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IoT And Smart Device Trends For 2024

Did you know that by 2024, the number of connected devices (related to IoT)worldwide is projected to reach approximately 17.08 billion, driven by the emergence of smart homes and cloud computing? These incredible achievements are transforming companies by adoption of new technologies. Integration of IoTs and smart devices is transforming how we interact with different devices and systems around us. This transformative wave also features machine learning and extended reality, among other crucial components. Iot and smart device trends for 2024 and beyond are highly encouraging and they are going to impact our lives like never before.

Source: Statista – Number of Internet of Things (IoT) connected devices worldwide from 2019 to 2023, with forecasts from 2022 to 2030

Internet of things are being used everywhere now a days. Ranging from smart homes to industrial applications IoT is the future.

We are already entering the era of connectivity, and the year 2024 will be rich with emerging technology phenomena regarding smart/intelligent device technologies. Today we will understand the trending technologies, understand the nuances of the IoT platform and also check out the list of IoT technologies.

What Is The Current State of IoT Technology?

In the 21st century, IoT has swiftly advanced, revolutionizing the way we live by introducing convеniеncе and connеctivity to various aspects of our daily routinеs. But is it safe and what difference will it make in our lives? It is important to understand its impact not only on our households but also in different industries, and especially mental and physica health of individuals using these technologies. There are many benefits with internet of things, but, equally there are dangers of frauds and scams.

The current count of connеctеd IoT dеvicеs stands at roughly 15.14 billion in 2023, nеarly twicе thе global population of еight billion. Prеdictions indicatе a surgе to ovеr 25 billion within thе nеxt seven years, drivеn by thе adoption of 5G and othеr tеchnological advancеmеnts.

IoT spending is on the rise in parallel with the increasing use of connected devices. Yеarly еxpеnditurеs have climbеd by $40 billion since 2018, with the 2022 spending estimated to exceed a billion. Howеvеr, sourcеs suggеst this projеction fеll short by approximatеly $200 million ovеrall.

Regarding thе comparison of IoT and non-IoT dеvicеs, IoT Analytics notеs a significant shift towards thе formеr ovеr thе last dеcadе. Enterprise IoT accounted for 76% of the total IoT market revenue in 2020, with Global Data projеcting this figure to remain relatively stable, dеclining to 73% in 2024. Research from Statista indicates that IoT technology holds substantial potential across various industries, with an estimated 50 billion IoT devices projected to be connected by 2030.

A smart thermostat, a doorbell camera, and other security cameras are IoT devices that make life more comfortable and feel safer in a residential setting. This efficiency not only make your life easy but also help the manufacturer to monitor processes and use of the devices closely. These devices improve your productivity drastically as they save time and energy effeciently. In addition, healthcare benefits from wearable devices that monitor vital signs, assist in the early detection of diseases.

Top IoT And Smart Device Trends In 2024

Let’s examine some of the prominent IoT trends and breakthroughs we can expect in 2024 and the years ahead.

1. The Rise of 5G Networks

As we welcome the arrival of 5G networks, we’re on the verge of a major technological shift, especially for IoT devices such as connected cars. AT&T is leading the charge on this exciting transformation in the US. These advancements are poised to improve future IoT trends massively. In particular, connected cars will reap significant benefits, as these changes will allow for quicker and more reliable connections across a range of different technologies.

Source: Statista – Forecast number of mobile 5G subscriptions worldwide by region from 2019 to 2028

By June 2022, 70 countries had adopted 5G networks, a notable increase from 38 countries in mid-2020. About 15 more countries have partially implemented 5G mobile technology. The Americas and Europe are leading the charge in 5G adoption. Nevertheless, investments in this technology have been widespread across almost every country in Asia, with many already having 5G deployed.

South Korea, the pioneer of 5G deployment, is expected to maintain its leading position. Meanwhile, India is also not behind with leading companies deploying 5G trials in some parts of the country.

2. Privacy and Security in IoT

But always remember, more connected devices in your network translate into additional doorways for intrudеrs. Thе yеar 2024 will likely prеsеnt increased risks posed by AI-based cyber attacks. This scenario necessitates strict security protocols, еspеcially on gadgets whereby a lot of employees are now working remotely or have dispеrsеd geographically.

Earning and rеtaining the trust of customers and employees is a top demand for companies conducting business in thе digital and AI agе. Hеncе, as onе establishes a network of smart devices and connеctеd technology, sеcurity, and privacy havе to bе put at thе top tiеr.

3. IoT in the Healthcare Sector

Healthcare greatly bеnеfits from the use of IoT devices. These valuable tools aid in remote patient monitoring, help doctors make diagnosеs, collеct data for research, and foster the creation of new treatments. As many countries like Japan and in countries in Europe grapple with an increasingly aging population, innovative solutions like virtual hospitals will be kеy. Hеrе, patients stay in the comfort of their homеs while still being closely monitored electronically from a central hub. This approach will be crucial in navigating thе hеalthcarе changеs brought on by an aging society.

Comе 2024, we’re expecting to sее generative AI linked up with various connеctеd hеalthcarе gadgеts. Thе goal is to turn complеx patiеnt data into clеar, simplе rеports and analytics that anyonе can undеrstand. This year, the Internet of Things (IoT) health markеt is sеt to hit a value closе to $150 billion. And it doеsn’t stop here. It is prеdictеd to skyrockеt to a whopping $289 billion by 2028.

4. ML and AI Empowering Intelligent IoT Systems

In 2024, the synergy of IoT and AI will play a more central role in the IoT landscape. With the capability to swiftly analyze vast datasets, ML and AI algorithms will drive the development of intelligent IoT systems that adapt to their surroundings. This advancement will result in enhanced IoT applications, spanning from predictive maintenance to energy management and automation.

The outcome will be a set of more efficient and effective IoT applications, encompassing predictive maintenance, fault detection, as well as energy management and automation.

5. The Rise Of AIOT

Whіlе wе oftеn rеfеr to IoT-connected devices as smart, the emphasis is typically on their connectivity. Howеvеr, thеrе is a growing trеnd of IoT technology mеrging with systеms and dеvicеs capablе of dеcision-making and problеm-solving using AI and machinе lеarning.

Similar to human intеractions, the prеsеncе of numerous intelligent devices, all interconnected and attempting to perform their tasks concurrently, is likely to lead to conflicts. Establishing protocols to facilitate harmonious interaction among intelligent devices (while ensuring sеcurе data sharing) will be a key focus for the industry in 2024. This intriguing intеgration will undoubtеdly continue to introduce us to fascinating gadgеts, toys, and gizmos!

6. Generative AI for Wearables

In 2024, expect generative AI, especially large language models, to become a regular feature in the wearable devices we use. This technology is already enhancing smartwatches and fitness trackers, empowering them to serve as personal assistants or fitness guides.

This trend could potentially render conventional (non-generative) AI assistants like Alexa, Siri, Cortana, and Google Assistant on wearables obsolete for consumers.

7. Adopting Edge Computing

In 2024, there might be a rise in requests for edge computing among IoT developers. Edge computing entails processing data locally on devices rather than on a separate application, leading to reduced network latency and improved response times.

