained 11.9%.
\nAs reported at the end of the week, \u00a0in the latest quarter, total orders rose 19% year over year and revenue was up 23%.
\n\u201cWe\u2019re seeing really strong demand on the consumer side,\u201d CEO Tony Xu told analysts on a conference call. \u201cSo, we\u2019re not actually seeing some of the challenges that you may be hearing about or reading about in other headlines\u2026 We\u2019re still in the early innings of the move towards digital and the overall omnichannel experiences that every restaurant and retailer is participating in.\u201d\u00a0 The company\u2019s earnings release showed that marketplace total dollar value of orders (GOV) gained 20% to $19.7 billion.
\n\u00a0Also, within the Eats segment, Olo shares surged 9.3%. The company reported second-quarter earnings that indicated total revenue increased 28% year-over-year to $70.5 million, and total platform revenue increased 27% year-over-year to $69.6 million.
\nThe company\u2019s supplemental materials showed that active locations grew 7% year over year to 82,000.\u00a0Average revenue per unit was up 19% year over year to $852.
\nPayPal shares gathered 6.3% in the Pay and Be Paid segment of the CE 100 Index, where the overall group slipped 2.7%. In PYMNTS\u2019 coverage of the latest quarter\u2019s results, \u00a0we noted that the firm reported a total transaction volume of $403.9 billion in Q2 2024, marking an 11% year-over-year increase. PayPal\u2019s overall net revenues rose by 8% to $7.9 billion. Venmo processed over $73 billion in total payment volume, up 8% from the previous year, with monthly active users growing by 5% to nearly 62 million.
\nMeta\u2019s stock was 4.8% higher.\u00a0 During the company\u2019s latest earnings, \u00a0the tech giant\u2019s Family of Apps revenue, which includes revenue from Facebook, Instagram, WhatsApp and Messenger, came in at $38.72 billion, higher than estimates of $37.7 billion, surging from the \u00a0$31.7 billion in Q2 2023.\u00a0 CEO Mark Zuckerberg discussed AI with a nod to a \u201csingle unified recommendation system\u201d powering all content across Meta\u2019s services. On the advertising front, Zuckerberg predicted that AI would eventually generate personalized ad creative, allowing advertisers to simply specify business objectives and budgets, with Meta\u2019s AI handling the rest.
\nBut Snap shares plunged 29.8%, leading the communications segment of the CE 100 Index down an eye-popping 11.4%. The company posted results on Thursday that noted 850 million monthly active users in Q2, while daily active users (DAUs) rose 10% during the quarter to 432 million. New features like editable chats, Map emoji reactions, and My AI reminders were introduced to enhance user communication. Content engagement surged, marked by a 12% increase in global viewers and a 25% rise in time spent watching.
\nRevenue climbed 16% year-over-year to $1.2 billion, driven by a 16% increase in Direct Response advertising revenue, with the total active advertisers more than doubling year-over-year. Brand advertising revenue, however, slipped 1% due to reduced demand in some sectors. But the top line missed analysts\u2019 estimates, and the shares plunged after the latest report.
\nThe Shop pillar of the CE 100 Index lost 7.9%, as Pinterest shares skidded 22.5%.\u00a0 This past week, the company reported that it rose 21% year over year, reaching $854 million.
\n\u201cWe\u2019re driving further actionability across Pinterest by launching features that allow users to move further along in their shopping journeys and take action on what they see,\u201d CEO Bill Ready told analysts on a call. \u201cIn doing so, we more than doubled the number of outbound clicks we sent to advertisers year over year for the third quarter in a row.\u201d
\nAmazon shares lost 8%. As reported here, net sales climbed 10% year over year to $148 billion, bolstered by a 19% surge in AWS sales to $26.3 billion. \u00a0\u00a0\u201cWhile consumers are being careful on price, our North American unit growth is meaningfully outpacing our sales growth as our continued work on selection, low prices and delivery has resonated so far this year,\u201d CEO Andy Jassy told the company\u2019s Q2 earnings call.\u00a0 Revenue growth, according to projections, is set to slow in the current quarter to about 8% to 10%, as management noted on the call.
\nThe post CE 100 Index Loses 4.1%, Led by Snap\u2019s Post-Earnings Plummet appeared first on PYMNTS.com.
