Magento 2.4.3 Release Highlights

Magento 2.4.3 Release Highlights

Feb 18, 2022 | Adobe/Magento, eCommerce, News

Magento, aka Adobe Commerce, is constantly focused on providing value to its merchants and making sure that each customer enjoys a fast, reliable and secure experience. Their latest update, Magento 2.4.3 is now available.

Adobe Commerce is not only growing in its offering and abilities but it is also growing in its complexity. The sophistication of the software only amplifies a brand’s need to work with Certified Magento/Adobe Partners.

That’s InteractOne. In business for over 24 years, we are an Adobe Certified Partner built to code Magneto/Adobe. We are skilled at maintaining and optimizing clients’ Magento/Adobe Commerce online stores.

Book your consultation with your Magento Certified Partner right now. Spots are filling up.

Magento 2.4.3 Release Highlights

Magento 2.4.3 brings with it a slew of performance and security enhancements, including 370 new fixes in the core code and 33 security improvements.

Security improvements cover the expansion of reCAPTCHA coverage and include the built-in rate limiting.

Substantial Security Enhancements of Magento 2.4.3: 

Total, there are 33 security enhancements and fixes in this Magento update. The security fixes are backported to Magento 2.4.2-p2 and Magento 2.3.7-p1 and help close remote code execution (RCE) and cross-site scripting (XSS) vulnerabilities

Additional enhancements include:

  • New Composer plugin that help to prevent dependency confusion and identifies malicious packages with the same names as the internal packages on the public package repository.
  • Rate limiting is now built-in to Magento APIs. This improvement will help to prevent (DoS) denial-of-service attacks.
  • ReCAPTCHA capabilities have now been extended to more pages.

Performance enhancements of of Magento 2.4.3: 

This release now empowers Magento Merchants to be able to exclude a website from the Shared Catalog or Customer Group, which can minimize the number of records for indexing and improve the indexing times. It can also has the capability to decrease indexation time for the Product Price and Catalog Rule indexers.

Additional enhancements include:

  • Core Composer dependencies and third-party libraries have been upgraded to the latest versions that are compatible with PHP 8.x.
  • The KnockoutJS library has been upgraded to v3.5.1 (the latest version).
  • The deprecated TinyMCE v3 library has been removed.
  • The Magento_Tinymce3Banner module and MFTF tests related to TinyMCE v3.x have been removed from Adobe Commerce.
  • Magento Open Source 2.4.3 has been tested and confirmed to be compatible with Redis 6.0.12. (Magento 2.4.x remains compatible with Redis 5.x.)
  • Laminas library dependencies have been upgraded to PHP 8.x – compatible versions. Some redundant dependencies have been removed from the composer.json file. Magento Open Source 2.4.3 uses Laminas 3.4.0.

Live Search Update

Adobe Sensei now powers Live Search. By harnessing the data of AI and machine learning algorithms This update will deliver a more intuitive search experience by analyzing aggregated visitor data.

B2B Bug Fixes

Magento 2.4.3 introduces the B2B v1.3.2 which includes new features and multiple bug fixes in the following areas:

  • Company
  • Company Credit
  • Quick Order
  • Negotiable Quote
  • Purchase Orders
  • Requisition Lists
  • Shared Catalog

Page Builder Update

Page Builder is now currently available as a bundled extension in Magento Open Source. You will see that Page Builder is now the default content editing tool for Adobe Commerce 2.4.3 and Magento Open Source 2.4.3. It has the ability to replace the WYSIWG editor with any third-party module.

Page Builder also replaces the TinyMCE editor in the following Admin areas:

  • CMS Block
  • CMS Page
  • Product Description
  • Category Description

Cloud Managed Service Updates

This release is making improvements to support Amazon Simple Store Service (AWS S3) and Amazon Aurora cloud managed services. It provides certified support for the following AWS Services:

AWS ElastiCache
AWS ElasticSearch
AWS Managed Queues (Rabbit MQ)

The Magento 2.4.3 release includes 370 new fixes in the core code and 33 security improvements. It includes the resolution of 290 GitHub issues by the Magento Community members.

AWS Managed Queues (Rabbit MQ)

Vendor Developed Extensions

There are some updates on the features of the following vendor-developed extensions. Please click on each extension to get more updates.