This computing model operates on the periphery of the network, lessening the strain on servers and data processing software. It also curtails bandwidth usage and enables organizations to utilize cloud resources more effectively. Edge computing proves particularly crucial for IoT ventures demanding swift responses and heightened dependability, such as healthcare systems, autonomous vehicles, and industrial automation.

8. IoT and Retail Integration

In thе rеtail sеctor, IoT has found widеsprеad adoption through various applications such as invеntory systеms, footfall tracking, automatеd chеckouts, RFID markеting dеvicеs, and bеacons. However, not all endeavors yield success. Amazon, for instance, shuttеrеd some of its popular contactlеss storеs in 2023 yеt continued to implement a palm paymеnt systеm in othеr outlеts, indicating that thеir еxploration of IoT in rеtail is still a work in progrеss.

Looking ahеad, rеtail IoT spеnding is projеctеd to surgе from $28.14 billion to $177.9 million by 2031. This upsurge is primarily fueled by retailers’ growing rеalization that smart dеvicеs arе indispensable in comprehending and enhancing customer еxpеriеncеs.

9. Brain-Computer Interfaces

The pinnacle of wearable technology will likely involve devices attached to the body that can interpret brain signals, allowing control through mere thoughts. While this might sound highly futuristic and improbable today, it’s likely a technology that will take a few more years to succeed truly.

Nonetheless, in 2024, we can expect to hear more about it, with companies like Neuralink, Kernel, Neurable, BrainCo, and Emotiv conducting experiments. These innovative brain technology companies are merging neuroscience, artificial intelligence, and hardware to create advanced EEG brain sensing devices and other human monitoring technologies. They are also crafting software solutions tailored for practical applications and research in the real world.

10. V2V Communications Technology

In 2024, car manufacturers are turning to V2V communications to enhance safety, cut maintenance costs, and reduce the environmental impact of travel. Vehicles exchange their speed, travel direction, and position, along with data on detected hazards, with other nearby cars. This facilitates optimized driving to minimize vehicle wear, emissions, and travel durations. For autonomous or connected vehicles, these collaborative networks prove more effective than relying solely on the limited vision of an individual car.

Additionally, the realm of investment is expanding into vehicle-to-infrastructure communication, where cars link to sensors integrated into roadside elements such as traffic lights and pedestrian crossings.

The Future Of IoT In Smart Devices

To ensure that thе IoT has significance in thе consumеr еlеctronics sеctor, it is crucial to gathеr, analyzе, and procеss data. This enables devices and users to make decisions. Such intеgration of intеlligеncе and machinе lеarning holds the potential to enhance profitability within thе industry as a whole.

Machinе lеarning allows us to uncovеr pattеrns, which can bе quitе usеful in making prеdictions. Within thе landscapе of machinе lеarning, AI is a branch that functions just like a brain. It analyzes events and Promptly responds to present-day situations. Additionally, AI teaches how to pеrcеivе and adapt to their surroundings, enabling them to make decisions, just like GPT-powered integrations in smart wearables for common problem-solving. These advancements have advantages for manufacturers when applied in consumer electronics as they act like an assistant.

Conclusion

Smart devices and the Internet of Things have positive outlooks in 2024. Thе dеvеlopmеnt of 5G nеtworks, concеrn for privacy and safеty, growth of Artificial Intеlligеncе and machinе lеarning, and interoperability of thе Internet of Things in thе healthcare and retail sector amidst predictions of brain-computer interface and vehicles-to-vehicle communication indicate a hеalthy futurе of IoT.

Nonеthеlеss, thе industry also has its sеt of issues, including security threats and thе requirement for homogeneity to allow flawless data exchange bеtwееn devices. Stakeholders in this industry need to be alert and invеntivе so as to fully exploit the opportunities presented by revolutionary technologies against the backdrop of the continuous еvolution of the IoT domain.

Frequently Asked Questions

Payment Orchestration is an Important Piece of the Global Commerce Puzzle

Payment orchestration involves optimizing the payment process to boost conversions efficiently. This includes collaborating with various payment providers, acquirers, and banks to streamline the customer experience, improve conversions, ensure compliance with regulations, strengthen fraud prevention, and facilitate global payment coverage.

This approach is gaining traction, especially in the eCommerce sector. Recent reports indicate:

60% and more merchants prefer engaging with multiple vendors.
One fourth of the merchants prioritize enhancing payment orchestration platforms.

Payment Orchestration Platforms (POPs), also referred to as Payment Orchestration Layers (POLs), simplify integration on both ends (front and back). But do merchants truly require them? Is there more to payment orchestration than what these top payment orchestration platforms currently offer? This article will discuss these queries and more.

Source: Baymard Institute

What Is Payment Orchestration- Understanding The Basics Of Payment Orchestration

As explained in our What is Payments Orchestration article, Payment orchestration platforms refer to software solutions that act as centralized hubs for handling payments. These platforms integrate with multiple PSPs, enabling retailers to provide customers with diverse payment options while streamlining the backend payment procedures. As a result, customers enjoy a smoother and quicker payment experience, leading to improved conversion rates for retailers.

Front-end orchestration involves selecting and linking the most suitable PSPs for a retailer’s specific requirements. This selection process takes into account aspects like transaction fees, customer location, and preferred payment methods. By integrating with multiple PSPs, front-end orchestration platforms enable retailers to offer customers a diverse range of payment choices.

Understanding The Basics Of Payment Orchestration

On the other hand, back-end orchestration refers to the management and processing of payments across various PSPs. This includes tasks such as reconciling transactions, facilitating refunds, and monitoring customer information. Back-end orchestration platforms streamline these operations by providing a centralized hub for all payment-related activities.

Components of Payment Orchestration

The payment orchestration process involves several key components that contribute to its smooth functioning. Let’s take a closer look at these elements.

Payment Solution Aggregation

Payment orchestration companies consolidate diverse payment methods into a unified interface. This integration allows businesses to accept payments from multiple sources seamlessly, providing customers with a wide array of options suited to their needs. If you want to know more about how Aggregators are Using Payments Orchestration, this article will help.

Transaction Routing

Intelligent routing mechanisms within orchestration platforms help identify the most efficient and cost-effective payment orchestration providers for each transaction. Think of these mechanisms as a GPS, guiding transactions along the optimal route, enhancing the likelihood of successful payments while minimizing costs.

Robust Security Measures

With the escalating risk of e-commerce transaction fraud, ensuring the security of financial transactions remains paramount. Modern payment orchestration platforms prioritize compliance with industry standards and implement advanced security protocols, including fraud detection, risk orchestration solutions, encryption, and tokenization services. Through this multi-layered approach, these platforms safeguard data and funds for both businesses and their customers.

Insightful Analytics

To refine products and optimize marketing strategies, businesses require comprehensive insights into customer behavior. Payment orchestration platforms feature transaction analytics modules that offer valuable information on customer payment preferences and behavioral patterns. Leveraging these insights, businesses can anticipate future trends and tailor their offerings to meet evolving customer needs effectively.

The Role of Payment Orchestration in Reshaping Modern Transactions

The modern cloud infrastructure serves as the missing link that has propelled Payment Orchestration toward widespread adoption. However, despite being on the cusp of a breakthrough, the concept is not yet fully realized. Companies of all sizes in e-commerce and various service sectors can gain a competitive advantage by spearheading the in-house development of Payment Orchestration Layers. According to experts, a few years down the line, customers and merchants will come to view orchestrated payments as the standard operating procedure.