\n", "content_text": "Earnings drove the CE 100 Index lower this past week \u2014 and almost all segments were under water, so to speak, as markets swooned amid the specter of a slowing economy.\n\nEat Segment\u2019s the Lone Positive Performer \nOnly one pillar of the CE 100 Index posted a positive return, as the Eat segment gathered 6.3%. Within that group, DoorDash shares gained 11.9%.\nAs reported at the end of the week, \u00a0in the latest quarter, total orders rose 19% year over year and revenue was up 23%.\n\u201cWe\u2019re seeing really strong demand on the consumer side,\u201d CEO Tony Xu told analysts on a conference call. \u201cSo, we\u2019re not actually seeing some of the challenges that you may be hearing about or reading about in other headlines\u2026 We\u2019re still in the early innings of the move towards digital and the overall omnichannel experiences that every restaurant and retailer is participating in.\u201d\u00a0 The company\u2019s earnings release showed that marketplace total dollar value of orders (GOV) gained 20% to $19.7 billion.\n\u00a0Also, within the Eats segment, Olo shares surged 9.3%. The company reported second-quarter earnings that indicated total revenue increased 28% year-over-year to $70.5 million, and total platform revenue increased 27% year-over-year to $69.6 million.\nThe company\u2019s supplemental materials showed that active locations grew 7% year over year to 82,000.\u00a0Average revenue per unit was up 19% year over year to $852.\nPayPal shares gathered 6.3% in the Pay and Be Paid segment of the CE 100 Index, where the overall group slipped 2.7%. In PYMNTS\u2019 coverage of the latest quarter\u2019s results, \u00a0we noted that the firm reported a total transaction volume of $403.9 billion in Q2 2024, marking an 11% year-over-year increase. PayPal\u2019s overall net revenues rose by 8% to $7.9 billion. Venmo processed over $73 billion in total payment volume, up 8% from the previous year, with monthly active users growing by 5% to nearly 62 million. \nMeta\u2019s stock was 4.8% higher.\u00a0 During the company\u2019s latest earnings, \u00a0the tech giant\u2019s Family of Apps revenue, which includes revenue from Facebook, Instagram, WhatsApp and Messenger, came in at $38.72 billion, higher than estimates of $37.7 billion, surging from the \u00a0$31.7 billion in Q2 2023.\u00a0 CEO Mark Zuckerberg discussed AI with a nod to a \u201csingle unified recommendation system\u201d powering all content across Meta\u2019s services. On the advertising front, Zuckerberg predicted that AI would eventually generate personalized ad creative, allowing advertisers to simply specify business objectives and budgets, with Meta\u2019s AI handling the rest.\nCommunications Pillar Plunges on Snap Revenue Miss\nBut Snap shares plunged 29.8%, leading the communications segment of the CE 100 Index down an eye-popping 11.4%. The company posted results on Thursday that noted 850 million monthly active users in Q2, while daily active users (DAUs) rose 10% during the quarter to 432 million. New features like editable chats, Map emoji reactions, and My AI reminders were introduced to enhance user communication. Content engagement surged, marked by a 12% increase in global viewers and a 25% rise in time spent watching. \nRevenue climbed 16% year-over-year to $1.2 billion, driven by a 16% increase in Direct Response advertising revenue, with the total active advertisers more than doubling year-over-year. Brand advertising revenue, however, slipped 1% due to reduced demand in some sectors. But the top line missed analysts\u2019 estimates, and the shares plunged after the latest report.\nThe Shop pillar of the CE 100 Index lost 7.9%, as Pinterest shares skidded 22.5%.\u00a0 This past week, the company reported that it rose 21% year over year, reaching $854 million.\n\u201cWe\u2019re driving further actionability across Pinterest by launching features that allow users to move further along in their shopping journeys and take action on what they see,\u201d CEO Bill Ready told analysts on a call. \u201cIn doing so, we more than doubled the number of outbound clicks we sent to advertisers year over year for the third quarter in a row.\u201d\nAmazon shares lost 8%. As reported here, net sales climbed 10% year over year to $148 billion, bolstered by a 19% surge in AWS sales to $26.3 billion. \u00a0\u00a0\u201cWhile consumers are being careful on price, our North American unit growth is meaningfully outpacing our sales growth as our continued work on selection, low prices and delivery has resonated so far this year,\u201d CEO Andy Jassy told the company\u2019s Q2 earnings call.\u00a0 Revenue growth, according to projections, is set to slow in the current quarter to about 8% to 10%, as management noted on the call.\nThe post CE 100 Index Loses 4.1%, Led by Snap\u2019s Post-Earnings Plummet appeared first on PYMNTS.com.", "date_published": "2024-08-05T04:00:45-04:00", "date_modified": "2024-08-04T23:19:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/CE100-index-0805.jpg", "tags": [ "Amazon", "CE 100 Index", "Connected Economy", "DoorDash", "Featured News", "Investments", "Meta", "News", "olo", "PayPal", "Pinterest", "PYMNTS News", "Snap", "stock market", "Connected Economy" ] }, { "id": "https://www.pymnts.com/?p=2020016", "url": "https://www.pymnts.com/connectedeconomy/2024/thumbtack-raises-75-million-to-improve-home-improvement-app/", "title": "Thumbtack Raises $75 Million to Improve Home Improvement App", "content_html": "Home improvement app Thumbtack has received $70 million in new debt financing.
\nThe funding \u2014 from Silicon Valley Bank (SVB) and Hercules Capital \u2014 will help Thumbtack access new capital and liquidity, the company said in a Wednesday (July 30) news release.\u00a0
\n\u201cWe are one of the fastest growing players in the enormous home services industry, which remains less than 10% online,\u201d said Larry Roseman, Thumbtack\u2019s finance chief.