Amazon Pay
Braintree
dotdigital Engagement Cloud
Klarna
Vertex Cloud
Yotpo Product Reviews

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    Subscription Sales Strategy: Flexible, Scalable & Required

    Subscription Sales Strategy: Flexible, Scalable & Required

    Jan 12, 2022 | Adobe/Magento, Digital Marketing, eCommerce, News

    There have been many changes to the eCommerce landscape over the last 20 months. Purchasing habits that were once rare and occasional just a short time ago are now considered routine. Prosper Insights and Analytics released a survey that showed that nearly half of all adult respondents reported that new shopping behaviors were becoming “recurring habits”. The portion of the market that has benefited the most from this shift are eCommerce merchant Subscription offers. The Subscriptions market for physical goods has grown 90% since the start of 2020. It’s not like Subscription services are a ‘new’ thing, they have always been a growth tool. But new market pressures, an emphasis on customer retention and technological advancements have made the Subscription model and service not only more functional but desirable for both merchants and customers. In this blog we’ll dive a little deeper into the Subscription model, why now is the time to implement this shopping tool, what customers expect and how to deliver on those expectations  on a regular and consistent basis.

    There’s no time like the present

    Simply put, millions of Americans go online to purchase their everyday needs and your site’s user experience needs to be as frictionless and personalized as possible so you can provide your share of needed products. For years now, customers have shown a willingness to purchase digital subscription products. Think Netflix, Spotify and even Patreon.. This boom in subscription digital products has now begun to bleed into physical goods. Whether due to the pandemic, the shifting needs of consumers, technological advances or some combination of the three, customers now want the products they rely on, delivered on a repeat basis without the need to ‘checkout’ each time. If you don’t already offer any sort of subscription service it’s only a matter of time before it becomes crucial, and odds are your competitors are already experimenting, if not already completely committed to Subscription services sales.

    Subscriptions unlock long term growth

    Targeting and acquiring customers has and always will be a struggle. It’s hard enough as it is but Apple’s recent changes to their Privacy agreement has made it even more difficult to identify and capture prospective customers. Brands everywhere are taking a second look at their customer engagement strategy. Brands of all sizes face the same challenge: they are spending tons and tons of advertising dollars attempting to get customers to discover and love their product but not being able to convert that first purchase into a second or third. It’s a bit of a leaky bucket and a lost opportunity, as there is a chance there to retain that customer and encourage additional sales. Offering a Subscription service can patch that hole in the bucket and launch a long-term relationship with your customers. For any eCommerce brand that wants to get serious about driving incremental LTV and growth, subscriptions (whether it be subscribe & save, membership, pure-play subscriptions) are probably the most effective way to maximize their investment into customers to date.

    What trends are we seeing from shoppers?

    The modern customer expects brands to know them on a personal level, while not being ‘too close’. You need to be able to personalize their customer journey while not encroaching on their privacy. It’s a very fine line to walk and starts with understanding how customers want to shop. A Subscription service allows your customers to dictate the terms of agreement (price, timing of delivery, quantity) which is extremely empowering from their perspective and infinitely valuable to your brand. By purchasing a subscription service your customers are telling you exactly what they want from you, how many they want and when they want it. This arrangement not only pays financial dividends to you immediately but it also provides you with vital information you can use to better plan for future products, product launches, offers, demand planning and inventory management. 

    Even if your brand does not identify as a ‘Subscription’ business and it’s not something you have ever offered before, subscriptions are an engagement lever that is now more widely available due to improved technology, as you are now seeing physical-goods subscriptions being offered in every industry and vertical. From clothing to beauty products, to pet care and food, subscription services are now becoming the standard. 

    Subscription services offer long term revenue streams, establish long term customer relationships, establish and open channel of communication and give you the ability to better understand customer needs and order patterns.

    How should your brand think about subscriptions?

    We want to debunk the myth that Subscriptions for physical goods aren’t just for “box” businesses. With the advent of new extensions and tools, Subscription services can now be added to any brand’s business model. Whether you are new to Subscriptions, rapidly expanding or Subscription-based only there are a world of options open to you. It’s important to remember that Subscriptions shouldn’t be a gargantuan task, requiring new customer support or dev team members. It’s another tool in your tool kit that, if set up and maintained properly, can provide you with a steady stream of income and amazing insights.