A well-planned Payment Orchestration Layer also facilitates the integration of highly sought-after payment methods, such as the increasingly popular Buy Now and Pay Later options. Having a flexible payment system that can swiftly respond to market demands is crucial. Implementing a Payment Orchestration represents a vital step in this direction.

Benefits of Payment Orchestration Platforms

Here’s a breakdown of the key advantages associated with utilizing Payment Orchestration Platforms:

Simplified Integration

By leveraging Payment Orchestration, merchants can collaborate with multiple payment service providers, streamlining the process by utilizing a unified API instead of managing multiple third-party integrations.

Seamless Adaptation to Customer Preferences

Payment orchestration platforms offer access to an extensive range of payment service providers, facilitating the integration of additional payment methods into e-commerce websites through a single API integration, thus catering to diverse customer preferences more efficiently.

Facilitates Business Scalability

With Payment Orchestration, businesses can swiftly set up numerous payment methods and features, expediting the speed-to-market process. By providing an array of payment options, businesses can expand their customer reach, enhance the overall customer experience, and bolster cross-border sales capabilities.

Improved Payment Approval Rates

Payment Orchestration Platforms can effectively mitigate potential sales losses resulting from technical glitches by intelligently routing transactions to the most reliable payment processors. This approach significantly reduces the incidence of declined payments and results in higher authorized transactions at the checkout stage.

Decreased Payment Processing Expenses

Payment Orchestration streamlines the entire payment stack, leading to reduced costs across the board. This includes minimizing setup fees associated with multiple integrations and cutting down on additional charges imposed by standalone payment service providers for automated transaction routing.

What Are Enterprises Focusing On?

Enterprises are increasingly favoring provider-agnostic orchestration platforms. Payment orchestration operates at a broader level, building seamless connectivity among a diverse array of independent payment-related services. Through these platforms, merchants and aggregators establish a single point of contact, enabling them to tap into an expanding spectrum of independent payment-related services that can be customized or adjusted on a market-specific basis.

By adopting such platforms, merchants can bypass the intricate technicalities involved in establishing direct relationships at every stage of the transaction flow, thus facilitating smoother and more efficient payment processing.

Merchants have come to recognize the importance of maintaining comprehensive control over their payment infrastructure, necessitating a provider-agnostic approach that allows them to channel transactions through various providers. This approach helps optimize transaction costs, success rates, and authorization rates.

Furthermore, payment orchestration empowers eCommerce firms to independently manage transaction processes, enabling them to fine-tune strategies tailored to specific markets. By promoting cost-effective payment options based on the average ticket size within a particular location, businesses can optimize their operations accordingly. For instance, a higher average ticket size might prompt enterprises to endorse a fixed-fee product, mitigating the need to pay a percentage of the transaction to a card provider.

To fortify defense mechanisms against fraud, payment orchestration platforms can implement advanced security measures such as tokenization, ensuring comprehensive protection for all stakeholders involved in the transaction process.

How Can You Take Advantage Of Payment Orchestration?

Improving the Checkout Experience

Utilizing global payment orchestration enables businesses to enhance customer conversions by providing localized payment options and currencies tailored to specific regions. By allowing customers to pay in their local currency and offering familiar payment methods, businesses can streamline the payment process, minimizing potential confusion and friction during checkout. This ultimately boosts the likelihood of completing transactions and increasing overall conversions.

To initiate this process, it is crucial to evaluate the rates of checkout abandonment. This can be achieved by examining internal or Google analytics to identify the percentage of customers abandoning transactions during the checkout phase.

Moreover, businesses should consider the geographical locations of their customers and prioritize popular payment options and currencies in those areas. Incorporating a diverse range of payment methods, including the increasingly popular BNPL option, is essential for ensuring a seamless transaction process. Finally, it’s important to verify that payment providers possess the necessary capabilities to support various currencies and payment types.

Minimizing Payment Costs

In the absence of global payment orchestration, businesses often face elevated fees and less favorable exchange rates. In some cases, when customers use cards issued in different countries or regions from where the payment is processed, they may encounter additional charges in the form of cross-border interchange fees, which are added to standard interchange fees.

To evaluate cross-border fees, businesses should thoroughly examine their processing statements, paying close attention to customer locations and the percentage of those situated outside the region where card payments are handled.

Improving Approval Rates

Implementing global payment orchestration can significantly enhance businesses’ approval rates by facilitating a more efficient and streamlined process. By utilizing intelligent routing technology to direct each transaction through the most suitable local bank according to card brand regulations, businesses have observed an increase in approval rates from 3% – 6%.

To enhance approval rates, there are several controllable factors to consider. Transactions initiated from outside a bank’s local area are often perceived as riskier and more prone to being rejected. Hence, it’s vital to align the customer’s card currency with the transaction currency and adhere to local regulations, such as strong customer authentication (SCA).

Accurate transaction meta-tagging is equally vital as it provides the processor with crucial information about the nature of the transaction.

Expanding Globally

A suitable global payment orchestration platform offers a range of local, preferred payment methods, enabling businesses to thrive in diverse regions. However, venturing into new markets also entails navigating different regulatory environments, which can be intricate and time-consuming.

To guarantee a successful international expansion, it’s crucial to comprehend the specific compliance and taxation requisites in each region. Failure to meet these obligations can lead to penalties, tarnished reputation, revenue loss, and business disruption. Effective global payment orchestration platforms furnish businesses with automated tools and integrated solutions to ensure compliance with local regulations, thereby ensuring secure payment processes aligned with industry standards.

Conclusion

The strategic implementation of payment orchestration is essential in optimizing the global commerce landscape. By facilitating diverse payment options, streamlining transactions, ensuring robust security measures, and providing insightful analytics, this approach significantly enhances customer experiences and business scalability.

Online Pharmacy Popularity is Soaring: A Digital Payments Perspective

The online pharmacy sector is experiencing rapid growth, leading to an increased demand for dependable payment processing solutions. However, this industry is often deemed high-risk by numerous financial institutions and banks, posing a challenge for both new ventures and expanding businesses in this domain.

This article discusses the details of the online pharmacy industry, shedding light on the factors contributing to its basic structural understanding of why it’s considered a high-risk by banks and financial institutions. Additionally, it explores potential payment processing alternatives suitable for businesses operating in this sector. By gaining insights from this discussion, you can make a well-informed decision regarding the most suitable solution for your business.

Online Pharmacy: Understanding The Structure

The advent of the Internet has transformed how products are marketed and sold, including pharmaceuticals. Online pharmacies, also known as Internet pharmacies, have emerged as a prominent response to this digital shift. These platforms facilitate the sale of medicines, both prescription and non-prescription, over the Internet. Statistics suggest that about 1 in 6 US consumers have procured pharmaceutical drugs online.

The popularity of online drug sales has surged due to the typically lower prices offered by these virtual pharmacies. However, it’s imperative to uphold stringent standards to ensure the maintenance of health regulations and the ethical obligation to deliver optimal care to patients.

