Shopify has entered into a strategic partnership with global organisation EY, a member firm of Ernst & Young Global Limited, to boost e-commerce and ease selling regulated products. The two companies are building a new platform for merchants to online sell regulated products and services.
The EY–Shopify Alliance comes with two advantages for merchants:
- Integration: The alliance aims to help Shopify merchants scale their online businesses with EY e-commerce system integration services.
- Security: The partnership promises secure options for merchants to sell regulated products like alcohol and medicines.
The alliance with Shopify will provide a broad range of transformational services that help merchants comply with the complex regulatory landscape and build new operating models that deliver seamless, sustainable customer experiences.
Ernst & Young LLP (EY Canada) CEO and Chair, Jad Shimaly
About Shopify
While Shopify enables merchants set up online stores and sell products across the internet, the new EY integration has brought features like resource planning, inventory management, customer relationship management (CRM), financial reporting, taxes and back-end implementation.
About EY
EY teams are known globally for excellence in trade, taxing, compliance and data analytics. With such expertise, the premium merchants on Shopify can sell regulated products irrespective of geography. EY will ensure a compliant e-commerce without much risk involved despite ever-evolving regulations. The aim is to set up a tax-efficient distribution model that enables customers purchase medicine and alcohol online from the comfort of their home.
Modern enterprises operate in a complex environment where scale, speed and flexibility are needed to drive growth.
Harley Finkelstein, President, Shopify
Initial Training
Shopify and EY will train 500 technicians as part of this project. These professionals are expected to play a key role in helping merchants sell restricted products online. To further boost this project, 10,000 consultants will be roped in with expertise in Shopify and legal affairs.
The companies are planning to launch EY wavespace x Shopify centers, a first-of-its-kind physical space to assist Shopify merchants. With this, Shopify will also leverage the global network of EY wavespace innovation hubs. These centres are located in New York, Toronto, London, Sydney and Singapore. With technology by Shopify and EY teams’ power of network, the alliance aims to unlock new markets for regulated products.
The new EY–@Shopify alliance helps enterprise merchants create transformational commerce experiences in two ways. Read the press release to learn what they are. 👇🏽 https://t.co/SisF89QTW1#EY #Shopify #CommerceTransformation #RegulatedRetail pic.twitter.com/gUX9YGDLFo
— EY Canada (@EYCanada) November 7, 2022
Enhancing Customer Journeys
“Enterprises and online merchants are re-evaluating their e-commerce strategies to provide better, more relevant and frictionless experiences to meet high e-commerce customer expectations. This collaboration with Shopify will help brands enhance their customer journeys, explore new channels and ultimately grow their businesses — all while navigating the increasingly complex world of regulated retail,” Kristina Rogers, EY Global Consumer Leader, said in a press release.
According to Ernst & Young LLP (EY Canada) CEO and Chair, Jad Shimaly, the aim to assist merchants to sell amid a complex regulatory landscape.
“The demands and expectations of next-generation conscious consumers will require a pivot to thrive in accelerated e-commerce environments — and fast,” he said.
“The alliance with Shopify will provide a broad range of transformational services that help merchants comply with the complex regulatory landscape and build new operating models that deliver seamless, sustainable customer experiences. I am excited to see this partnership unlock opportunities for clients that allow them to grow at scale while creating long-term value for all stakeholders,” Shimaly added.
Scale, Speed And Flexibility
Shopify President Harley Finkelstein came up with his word of wisdom: “Modern enterprises operate in a complex environment where scale, speed and flexibility are needed to drive growth. We are excited to work with EY teams to bring the performance, customization and commerce expertise that our merchants know and love to more large enterprises around the world.”
Shopify values both — small- and large-scale businesses — more than any other e-commerce platform. For small scale merchants, Shopify offers a starter plan at the cost of a chewing gum. Shopify’s Starter Plan ensures a no code easy setup. It is “perfect for sharing products across social,” mentions the website. One can also opt for a free 14-day trial before starting the $5 plan.
The plan avoids all complexities involved with an e-commerce website. Even if you don’t have a brand or website, you can simply add an image of the product along with a description to start selling online.
Shopify’s Start Plan is integrated with social media platforms like Facebook and Instagram, along with messaging app WhatsApp, “providing customers quick and reliable transactions with Shopify checkout”. The plan requires user to make a Linkpop page, which can be linked to the Instagram bio for featuring top selling products.
Love For Large
For Large scale companies, Shopify offers Plus plan, which claims to be an omnichannel enterprise platform. Launched in 2014, Shopify Plus is an extension of the original offering. It offers myriad choices and better control regarding the stories and websites.
ALSO READ: Shopify vs Shopify Plus. Which is Better? – Shop Digest
Shopify comes in three plans — Basic, Shopify and Advanced. These plans allow merchants to kick-start, develop and manage their online businesses. Anyone can build an online store with customised features and begin the sale across a number of locations including web, mobile devices, social media and brick-and-mortar stores among others.
One doesn’t need to have any prior coding knowledge to start the online setup. Also, the 24/7 customer support of Shopify makes the process quite smooth. However, as your business grows and you start feeling the need for change, you can opt to upgrade your Shopify account simply by switching the account preferences.
Transforming Retail Business
Finkelstein believes that the retail business is transforming with time. In a LinkedIn Post, the Shopify President heaped praise on EY, which shares the same mindset as the Canadian e-commerce platform.
“Together, we will help large-scale businesses meet the challenge of today’s rapidly changing retail environment by bringing together the best of each org. EY will help bring the power of Shopify’s world-class commerce solutions to more large-scale and complex businesses,” Finkelstein said in his post.