    Bringing it all together

    While technology has made it easier to build and fulfill a Subscription service that will appeal to a wide range of users, it’s still no walk-in-the-park to long term financial success and stability. It is of utmost importance to build a Subscription model that fits your products and margins. And, perhaps most importantly, have the structures in place to fulfill these recurring orders. Good news is, we’re experts in this field. Contact a member of our team today and let’s figure out a plan that works for you.

      Get expert help today!

      An InteractOne Senior Team Member will get back to you within a day.

      Drop Us a Line At:

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      Or, if you prefer an old-fashioned phone call:
      Phone (USA): (513) 469-3362

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      UPDATED for 2021: How to Prep Magento for Peak Performance during the Holidays

      UPDATED for 2021: How to Prep Magento for Peak Performance during the Holidays

      Aug 19, 2021 | Adobe/Magento, eCommerce, News, Technology

      Summer is flying by and it’s time to plan for the holiday shopping rush. As experienced Magento developers, we are very familiar with merchants turning to us for direction and help with how to get their sites ready for the holiday season. We’ve seen merchants experience 2/3 more traffic or process double (or triple) the number of transactions during November and December compared to the rest of the year.

      Notably, the Magento Business Intelligence group found that merchants acquire up to 59% more customers during the holidays compared to the rest of the year. That’s a lot of new site traffic. Can your Magento site handle that big of an uptick in new visitors? With nearly 60% more new customers preparing to visit your website in a couple months, it would be smart to run performance tests now. 

      Tip 1 – Page Load Speed Optimization

      %

      of shoppers expect a web page to load in 2 seconds or less.

      %

      of shoppers abandon websites that take more than 3 seconds to load.

      %

      of shoppers who are dissatisfied with website performance are less likely to buy from the same site again.

      Magento can be a very involved platform to work with. Most Magento instances are so customized that there is no other site exactly like another. That dynamic creates several potential points of failure if your code and server configuration are not optimized to work together. Module conflicts, unoptimized CSS/JS, and any potential server-side issues need to be identified and resolved. Unresolved code issues can cause major page speed performance issues and become detrimental during an otherwise very profitable time of the year.

      If your site shows signs of performance issues and slow load times now, how will it perform during peak traffic times come November? It’s critical to perform site load tests before the real traffic influx begins. Contact your hosting company before performing any tests and work with them and your development team to identify any possible issues with server resources. 

      It’s also important to note that page load times and user engagement metrics contribute to your PPC quality score. Those holiday PPC campaigns could take a hit if load times are poor. Key engagement metrics to monitor are bounce rate, time on page, time on site, and pages/session. A fast site will also help your PPC cost-per-click and impressions. In addition, we’ve also seen load times have a positive or a negative effect on SEO. Page load speed is critical across the board for the success of your site.

      Tip 2 – UX/UI Optimization

      Not only is site traffic at its peak during the holiday season, but customers’ tolerance and attention levels are low, as they tend to be in a hurry to complete their holiday shopping activities. Make your site easy to navigate and streamline the browsing experience for customers by removing conversion blockers. Bounce rates are naturally higher during the holidays as people quickly window shop and bargain hunt. Optimize poorly performing pages, ensure page load times are at their best, and keep your product offering up to date to avoid high bounce rates.

      A quick way to optimize under-performing landing pages is to identify your lowest bounce rate landing page(s) in Google Analytics. Analyze those lowest bounce rate pages and try to find ways to improve engagement across your site. Of course a more thorough review of your shopping experience (complete with A/B tests) would be the most beneficial for optimization. However, there are valuable opportunities available for improvement that can be discovered through a Google analytics review.

      The maintenance of products and pricing is also vital.

        • Keep catalog images, product descriptions, prices, inventory, and shipping rates clear and updated. 
        • Ensure your pricing is competitive. Have import/export templates set up so you can easily update pricing on the fly. That way, you’re not scrambling when a competitor suddenly has a flash sale. 
        • Make sure your strongest products (best selling, best price, or highest inventory) are easy to find for customers on your category and landing pages. 
        • In addition, make sure your upsell, cross sell and related products are all set up and relevant to each other.

      Don’t Ignore Mobile Traffic

      Magento can be a very involved platform to work with. Most Magento instances At least a third of your traffic during the holidays is going to be from mobile devices. Mobile sales will account for more than half in most retail industries. Perform a thorough, unbiased review of your mobile shopping experience from the homepage down through the checkout process. Remove any conversion blockers, consolidate any redundant pages or steps in the checkout. Do not mark any checkout fields as required unless they really are required. Finally, make sure chatbot and email sign-up pop-ups are disabled on mobile!