But Why Do People Prefer Online Pharmacies?

Research has indicated that even prescription drugs are accessible online without a proper prescription. There are many reasons why individuals are attracted towards this unconventional method of getting their genuine need for prescription medication. They avoid the conventional way of visiting a doctor’s office and having it filled at the local pharmacy?

The traditional process is perceived as more expensive and cumbersome compared to the ease of purchasing the same medication online. Some users felt that the medical system was less responsive to their dosage requirements. Anonymity was also a significant consideration for many. This even led to the industry gaining a negative reputation and facing the risk of being universally classified as high-risk by merchant processors and banks.

Current Scenario And Trends Of Online Pharmacies

In recent times, healthcare solutions, such as online pharmacies, have initiated a profound transformation in the way consumers interact with and oversee their medication, ushering in an era of unparalleled convenience, accessibility, and efficiency. Research highlights the growing acceptance of online platforms for medication needs, with nearly two-thirds of baby boomers and seniors actively engaging in digital healthcare activities over the past year.

Moreover, a significant portion of consumers has expressed interest in leveraging these platforms, with 9 out of 10 individuals favoring their use for critical healthcare tasks. Notably, consumers display a strong inclination towards adopting unified digital healthcare platforms for specific prescription-related activities. In this context, baby boomers and seniors exhibit heightened interest compared to their younger counterparts in various categories.

For instance, an impressive 90% of baby boomers and seniors express a preference for refilling prescriptions through digital platforms, while 87% opt to use such platforms to enable doctors to send prescriptions electronically. The data further indicates that nearly 80% of consumers with even a mild interest in utilizing unified digital healthcare platforms favor the availability of online pharmacies through these platforms, underscoring the growing integration of digital solutions in the future of medication management.

Looking forward, there is a strong consensus that the convenience, accessibility, and efficiency introduced by online pharmacies with payment processors opening to this new trend. Online pharmacies will continue to reshape the landscape of medication management.

Benefits Of Online Pharmacies

In addition to the convenience of home delivery for medications, online pharmacies can provide similar services to in-store options. This includes access to licensed pharmacists who can answer any questions you may have regarding your medications.

In a recent survey, around 25% of respondents identified enhanced accessibility as the primary advantage of online pharmacies. Unlike traditional retail pharmacies, online platforms offer convenient and easily accessible services at your fingertips, without limitations caused by distance or operating hours. Additionally, 23% and 10% of participants mentioned convenience and cost reduction for patients as significant benefits respectively.

Here are some benefits of using an online pharmacy:

Ordering prescription drugs from an online pharmacy is incredibly convenient, especially for individuals who live far from a brick-and-mortar pharmacy or those with limited mobility. It’s also advantageous for the elderly and people with busy schedules. Additionally, shipping costs are significantly lower compared to the expenses of traveling to a physical pharmacy.
One of the biggest benefits of online pharmacy services is the time saved. You can easily place an order for your medication in just a few minutes and have your prescription drugs delivered promptly. There’s no need to make a trip to the physical pharmacy or wait in long lines.
Buying drugs online can be a cost-effective option, potentially saving you up to one-third of the total cost. Research indicates that purchasing medications through online channels can yield significant savings.
Online pharmacy services provide the additional benefit of privacy and confidentiality. This can be particularly advantageous for individuals who may feel uneasy discussing personal matters in person with doctors and pharmacists. It allows people to discreetly order medications, avoiding any discomfort that may arise from sensitive topics such as sexual health or adolescent concerns.

Drawbacks Of Online Pharmacies

Consider these drawbacks associated with online pharmacies:

Inability to accommodate urgent prescription needs: Online pharmacies may not be suitable for patients requiring immediate medication. Unlike traditional pharmacies, they may not have the option for same-day prescription fulfillment.
Lack of physical interaction: A major setback is the absence of face-to-face interaction with pharmacists, particularly impacting seniors who prefer in-person consultations and preventative health services like flu vaccinations, which are not available through online platforms.
Requirement of technical proficiency: Some individuals who are less familiar with technology may encounter challenges while creating an account and uploading their prescriptions, often necessitating external assistance.
Potential for unethical practices: Certain illegal online pharmacies distribute medications without demanding a prescription, leading to unregulated medication distribution and posing health risks to patients.

Why Online Pharmacies Face High-Risk Classification?

In the United States and the United Kingdom, pharmaceutical trade is known for its high costs. Offshore trading allows merchants to optimize their profits, making it the preferred choice for many online pharmaceutical providers.

The majority of online medicine retailers operate from foreign countries, contributing significantly to the classification of online pharmacies as high-risk businesses. Credit card processing providers often encounter challenges in accommodating high-risk enterprises like pharmacy merchants, even though this sector represents one of the most profitable online services today.

That is why, despite the increased profit potential for online pharmacies, numerous banks routinely reject their applications for pharmacy merchant accounts, citing the inherent high-risk nature of their business.

Payment Processing Solutions For Online Pharmacies

Over the years, online pharmacies have undergone significant transformations, continually adapting to meet the diverse needs of their patients. One area that has witnessed substantial changes in the way these businesses handle payment processing.

Traditionally, online pharmacies relied on standard merchant accounts for processing credit and debit card payments. However, due to the high-risk nature of the industry, these accounts often came with exorbitant fees and rates. As a result, many online pharmacies struggled to maintain profitability, leading some to cease operations entirely.

Fortunately, the landscape has shifted, and there are now alternative payment solutions tailored specifically for high-risk businesses such as online pharmacies. These specialized solutions offer significantly reduced fees and rates, serving as a game-changer for companies operating in this sector.

Consider these options for seamless payment processing in the online pharmacy industry:

Instabill: In partnership with select providers, Instabill offers a specialized payment processing solution tailored for licensed and certified online pharmacy merchants who encounter challenges securing merchant account approvals.
Opayo: Formerly known as SagePay and renowned in the realm of online payments, Opayo stands as a highly dependable online payment solution, well-suited for pharmacies seeking a reliable payment processing system.
QuadraPay: With pharmacy merchant accounts starting at 2.99%, QuadraPay provides a trustworthy and reliable option for online pharmacies looking for efficient and cost-effective payment solutions.

Top 5 Reputed Online Pharmacies

Source: Statista – Leading online pharmacies ranked by brand awareness in the United States in 2022

Here are some of the most reputable online pharmacies where you can find the medications you need, ensuring safety and reliability:

Amazon Pharmacy

Amazon’s pharmacy services follow the Prime philosophy, providing cost-saving benefits for Prime members, along with free, speedy two-day delivery. With a commitment to transparency, Amazon ensures no surprises during the purchase process, offering 30-day and six-month supply options for refills.

Additionally, it collaborates with prescribers and insurance companies, providing access to round-the-clock pharmacist assistance for any inquiries.

Express Scripts

With Express Scripts, you can access pharmacists and customer service representatives at any time for health and insurance-related queries. Notably, they offer a $0 copay on preventive medications and provide tailored suggestions to help you reduce expenses on regular prescriptions.

It’s important to note that this service is exclusively accessible to individuals with pharmacy benefits from Express Scripts, which might be included in certain health plans or employer benefits.

