Shopify has acquired ChannelApe, an inventory management platform. The company has labeled this a “major step forward” for customers.
ChannelApe’s software aims to simplify and streamline the way businesses manage their inventory and orders.
The platform says joining Shopify will propel their business. “[It] is an incredible validation of our vision and technology. It’s a testament to the hard work and dedication of our team and a signal of even greater things to come for our customers.”
CEO Michael Averto says that, together with Shopify, ChannelApe is committed to building the “future of inventory” and helping businesses do more business successfully.
Cost of doing business
This comes as Shopify released its latest retail report, which gives insight into how businesses must adapt to retail spending.
Shaun Broughton, managing director of Shopify, has told Sky News that nearly 80% of Australian shoppers spend less, and 54% shop for sales and bargains.
Consumer spending has lowered amid the high pressure of the country’s cost of living crisis, according to the study.
The Australian Retailers Association’s CEO, Paul Zahra, says many shoppers are now hunting for bargains and doing window shopping. “It makes for a tough environment in retail. [Australian shoppers are] very value driven.”
From an online business perspective
Sky News says Shopify powers a quarter of all online purchases in Australia. The Shopify report has revealed that it’s “extremely difficult for retailers.”
Retailers must cater to consumers demanding discounts while juggling their profit margins to stay in business.
Averto says there are concerns about retailers pursuing cost-saving strategies. “[It] is correlated to a reduction in quality of goods.
Zahra told SkyNews that retailers know that it impacts their margins, but without this strategy, they won’t be able to compete.
Both agree that doing business is challenging in these conditions.
Cost of living crisis
There are concerns that the Reserve Bank of Australia (RBA) may hike interest rates again.
According to the Australian Bureau of Statistics, consumers still spend on clothing and footwear. The reserve bank will meet again next month.
NOW READ: How small businesses can adapt to rising energy costs
Share this article
About the author
Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