      Tip 3 – Security Optimization

      Site security is also critical for overall site performance during the holidays and always. If your Magento site isn’t upgraded to the latest version or is missing Security Patches, you are at risk for security issues. We’ve encountered several merchants over the last year or so who have ignored security or bug patches. Or, merchants have severely delayed the upgrading of their Magento sites. By ignoring Magento Security Patches or avoiding updates, merchants are opening themselves up to a much larger problem. Problems like legal indemnification since many maintain publicly that they are PCI compliant while leaving gaping security holes in their site’s infrastructure. 

      Beyond the cost and headache of what a data breach could do, merchants could lose a solid portion of customers. In fact, 31% of customers terminated their relationship with a targeted business after a breach was discovered. No merchant wants to be the next Target fail. Make sure your Magento site is upgraded or patched as soon as possible.

      Tip 4 – Review and Test

      It’s important to be proactive about performance testing to be prepared well in advance of holiday traffic. Merchants need to test the shopping experience on their site.  Be sure that the browsing process, shopping cart and checkout is a seamless experience for your customers.  

      Review your site analytics. Verify that key engagement metrics such as bounce rate, time on page, time on site, and pages/session are performing well. Look for dips in data and bottlenecks. Pull data from the prior holiday season. Review what issues you had and where your site could improve. In addition, note what worked well for your site and look for ways to improve based on positive metrics. Analyzing your own data can save a lot of time and solve a lot of puzzles when it comes to customer experience and site performance issues.

      Run perform load tests and user-based browsing tests to make sure your site is ready for any expected (and unexpected) traffic spikes. Performance tests and implementation can be a test and tune process. We’ve worked with merchants with complicated, and not so complicated, infrastructures. It can take time to locate the cause of issues and bottlenecks. Sometimes “simple” tasks can cause hiccups that take time to diagnose and find the ideal configuration. Performance tests need to be conducted long before the holidays to be successful and in place before the traffic picks up.

      Get started now – or very soon.

      If you are missing patches or haven’t reviewed your analytics in a while, don’t fret. Merchants still have time to get started on performance testing to get an idea of what they will need to have in place come October and November. Contact us to learn more about performance testing options or to get help with your UX/UI optimization. Or, give us a call to talk to a Magento expert: 513-469-3345.

        Get expert help today!

        An InteractOne Senior Team Member will get back to you within a day.

        Drop Us a Line At:

        Our Contact Form

        Or, if you prefer an old-fashioned phone call:
        Phone (USA): (513) 469-3362

        4665 Cornell Rd. Suite 255
        Cincinnati, OH 45241

        Harmonic Convergence: Creating Customer Bliss Through The Perfect Giveaway

        Harmonic Convergence: Creating Customer Bliss Through The Perfect Giveaway

        Aug 18, 2021 | Adobe/Magento, Digital Marketing, News, Technology

        Successful growth in eCommerce is an art form.

        Doubt it? You can find thousands of sites out there that are perfectly competent when it comes to what they sell and how they operate, but they fail to find the magic key that opens the door to sales success.

        The difference, in many cases, comes down to failing to capture the imagination of would-be customers. Building a brand comes by making an impression. One approach that has helped many brands get past this challenge is the use of viral giveaway campaigns.

        A viral giveaway campaign is when a brand uses its social platforms to, well, giveaway a promotional item to select participants, often  requiring social engagement and/or a participants contact information. You know those fishbowls at checkout counters that collect business cards for a free item? It’s a digital version of that. Viral giveaway campaigns can do wonders for building your customer list — if they are executed in a smart and disciplined way. Outgrow reports on a number of impressive results tied to these campaigns in 2021 alone, such as promotions that cost just 18 cents per click, contestants spending 2 minutes plus on the contest app and more than 62% sharing the contest with at least one friend.

        That all sounds great, but viral giveaways have been around for a few years now, meaning there’s enough known to show there are right ways and wrong ways to go about this process. In the rest of this blog, we’ll explore what has been learned.