BlinRx

BlinkRx is a digital pharmacy that collaborates with 35,000 other pharmacies nationwide, allowing customers to either have their medications delivered to their homes or pick them up in person. The company asserts that it offers the most competitive prices on medications by assessing your insurance, copay, and deductible to determine the most cost-effective option for filling your prescriptions.

Opting for home delivery incurs no delivery charges, and Blink Health also provides online doctor consultations for specific conditions, enabling you to receive medications without a prescription from your doctor.

CaryRx

CaryRx is a mail-order pharmacy that operates as a fully licensed and nonprofit organization, catering to individuals who meet specific income criteria, set at or below 400% of the federal poverty line.

Prospective clients can verify their eligibility conveniently online. Notably, Rx Outreach does not impose any membership fees and primarily provides generic medications for chronic health conditions. Moreover, it offers a limited quantity of complimentary medications each month, distributed on a first-come, first-served basis via a monthly email newsletter.

OptumRx

OptumRx presents a beneficial solution for individuals subscribed to Medicare Part D plans administered by Optum. By utilizing OptumRx, members can conveniently save both time and money, avoiding the hassle of waiting in long lines at their local pharmacies.

Conclusion

The digital pharmacy sector is burgeoning, creating a demand for secure payment solutions. Despite its growth, online pharmacies face challenges due to their classification as high-risk businesses, leading to difficulties in securing merchant accounts. However, specialized payment processors like Instabill, Opayo, and QuadraPay offer tailored solutions, enabling smooth operations for these ventures.

Frequently Asked Questions

APPS Acquired by Stax Payments (Formerly Fattmerchant)

Stax Payments acquired APPS recently. Stax Payments is a popular company based in Orlando, Florida. And Atlantic-Pacific Processing Systems or APPS is a digital platform provider from Las Vegas, NV.

This strategic move significantly broadens Stax’s technology offerings. It has presented merchants and partners with adaptable, personalized choices for their payment processing requirements, all within one seamless platform. With the inclusion of APPS, Stax Payments is committed to further enhancing its technology suite, delivering a secure, customizable, and versatile experience for merchants and partners, all consolidated within a single platform. The overarching goal is to elevate the payment experience for ISVs, traders, payment facilitators, and ISOs.

Image source: Stax

The rebranded APPS platform, now known as Stax Processing, will serve as the fundamental processing layer, optimizing fintech solutions for ISOs, SMEs, and ISVs. This streamlined, comprehensive ecosystem will also offer enhanced multi-channel capabilities and improved data reporting alongside additional tailored services to meet diverse business needs.

Stax Payments acquired APPS- Key Takeaways

Stax, a leading payments technology provider, has acquired APPS, a prominent payment processor, to establish a comprehensive E2E platform for payment processing.
The Las Vegas-based APPS specializes in providing payment software for various tasks, including chargeback management and payment processing.
Notably, all approximately 50 employees of the company will transition to Stax, with the current APPS’ CEO, Abe Maghaguian, taking on the role of Stax’s CPO.
While Orlando-based Stax did not disclose the financial details of the transaction, the move signifies a significant step in the company’s growth strategy.
Alongside its Las Vegas headquarters, APPS also maintains offices in California, Louisville, Fountain Valley, and Kentucky, all of which are expected to continue their operations following the acquisition.

Stax Payments Enhances Its Payment Ecosystem With APPS Acquisition

Stax Payments, a known payment processor, has recently acquired APPS, signifying a significant milestone in its journey as a leading payment provider in the market. The acquisition of APPS has paved the way for the evolution of Stax, resulting in the establishment of an E2E and seamless payment processing platform.

Image source: APPS

The APPS platform, to be rebranded as Stax Processing, is poised to become the cornerstone for empowering FinTech solutions tailored for ISOs, SMEs, and ISVs.

The enhanced version of Stax’s capabilities is scheduled to make its debut in the final quarter of 2023, with full integration and a series of further advancements planned for the upcoming year. This important expansion of Stax’s functionalities will start in the fourth quarter of this year, followed by a comprehensive integration and a roadmap for additional developments throughout 2024.

As a part of this acquisition, key members of the APPS leadership team will join Stax, heralding a new era of all-encompassing payment processing. Notably, the CEO of APPS, soon to be Stax Processing, Abe Maghaguian, will assume the role of Stax’s CPO. At the same time, Sarah Gerald, who was the COO at APPS, will take up the position of COO of Processing at Stax. This integration also welcomes nearly 50 new team members from APPS into the broader Stax family.

Now, Stax intends to roll out fresh services, complete integration, and additional offerings extending until the culmination of the following year. Rowe emphasized that the acquisition of APPS has pumped their capacity for innovation and technological advancement, empowering their team to craft a personalized payment journey.

According to Paulette Rowe, Stax’s CEO, the demand from their partners and customers centers around a straightforward, secure, and versatile payment experience that caters not only to them but also to their end consumers. With the integration of APPS, their ability to innovate and strengthen their technological standing has been amplified, enabling them to curate a tailored payment journey for every merchant, ISO, payment facilitator, or ISV. They are eagerly leading the charge into a new phase of growth for their employees, partners, and customers.

Abe Maghaguian emphasized that as the payment landscape grows more intricate, users seek a comprehensive solution to meet all their payment requirements. This acquisition provides their customers with access to a highly skilled team dedicated to minimizing complexities and maximizing the value of payments for their partners. They are excited to unite with Stax and combine their offerings to provide an impactful payment platform.

About Stax Payments

Stax is a strategy consulting company that has its main offices in Boston, Massachusetts. It involves services in different areas such as corporate and growth strategy, profit enhancement, digital strategy, and so forth. The organization offers services in different industries as well, for example, health care, the financial sector, the commercial sector, stock exchanges, and many others.

One of Stax’s distinctive offerings is its equipment-agnostic credit card processing platform. Being unique in comparison with its rivals, this platform lets businesses make use of their favorite POS hardware and effortlessly connect third-party apps. It also provides competitive wholesale payment rates at subscription-based pricing and three-tiered structures, which makes the charges straightforward. This one-stop solution enables companies to make faster payments with greater flexibility and smartness in making decisions for the enhancement of their agility, intelligence, and ability to pay.

About APPS

Atlantic Pacific Processing Solutions (APPS), headquartered in Las Vegas, delivers top-notch credit card and ACH processing services catering to merchants of all sizes and types. Their offerings include secure connectivity for in-person transactions and online payment gateways supporting e-commerce, virtual transactions, and wireless transactions.

With over two decades of experience, Atlantic Pacific has established itself as a trusted leader in the merchant processing industry. Merchants can rely on tier-one customer service, personalized assistance, and a range of innovative products and services.

Conclusion

The acquisition of APPS by Stax Payments marks a significant stride in the payment processing technology. This strategic move has expanded Stax’s capabilities, positioning the company as a comprehensive end-to-end platform for various stakeholders, including ISOs, SMEs, and ISVs. By integrating the expertise of the APPS team, Stax is poised to deliver an enhanced, personalized, and streamlined payment experience, catering to the evolving demands of the modern business landscape.

With the rebranding of the APPS platform as Stax Processing, businesses can look forward to a seamless integration of fintech solutions, bolstered by improved multi-channel capabilities and robust data reporting. This transition not only emphasizes Stax’s commitment to technological advancement but also underscores its dedication to providing tailored services that meet the diverse needs of merchants and partners.