\n\u201cAnd there is even more opportunity ahead as we fundamentally change how people manage their homes. This financing with our long-term partners at SVB and Hercules strengthens our balance sheet for the next chapter as we become the go-to partner for homeowners all across the U.S.\u201d
\nEarlier this year, Thumbtack debuted its comprehensive home management app, which \u2014 as PYMNTS wrote \u2014 highlights the growing trend of consumers turning to digital tools for tackle do-it-yourself projects and home improvements.
\nPointing to data that nearly 70% of homeowners admit to putting off essential home projects due to feeling overwhelmed, the company stressed that the app provides guidance on what projects to prioritize, when to tackle them and who to hire.
\n\u201cTwo things are true about today\u2019s homeowners: they plan to stay and invest in their homes for decades, yet they delay essential upkeep and value-add improvements because they don\u2019t know where to start,\u201d said Marco Zappacosta, co-founder and CEO of Thumbtack.
\n\u201cThis digitally native generation wants to manage their homes the way they run the rest of their lives \u2014 on their phones. Our all-in-one app brings the support and peace of mind homeowners need.\u201d\u00a0
\nBeyond the individual features and functionalities \u201clies a broader trend reshaping the way consumers interact with their living spaces,\u201d PYMNTS wrote, as the proliferation of smart home devices has ushered in a more interconnected home ecosystem.\u00a0
\nPYMNTS Intelligence research shows the average consumer now owns six such devices, with millennials and bridge millennials leading the way with an average of seven devices each.\u00a0
\n\u201cThe study also highlighted a consistent rise in the adoption of smart home devices and connected appliances,\u201d PYMNTS wrote.
\n\u201cFor instance, ownership of smart refrigerators rose from 5% in 2019 to 9% in 2023, while connected thermostat ownership climbed from 10% to 15% during the same period. These figures underscore the increasing reliance on smart technologies to streamline household tasks and enhance overall living experiences.\u201d
\nThe post Thumbtack Raises $75 Million to Improve Home Improvement App appeared first on PYMNTS.com.
\n", "content_text": "Home improvement app Thumbtack has received $70 million in new debt financing.\nThe funding \u2014 from Silicon Valley Bank (SVB) and Hercules Capital \u2014 will help Thumbtack access new capital and liquidity, the company said in a Wednesday (July 30) news release.\u00a0\n\u201cWe are one of the fastest growing players in the enormous home services industry, which remains less than 10% online,\u201d said Larry Roseman, Thumbtack\u2019s finance chief.\n\u201cAnd there is even more opportunity ahead as we fundamentally change how people manage their homes. This financing with our long-term partners at SVB and Hercules strengthens our balance sheet for the next chapter as we become the go-to partner for homeowners all across the U.S.\u201d\nEarlier this year, Thumbtack debuted its comprehensive home management app, which \u2014 as PYMNTS wrote \u2014 highlights the growing trend of consumers turning to digital tools for tackle do-it-yourself projects and home improvements.\nPointing to data that nearly 70% of homeowners admit to putting off essential home projects due to feeling overwhelmed, the company stressed that the app provides guidance on what projects to prioritize, when to tackle them and who to hire.\n\u201cTwo things are true about today\u2019s homeowners: they plan to stay and invest in their homes for decades, yet they delay essential upkeep and value-add improvements because they don\u2019t know where to start,\u201d said Marco Zappacosta, co-founder and CEO of Thumbtack.\n\u201cThis digitally native generation wants to manage their homes the way they run the rest of their lives \u2014 on their phones. Our all-in-one app brings the support and peace of mind homeowners need.\u201d\u00a0\nBeyond the individual features and functionalities \u201clies a broader trend reshaping the way consumers interact with their living spaces,\u201d PYMNTS wrote, as the proliferation of smart home devices has ushered in a more interconnected home ecosystem.\u00a0\nPYMNTS Intelligence research shows the average consumer now owns six such devices, with millennials and bridge millennials leading the way with an average of seven devices each.\u00a0\n\u201cThe study also highlighted a consistent rise in the adoption of smart home devices and connected appliances,\u201d PYMNTS wrote.\n\u201cFor instance, ownership of smart refrigerators rose from 5% in 2019 to 9% in 2023, while connected thermostat ownership climbed from 10% to 15% during the same period. These figures underscore the increasing reliance on smart technologies to streamline household tasks and enhance overall living experiences.\u201d\nThe post Thumbtack Raises $75 Million to Improve Home Improvement App appeared first on PYMNTS.com.", "date_published": "2024-07-31T16:17:50-04:00", "date_modified": "2024-07-31T16:19:37-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Thumbtack-home-improvement-app.jpg", "tags": [ "Connected Economy", "Hercules Capital", "home care", "home improvement", "home improvement apps", "Investments", "Larry Roseman", "Marco Zappacosta", "News", "PYMNTS News", "silicon valley bank", "smart homes", "Thumbtack", "What's Hot", "Connected Economy" ] } ] }