        Building Brand Through Giveaways

        The operational pieces in creating a successful viral giveaway campaign should be built on two principles:

        1. Make participation for the customer as simple as possible
        2. Make desirability of the contest align with the customers you are seeking

        No matter how compelling your offer, it is always going to have to compete in a marketplace teeming with content vying for people’s attention. Once you are fortunate enough to grab that interest, you need to make action steps as simple as possible, and the benefit those actions could lead to as desirable as possible.

        Giveaways can take many different forms. For the vast majority of eCommerce sites, the scope of viral giveaway you will be considering will be modest. The total value of prizes being offered could be in the range of $1,000 or less. Even at that level, you can still produce great returns from your campaign in terms of growing your customer base. Key factors which will play into the chances for success are if the promotion of the giveaway is creatively appealing (i.e. not the “same old same old” that every other contest is pushing), if it has elements which make it fun to participate in and if the appeal of the giveaway is genuine enough that people will feel good about sharing it with their friends. You want your giveaway promotions to be easily shareable.

        The site Startup Bonsai offers a very good observation that you should keep in mind as you conceive of how your viral giveaway could work: People don’t necessarily like buying from brands, they like buying from personal recommendations. That is a key part of the appeal to consider in how you can make your giveaway a viral experience.

        If your giveaway has a gamification aspect — that is, people’s participation is incentivized so their chances of winning grow by becoming more involved in the giveaway — you may consider creating a social share site for users. They can track their progress and see how they are faring as they pursue rewards that are part of the giveaway.

        Another aspect that has proven value as viral giveaway strategies have matured is the use of a deadline element to drive participant action. You can keep prospective customers thinking about your brand longer if the appeal of the giveaway offer has hit home with them, but they also know that they only have a limited amount of time to act.

        One other good point to keep in mind — don’t think just because your viral giveaway is designed for your social channels that you shouldn’t also be supporting it through your more conventional assets. Promote the giveaway through your email contact with existing customers — it still produces the best percentage in response rates of any outreach. You also need to consider the best ways to promote the giveaway to visitors landing at your site. A pop-up welcome mat message is a tactic that many companies use.

        Tips for Deciding on the Right Offer

        A successful viral giveaway will have at its heart an intriguing prize offer. Deciphering what this will be for your giveaway is a true make-or-break decision in how you will succeed in connecting with the customers you most desire.

        Designing a giveaway is really an opportunity to demonstrate to  targeted customers that you understand what they are looking for. This is how brands connect with customers. From your perspective, it is a prime opportunity to identify interested potential customers that you know will have a specific area of interest that could be developed into a buying opportunity. From the customer’s perspective yours is a fresh voice whose potential lies in offering a product that will solve their problems in a responsible way.

        An important point to consider as you think about how your viral giveaway will be structured is that the contest is not necessarily limited to only what you offer. Exciting and creative offerings often come in the form of a package of products centered around a theme. Think in terms of partners who offer related products to what you sell. You may already have existing relationships with some of those brands, or it could be a matter of reaching out to a company that you feel has this element of commonality.

        It can also pay to think creatively when envisioning partnership possibilities. These case studies can give you some ideas on just how effective thinking creatively can be in generating exceptional amounts of response to your campaign.

        Along with who else you might try and partner with, you are also going to have to make some decisions about what social channels are right for your offer. Here’s an article and accompanying infographic that gives you an overview of how other companies are deploying viral giveaway techniques as they go down this same road.

        Do Something With the Data

        Once you reach the end of your viral giveaway, you are going to be sitting on a pile of results generated by the contest. Don’t just assume all of it is equal. Contests are going to produce returns that are mixed in quality. You’ll need to take the right steps to make sure you are getting out of the process what you hoped for going in when it comes to adding on to your customer base.

        Screening for returns with fake data, such as a bogus email address, will be a must. Plenty of guidance is out there already in terms of best practices for eCommerce merchants to make sure they are dealing with actual verifiable customers. You also will want a screening process in place to make sure you are not just adding duplicate emails that are already in your database. Applying the same kind of guidelines you use for keeping your existing list healthy makes sense for the new data churned up by your viral giveaway.

        A few final points for closing the loop when it comes to your contest is following up with offers of discounts and other benefits to those new potential customers you’ve just gained. You know something specific now about where their interests may be directed. For instance, one of our favorite formats we’ve seen for viral giveaways is known as the wish list format — that is creating a contest where those who enter will be choosing among a series of products to tell you exactly what they are most interested in. That’s the kind of opening you were hoping for when you started down the road of creating a giveaway. Be active, be persistent and be creative in trying to court these new potential sources of business. 