Furthermore, the merger of the two teams under the leadership of key personnel, including Abe Maghaguian and Sarah Gerald, signifies a shared vision for innovation and a customer-centric approach to simplifying complex payment processes.

Frequently Asked Questions

Fiserv Carat – An Overview and Fiserv Executive Comments

In the face of the increasing demands of deliveries, Fiserv Inc., a known technology solutions provider, for financial services and payments has introduced an innovative solution “Carat“. This new offering enables large scale retailers, grocery stores and restaurants to streamline their delivery operations reduce costs and regain control over their customers delivery experience.

Image source: Carat

Businesses utilizing Carat by Fiserv can easily connect their online commerce activities with more than 40 delivery providers through a simple integration process. This feature simplifies the process of managing parties involved in settlements while also enhancing customer loyalty through improved customer experiences. By leveraging split settlement options provided by Carat and utilizing Bringgs platform, for delivery overview and management businesses can seamlessly integrate last mile delivery, fulfillment processes and returns efficiently.

Carat By Fiserv – An Overview

In response to the surging demand for online delivery, Fiserv, Inc. has launched a cutting-edge solution – Carat. Carat is Fiserv’s global commerce operating system designed to cater to large merchants and enterprises. It’s the enterprise counterpart to Clover, Fiserv’s point-of-sale system for small businesses. At its core, Fiserv Carat focuses on payment processing. However, it goes beyond that, offering a wide array of services and tools related to data, analytics, and alternative payment methods.

Image source: Carat

This new offering is designed to empower enterprise retailers, grocers, and restaurants, in streamlining delivery operations, reducing expenses, and reclaiming authority over their customers’ delivery experience.

Through the innovative, improved delivery solution, businesses utilizing the Fiserv Carat commerce platform can effortlessly link their online commerce activities to over 40 diverse delivery providers, all via a single integration. They can access features that streamline multi-party settlement processes, fostering customer loyalty by maintaining influential control over customer journeys. The integration of split settlement capabilities from Carat and a delivery management platform from Bringg aids businesses in effectively consolidating last-mile options of delivery, returns, and fulfillment.

According to Casey Klyszeiko, the VP and Head of eCommerce (Global), at Fiserv the rapid expansion of delivery has opened up exciting digital opportunities for businesses. However, it also comes with challenges that need to be navigated. Klyszeiko highlighted the importance of their seamless delivery system, which allows businesses to save costs and regain control, over customer relationships. This ultimately leads to brand loyalty.

How Fiserv Carat Can Help Businesses?

Image source: Fiserv

Through a unified API integration, Carat platform enables businesses to:

Streamline Delivery:

By accessing a diverse range of delivery services for over 40 third parties, the system orchestrates route optimization across different providers based on customized business rules. These rules dynamically consider delivery times, costs, and customer choice, balancing fees and delivery speed effectively.

Customer Journeys:

Integrating seamless delivery into your current ecommerce setup empowers your business to reclaim ownership of the entire customer journey. With this integration, you can accept delivery orders directly from your consumer-dedicated apps or website.

You’ll have the capability to process payments using your gift card system, retain access to valuable customer order data, and enable customers to enjoy the benefits of your loyalty programs and promotional offers while making a purchase.

Efficient Split Settlement:

Through single authorization transactions, the platform effectively oversees settlements on behalf of the business, navigating a complex value chain that involves merchants, franchises, tips to drivers, delivery providers, and service fees. It ensures proper management of refunds initiated by consumers.

This solution easily handles split settlements in varying amounts across different payment types, doing away with the typical thirty-day invoicing duration often linked with multiple-party settlements. This capability allows businesses to receive payments more swiftly and reduce risks linked with fraud and inflation.

Fiserv is the original fintech, and Head of Carat and Global eCommerce Casey Klyszeiko shares why with @tsgpayments in an interview detailing his time at Fiserv and what’s on the horizon for Carat. See his insights here: https://t.co/jjnNKu6RxQ pic.twitter.com/cdFb8X6N0b
— Fiserv (@Fiserv) October 16, 2023

To understand Carat’s direction, it’s crucial to note that it’s not just about attracting new clients. Casey Klyszeiko emphasizes that Carat is equally aiming to flourish the existing client base. The Inspire Brands expansion is a testament to this approach. Fiserv recently have expanded their Inspire Brands partnership, a restaurant portfolio giant that includes Sonic, Baskin-Robbins, and Dunkin’. This expansion integrates in-app, online commerce, and in-store for more restaurant brands of Inspire, underscoring Carat’s commitment to growing with its clients.

Diversity in Verticals

Carat’s strength lies in its diversity. It caters to a broad spectrum of industries, from petroleum and quick-service restaurants to government, retail, e-commerce, and B2B. This wide reach includes the world’s biggest names and clients looking to expand. Casey Klyszeiko believes in going beyond just processing payments. Carat helps customers transition toward multichannel experiences, exploring fresh methods of payment, and venturing into new businesses.

Clover, Fiserv’s which is merchant business unit for small businesses, is often seen as the primary option due to its longer history. However, Casey Klyszeiko notes that both Clover and Carat are essential to Fiserv’s ecosystem. They function as operating systems, providing unified entry points for businesses of various sizes. They share knowledge and insights, creating a symbiotic relationship.

The Competitive Landscape

Carat faces formidable competition from industry heavyweights like Stripe, Adyen, PayPal’s Braintree, and FIS’s Worldpay. However, Carat’s approach is unique. It operates as the modular ecosystem, allowing clients to pick and choose components based on their specific needs. The focus is on serving the customer and integrating the solutions they require. In essence, Carat competes and collaborates with various players in the current market, emphasizing the importance of partnerships.

Carat’s Vision for the Future

When asked about CEO of Fiserv Frank Bisignano‘s assertion that in coming year or so, Carat will dominate the existing market, Casey Klyszeiko expressed confidence in achieving this goal. The key is simplicity and unification. Customers crave easy access points, orchestration, and real-time, fast, data analysis. Carat’s focus is on delivering what customers need and adapting to the evolving market landscape.

Carat understands that customer preferences are ever-evolving. Whether it’s online transactions, in-store experiences, or payments via various methods, Carat provides the infrastructure for businesses to adapt. This adaptability is exemplified through partnerships like Instacart, which now accepts online EBT payments, meeting the needs of millions of Americans who rely on government assistance programs.

Trust is paramount – Customers want to engage with brands they trust, not just with their data but also in terms of platform reliability and a company’s mission. Carat addresses these concerns by delivering advanced security, fraud prevention, and optimization tools.

Can Carat Be The New Face Of Payments And Digital Commerce?

The demand for the Carat operating system continues to soar as digital commerce experiences unprecedented growth. While the shift to online shopping was underway prior to the pandemic, recent events accelerated the need for diverse purchasing options, leading to an increased reliance on cross-channel digital solutions, contactless payment experiences, and innovative ecommerce offerings.