        Just like all endeavors you need to protect your company from any legal issues when running a viral contest campaign. There is a lot of grey area and you need to make sure that any contest you host isn’t going to put you in the crosshairs of any regulatory group. We recommend working with a legal or marketing company that has familiarity with this world and can best set you up for success long-term. 

        Viral giveaways are a path for creating new business that go hand-in-hand with eCommerce. People who are seeing your offer are already engaged in accessing that information through some kind of electronic device. They are in your realm. Come up with a great offer with true appeal for them, and the returns could be just the catalyst that drives your sales results to the next level.

        Get in Touch

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        The August 2021 Orange Report

        The August 2021 Orange Report

        Aug 10, 2021 | Adobe/Magento, News, Past Newsletters, Technology

        August 2021 ORANGE REPORT

        The August 2021 Orange Report features our best & most recent blogs and guides on Magento, Big Commerce, eCommerce, and Digital Marketing.

        Orange Report Logo

        Here Come the Holidays – Tips to Keep Fraud Away

        Minimize your exposure to fraud risks and keep fraud from becoming a disruptive factor in your relationship with your actual paying customers.

        READ MORE

        Subscription Sales Success: Tools We Recommend

        ou will learn what tools are needed to make Subscription Sales offerings a reality for your customers and a money-maker for you.

        READ MORE

        Perfect Page, Poor Traffic? Why Site Speed Matters

        Your site speed could be hurting your search rankings, users’ experience, site traffic, and conversion rate. Time to get that fixed.

        READ MORE

        Metrics Matter; How Tracking Data Improves Business

        Ensure your analytics are set up correctly so that you can begin to digest the data based on your goals.

        READ MORE
        Subscription Sales Success: Tools We Recommend

        Subscription Sales Success: Tools We Recommend

        Jul 28, 2021 | Adobe/Magento, eCommerce, News, Technology

        In Part One of our Subscription Sales blog series we covered why you should consider adding this offering to your eCommerce platform. Here in Part Two, we’ll talk more about how you can make such an offering a reality for your customers.

        (Here’s the 10-second recap from Part One: Subscription Sales are booming in popularity for eCommerce competitors because they can create a recurring revenue stream that makes customers happy and, once operational, require little additional management oversight. And here is the full first article if you’d like to catch up.)

        Let’s take a look at solutions offered by two of the most popular eCommerce platforms, Magento and Big Commerce, in supporting a Subscription Sales option for you.

        Magento Extensions and Plug-In Options

        eCommerce merchants whose sites are built on the Magento platform will find a couple of popular options that bring Subscription Sales into reach:  the Advanced Subscription Products extension from Aheadworks and the Subscriptions and Recurring Payments tool offered by Magenest.

        Aheadworks is a well-established provider of Magento-compatible products. For those seeking to add Subscription Sales options to their platform, they offer a well-conceived and well-executed option. Wide flexibility is offered for creating and altering Subscription Sales options from both the customer’s side of the transaction and from the seller’s side. Interfaces are clean and easy to navigate.

        Here’s a view of the overview screen for managing subscriptions.

        A look at a page that allows customers to monitor subscriptions they have chosen.

        Skin-care site Lancer offers a good example of what Subscription Sales offerings can look like from the customer’s point of view.

        Another plug-in option for managing Subscription Sales in Magento is Magenest’s Subscriptions & Recurring Payments tool. It offers similar functionality to the Aheadworks extension. It also includes a straightforward tool for allowing customers to set up subscription orders for customers who buy a product at regular intervals, which has become a particularly popular offering within the B2B sector. Plan flexibility appears to be a real strength with this plug-in.

        BigCommerce Plug-In Options

        Tools are available to support and fuel  eCommerce Subscription Sales in SAAS platforms like BigCommerce as well. The Aneto Subscriptions Manager plug-in for BigCommerce offers much of the same functionality as we’ve already seen from the Magento offerings.

        Here’s a look at the overview screen for this plug-in.

        The Aneto Subscriptions Manager plug-in brings key functionality that drives BigCommerce platform Subscription Sales success. eCommerce merchants are able to create multiple subscription packages and have the flexibility to divide product offerings up into grouped categories. Value offerings popular with customers such as the ability to include free products and discount coupons in your packages are other capabilities included with this plug-in.

        Conclusion

        Subscription Sales Models show few signs of slowing down as a growing sector in the eCommerce landscape. Data from the Subscribed Institute showed that in 2020, the subscription sales sector grew 11.6%, including accelerating to a 21% growth rate in the fourth quarter of the year. If you haven’t done so already, you should consider how your eCommerce business could add Subscription Sales to your offerings. Please contact us for assistance in getting your subscription functionality set up and running.

          Get expert help today!

          An InteractOne Senior Team Member will get back to you within a day.

          Drop Us a Line At:

          Our Contact Form

          Or, if you prefer an old-fashioned phone call:
          Phone (USA): (513) 469-3362

          4665 Cornell Rd. Suite 255
          Cincinnati, OH 45241

          The July 2021 Orange Report

          The July 2021 Orange Report

          Jul 13, 2021 | Adobe/Magento, News, Past Newsletters, PPC, Technology

          July 2021 ORANGE REPORT

          Solving Supply Shortages, Subscription Sales Models & more in the July 2021 Orange Report.

          Orange Report Logo

          Marry Your Customers: Subscription Sales Lock up Long-Term Success

          With the right eCommerce plan and platform you could add a new and lucrative sales model to your business: Subscription Sales

          READ MORE

          Stuck with a Supply Shortage? How to Keep Customers Happy During Disruptions

          The threat of a disruptive crisis won’t ever go away, but there are precautions you can take to protect your customer from the impacts of the unexpected.

          READ MORE

          Cryptocurrency Potential: Loyal Users, Instant Payments and Low Fees

          Cryptocurrency awareness and understanding could help forge a valuable opportunity for your business, today and into the future.

          READ MORE

          More Time is Needed; Google Delays Cookie Withdraw

          On Thursday, June 24, 2021 Google announced they were delaying their plans to kill third-party tracking cookies in Chrome.

          READ MORE
          Cryptocurrency Potential: Loyal Users, Instant Payments and Low Fees

          Cryptocurrency Potential: Loyal Users, Instant Payments and Low Fees

          Jul 7, 2021 | Adobe/Magento, Digital Marketing, eCommerce, News, Technology

          Interest in cryptocurrency is growing, and fast. With some major brands like Visa recently announcing their adoption of this digital payment method, it is getting harder to ignore the impact crypto and blockchain technology could have on your eCommerce business.

          Whether you’re just starting to learn about cryptocurrency or exploring how to accept this method of payment in your online store, it is important to keep on top of the trend that is unfolding. After all, awareness and understanding could help forge a valuable opportunity for your business in the future.

          While some retailers might be skeptical about accepting crypto as they see it as a risk to their business, some see it as an opportunity to increase their bottom line. In this blog, we’ll explore the benefits and drawbacks that cryptocurrency presents, while also taking a look at how to accept them as payment on your online store.

          Before diving into the pros and cons, it is imperative to first know what cryptocurrency is and why it is growing in popularity around the globe.

          What exactly is cryptocurrency?

          Cryptocurrency is decentralized digital money, based on blockchain technology. Unlike the U.S. Dollar or the Euro, there is no central authority, like banks or governments, that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet; which is part of why it is growing in popularity with corporations around the globe.

          The cryptocurrency that started them all, is the one you are probably the most familiar with, Bitcoin; which was created in 2009 in a bid to decentralize the financial sector. Up until 2011, it was the only cryptocurrency in operation, but there are now more than 5,000 different cryptocurrencies in worldwide circulation, according to CoinLore. Some of the most noteworthy ones you might want to be aware of include Ethereum, Litecoin, and the living meme Dogecoin.

          Cryptocurrency and the technology behind it are gaining traction in the eCommerce industry, and fast. But what are the benefits you should be aware of when considering accepting this type of payment on your online store?

          Key benefits for considering cryptocurrency

          A lot of trends come and go, but crypto seems likely here to stay, in some form. Not only can it help your eCommerce business expand its customer base but it can also increase its target audience, streamline your customer experiences, and more.