Here’s what Carat is doing right:

Enhancing Unified Experiences

Carat is dedicated to assisting merchants in providing unparalleled experiences for their end customers. The focus is on creating unified experiences, as these experiences serve as the new measure of customer loyalty. It involves ensuring that the customer journey remains consistent across various devices, channels, and locations, meeting them at their preferred points of engagement. Carat is wholly dedicated to facilitating the experience business.

Seamless Choice

Given the ongoing evolution of consumer preferences, providing more useful and easy options have become crucial. Whether it involves online transactions, in-store purchases, or interactions on social platforms, along with the flexibility to pay using different methods like BNPL, bank transfers, or cards, it is essential for merchants to be equipped to accommodate these preferences. Carat offers the necessary infrastructure for merchants to facilitate transactions seamlessly, anywhere, and at any time, using a range of payment methods.

About Fiserv

Established in 1984 and based in Brookfield, Wisconsin, Fiserv, Inc. is a prominent American multinational company that specializes in delivering cutting-edge financial technology services to various clients within the financial services industry. Fiserv’s comprehensive omnichannel commerce solutions are designed to enable businesses to tap into unexplored markets and expand globally, transcending geographical boundaries, currencies, and traditional mindsets.

Image source: Fiserv

Merchant Deposits by Fiserv presents a streamlined, web-based solution that can be swiftly and cost-effectively implemented. This innovative service facilitates remote deposit capture (RDC), catering to the specific requirements of your business clientele. Moreover, Fiserv holds a prestigious position as a member of the Fortune 500 and S&P 500.

About Bringg

As the leading name in the delivery management platform industry, Bringg caters to a global clientele of over 800 customers. Their comprehensive services encompass the streamlined coordination of last-mile delivery, order fulfillment, and returns, empowering businesses to optimize their delivery capabilities, cut down on expenses, and offer personalized customer experiences.

With an open SaaS platform and a robust network featuring more than 250 delivery providers, Bringg facilitates a diverse range of delivery options for enterprises, allowing them to leverage internal drivers or external delivery services, such as third-party logistics, crowdsourced fleets, independent gig drivers, and carriers, to meet their customers’ delivery needs efficiently.

Conclusion

Carat by Finserve, is a worldwide ecommerce platform, it is the central hub for managing payments and fostering experiences for major global enterprises. Through Carat, renowned brands can streamline their commerce operations, enhance transaction efficiency, and explore innovative methods to connect with their customer base.

Frequently Asked Questions

Top Money Making Apps of 2023

People work hard to earn money. Some do it to achieve big goals and some struggle to earn to fulfil their basic necessity. It was difficult to find an employment in the past. But, with internet millions or new opportunities opened up. And we now have hundreds of money making apps that can help you earn extra.

There are numerous apps that you can use and start earning money. You can either earn it as a side hustle or some extra income to make your life easy or you can depend upon them for your carrer. Some apps directly help you in earning additional income or cashbacks. With some you will have to put some extra efforts to earn. These apps provide various ways to make money, including earning cash back or gift cards when making purchases. In fact, around 36% of U.S. workers are falling into a gig economy.

Out of hunreds of apps there where you can make money, we will discuss the top money making apps that are available in 2025 that can help you not only in earning extra but also can help you in becoming rich.

The Best Money Making Apps Of 2023

Looking at 2025 so far, many apps can help you earn some extra buck. These are the top 7 apps so far:

Upwork
Acorns
Rakuten
Fiverr
Ibotta
Swagbucks
Survey Junkie

1. Upwork

Recommended for freelancers

Image source: Upwork

One of the top-notch apps for money-making, whether you’re venturing into a side hustle or establishing a full-fledged freelancing enterprise, is none other than Upwork. It has an easy and user-friendly interface enhanced communication tools, and has the potential that it offers for freelancers to increase their earnings over time.

Upwork stands out as the ultimate money-making app, serving as a hub for skilled individuals to connect with clients and seamlessly manage projects within a freelancing marketplace that drives the gig economy. Upwork is popular due to its extensive list of accessible skill categories, robust profile-building features, and virtually limitless earning prospects.

Creating a profile and applying for new assignments on Upwork is easy. Regardless of your prior experience, the Upwork user interface is easy to manage. More than 10,000 jobs are posted daily on Upwork. It ranges from content writing, digital marketing, translation, coding, administrative tasks, graphic design, and more. You can discover a range of tasks that can be completed using a computer or laptop.

To begin using Upwork, the first step is to create an account. This allows you to create a profile page, highlight your skills, and set your desired pay rate for each project. Once your account is set up, you can start browsing and applying for jobs and get hired. You can also start creating projects that others can purchase.

The best part is that before you start the work, you can ask the client to deposit the amount in escrow. Once the work is completed and the user is satisfied, the amount is released from the escrow into your account. You can then withdraw the amount to your bank or PayPal account.

Pros:

Effortless job hunting and connecting with potential clients.
Upwork manages contracts, billing, invoicing, and mediation on your behalf.
The platform offers substantial earning potential for skilled freelancers who are well-versed in their craft.

Cons:

Bids are limited (50 connects for new signees thereafter, only ten connects for free every month). You have to pay for additional bids to reach out to as many clients as possible.
Upwork charges a commission fee for its services.

2. Acorns

Recommended for micro-investors

Image source: Acorns

Acorns is an automatic savings and investing app specifically designed for teenage beginners to invest money. For many, the consistent act of saving or the prospect of investing can feel daunting. However, it’s vital to recognize that time plays a crucial role in wealth-building. Delaying investment means forfeiting potential growth over the years.

If you’ve yet to dip your toes into investing and find yourself uncertain about where to begin, Acorns offers a promising entry point.

Here’s how it works – Imagine you’re at the restaurant, and your bill comes up at $15.14. So if you pay with your card, Acorns steps in, rounding up the charge to the nearest dollar, in this case, $0.86, into investments on your behalf.

Acorns go the extra mile by curating investment portfolios tailored to your specific goals and risk tolerance. Your invested funds can be categorized into various goals, like funds for a vacation, emergency funds, and even retirement funds. This makes Acorns an ideal choice for those who might not have initiated saving or investing independently; it helps take that crucial first step.

Investing amounts of spare change is definitely a step in the right direction. It’s important to keep in mind that while the initial gains in the stock market may appear modest, they have the potential to accumulate into a significant sum if you consistently invest and increase your investments over time. Acorns has developed into a comprehensive financial wellness app over the years. With Acorns, you can start your savings and investment journey with as little as $5.

Pros:

Easy investment of spare money.
You can get a chance to earn cashback and rewards on selected places.
Works as a foundation for your investment journey.

Cons:

Higher fees on smaller account balances may impact returns.

3. Rakuten

Recommended if you are looking for cashback offers

Image source: Rakuten

Recognized as Ebates, Rakuten stands as a cashback platform that rewards users for making purchases via their website or through their browser extension. Consumers have the potential to earn cashback ranging from 1% to an impressive 40% on nearly any item acquired through Rakuten. This inclusive service is available to individuals aged 18 and older, boasting partnerships with a vast network of over 2,500 retailers.

Rakuten operates as an affiliate marketing entity, a model where companies compensate influencers for directing customers to their websites or stores. In Rakuten’s case, retailers pay them a commission when you, the consumer, make a purchase through Rakuten.