          • Fast transactions + user checkout experience smoother: Blockchain, the technology behind cryptocurrency, is a distributed ledger that allows for quicker, more direct transactions that can help streamline your business cash flow. And for consumers, the immediate processing of cryptocurrency means orders can be shipped instantaneously and arrive sooner. Let’s walk you through an example. You are considering purchasing an SUV from a dealership. If you want to pay for your new vehicle the conventional way with cash or a credit card, you would have to deal with a financial institution; which comes with a lot of potential frustrations and wait time. However, if you choose to pay with a cryptocurrency, not only is it convenient and secure, but there is no middle man, no hold on the transaction and the payment is transferred instantaneously. This is already happening at independent dealerships around the country as customers are paying in full for their vehicles, instantly with cryptocurrency. 
          • Increase in traffic + opportunity to widen target audience: While many people buy cryptocurrencies as an investment instead of an actual payment method, others love buying products with cryptocurrencies because of the lower costs associated, more secure checkout, and the ability to have full control over their funds. By embracing crypto transactions you can widen your target market to these buyers leading to an increase in new customer traffic. It will also make it easier if you are looking to expand globally since crypto is not tied to a specific country’s exchange rate. This allows you to sell to merchants no matter where they are in the world with a single digital standard.
          • Lower transaction fees compared to other options: The industry standard transaction fee from third-party gateways is normally 2.9% + $0.30. This fee is significantly reduced for cryptocurrencies to 1% if not lower; which is good news for you and your bottom line as it can help make your business more profitable.
          • Clean, secure data: Blockchain technology not only increases accuracy but also decreases fraud. Unlike most traditional financial institutions, crypto transactional and consumer data is never saved on a single centralized service making it very difficult to steal or counterfeit. Also, crypto transactions do not require customers to input personal identifying information, which reduces the risk of fraud in digital transactions. You might find this beneficial for your marketing efforts. It might also help to avoid wasted spending.
          • Crypto users are also very very loyal: The flexibility of having this payment option on your site enables customers to pay the way they want to, which provides a better all-around shopping experience and helps to increase conversion rates and reduce cart abandonment.
          • Rise in value: Some of you might see the volatility of cryptocurrencies as a risk, which we will go into more depth in the next section, whereas some might see it as an opportunity for growth. The pie graph below from CoinMarketCap is just one example of how quickly Bitcoin, one of the most popular cryptocurrencies, has risen in value over the last couple of years:

          Potential Setbacks of Incorporating Cryptocurrency Are Low

          Despite cryptocurrencies being the latest trend in the online retail sector, there are pitfalls and reasons to be skeptical.

          • Price volatility: We mentioned above that cryptocurrencies are currently on the rise in value, but the uncertainty of whether that upward trend will continue poses a risk for both businesses and consumers. In addition, if the value of a cryptocurrency has fluctuated since the time a consumer purchases and returns a product, things could get tricky.
          • Customer confusion: According to a survey by Cardify, only 17% of investors that have bought cryptocurrency “fully understand” the value and potential of cryptocurrency. Not only do customers not fully understand the value, but they don’t understand how to use them. For instance, most consumers see cryptocurrency as an investment instead of an exchangeable asset. This perception will start to shift itself as more companies start incorporating crypto as a payment option similar to Tesla and Visa.

          Payment Gateways Options for Accepting Cryptocurrency on Your Site

          If you are considering accepting cryptocurrency on your site, here are some options to think about:

          Magento 2 Payment Processing Service Options: ShapeShift is the newest third-party service offered on Magento 2 that processes transactions on your behalf. It aims to provide a fast, private and convenient way of swapping cryptocurrencies. This payment method allows you to accept Bitcoins, Ethereum, Litecoin, and over 300 other digital currency options.

          Shopify Payment Processing Service Option: BitPay automatically converts payments to a currency of your choice (eight currencies available) and sends them directly to your bank account. A couple of cons of using BitPay is that they charge a relatively high transaction fee of 1%; which you will not see with ShapeShift and they only accept Bitcoin.

          BigCommerce is also looking into developing an app that accepts crypto. Be sure to keep an eye on their progress in the event it meets your needs.

          Bringing it All Together

          If you are looking to expand your market share while also offering your customers a faster and more secure way to pay for your products and services, cryptocurrency could be the answer.

          Keeping up-to-date with this trend will help you to adapt your eCommerce strategy quickly and get ahead of the competition. Ready to take your eCommerce site to the next level and incorporate cryptocurrency as a digital payment option? Connect with one of our experts today to discuss your needs!

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