What sets Rakuten apart is their choice to share a portion of this commission with you, effectively incentivizing you to continue conducting your shopping through their platform. In essence, this arrangement results in a win-win situation for all parties involved. Once you accumulate cashback, Rakuten provides two methods for payouts. You can either receive a physical check by mail or have the balance transferred directly to your PayPal account.

Pros:

Utilizing Rakuten is straightforward; you simply use their platform to connect to the website where you intend to shop.
Virtually any item you seek can likely be found through Rakuten, turning every online shopping endeavour into an opportunity to earn cashback.
Rakuten offers referral rewards ranging from $5 to $25 on your cashback.

Cons:

Cashback accruals are paid out quarterly, meaning you may need to wait to access your earnings.
Rakuten reserves the right to permanently disable user accounts without prior notice, which can be a potential downside.

4. Fiverr

Recommended for freelancers and designers

Image source: Fiverr

Fiverr’s distinctiveness lies in the fact that you, the creator, design the gig and list it for potential buyers. This means you can craft jobs that are entirely manageable from your smartphone. Fiverr operates as a freelancing marketplace encompassing a staggering 200+ categories, spanning areas like programming, video production, and animation.

To get started, you’ll need to create an account and designate yourself as a “seller,” emphasizing your area of expertise. Then, proceed to list the gig you’re offering, which should include pricing details and a comprehensive service description. The pricing spectrum ranges from $5 to $995, providing flexibility for various services. Buyers (clients) can browse your offerings and place orders. Your payment is secured once you successfully complete the job. Fiverr categorizes sellers into different levels based on their performance, and as you ascend through the tiers, you gain the ability to offer additional “extras,” such as faster delivery times.

Pros:

Guaranteed payment for completed jobs.
Option for freelancers to receive an early payout.
Opportunity to offer multiple gigs, consolidating your services in one convenient location.

Cons:

Fiverr deducts a 20% fee from your earnings.
Finding freelance work on the platform may take some time, requiring patience.

5. Ibotta

Recommended if you are looking for cashback offers

Image source: Ibotta

Ibotta, a no-cost cashback app, opens the door to cashback rewards for both in-store and online shopping. This versatile app boasts a roster of over 2,000 retailers. To start your journey towards saving money, begin by creating an Ibotta account and downloading the app on your device. Once you access the app, you will discover a range of exclusive deals and promotions that are tailored to specific stores.

If you find a tempting offer, just tap the button to save it. The amount of cashback you earn with Ibotta depends on which offers you receive. The reward rates vary, starting at $0.10 and going up to $3.00 or even more.

Pros:

Completely free to use.
Boasts an extensive network of over 2,000 retailers.
Offers a welcoming $10 bonus for new users.
Allows you to earn cash by referring friends.

Cons:

Requires you to add offers before shopping.
Involves the step of uploading receipts as part of the process.

6. Swagbucks

Recommended if you are looking for cashback by doing odd jobs

Image source: Swagbucks

Swagbucks operates as a platform that offers cashback rewards in the form of “Swagbucks” for simple online tasks. While it functions as an advanced affiliate marketing website, Swagbucks goes beyond cashback for shopping. This versatile platform provides multiple avenues for earning money, including watching videos, playing games, utilizing their search engine, referring friends, and more.

Swagbucks boasts a remarkable track record, having disbursed over $885 million to users in the form of cash or gift cards redeemable at popular retailers like Walmart and Amazon and even cash through PayPal. While you might come across claims doubting Swagbucks’ legitimacy, the reality is quite the opposite. Such skepticism often arises from individuals who may not qualify for surveys or anticipate higher payouts, leading them to label it as a scam.

However, a multitude of positive reviews and testimonials stand as evidence of Swagbucks’ credibility. Numerous users have earned money by engaging in relatively simple tasks, such as answering questions and playing games.

Pros:

Offers a diverse array of earning opportunities.
The user-friendly mobile app enhances accessibility.
Lucrative friend referral program.

Cons:

Accumulating points can be a gradual process.
Customer service response times may be slower in some instances.

7. Survey Junkie

Recommended if you are looking for paid surveys

Image source: Survey Junkie

Survey Junkie is an app designed to help you earn extra cash by participating in online surveys, essentially compensating you for sharing your opinions. The process is straightforward. Begin by signing up either through the app or website and creating your account. To proceed with this step, they will ask for some information, like your ZIP code and the country where you currently reside. Please note that Survey Junkie is only accessible to residents of the United States.

Afterward, please fill out your profile by sharing details about your interests. Once your profile is in place, Survey Junkie will start offering you paid surveys. Each survey carries a specific point value, and these points can be converted into cash, either via PayPal, direct bank deposit, or as gift cards. The minimum redemption threshold on Survey Junkie is $5, equivalent to 500 points.

Pros:

Earn money by participating in relevant surveys for marketing and research purposes.
Offers the option to earn by sharing browsing data.
Ensures anonymity when submitting data to protect your identity.

Cons:

Some surveys may include repetitive questions to validate responses.
Partially completed surveys may be terminated if you don’t meet the desired criteria.

Conclusion

As the global economy steadily embraces the growing gig economy trend, a plethora of money-making apps have emerged, offering opportunities to supplement or even substitute your traditional full-time employment. Depending on your objectives and personal preferences, you have a diverse range of options to explore.

Also watch our video on money making apps on Youtube.

Frequently Asked Questions

Top Social Media Marketing Trends For Businesses To Watch In The Fall Of 2023

A significant portion of daily life revolves around social media, whether it is Facebook, Instagram, X (Twitter), Snapchat, TikTok, Quora, Tumblr, and new platforms like Threads. Social media has seamlessly integrated into our daily routines for work and business. With these platforms being so thoroughly integrated into our lives, it is essential to understand recent trends to understand customer behavior and optimize business marketing activity. Fortunes are made daily on social media, and while some of it may seem like luck, your business can capitalize on social media to boost revenue and increase customer engagement.

Source : Statista -Number of social media users worldwide from 2017 to 2027

It is expected that by the end of 2027, 5.85 billion people will be using social media. Every company understandably wants to be there to connect with customers on these vast platforms. So, what trends are taking hold this fall, into the holiday selling season, that can benefit your business?

data of hours spent on different social media

With an overflow of content on social media, the competition between businesses is fierce. Standing out in this crowded space can be challenging without a well-crafted marketing plan. In order to stay ahead in your marketing efforts,

Social Media Marketing Trends For Businesses To Watch In The Fall Of 2023

Here are the social media marketing trends for businesses to watch in the fall of 2023 and beyond.

Trend #1 – The Growing Popularity Of “1-Minute Content”

The future of online content appears to be heavily focused on video content, with an increasing number of businesses already benefitting from the potential of video marketing, accounting for 86%. However, the spotlight will shine brightest on shorts and reels. These formats not only have the potential to garner higher engagement from your audience but also serve as invaluable tools to reach out to a large audience. In fact, over 700 million pieces of short-form content are uploaded daily on social media platforms.

product video in social media marketing data

These short videos allow brands to keep their audience engaged and even gives them a chance to tap new audience. However, It is essential to note that the success of short-form content does not mean that anything you post will equal better results. Just like other types of content, short content has to be creative and engaging, as only high-quality content retains the ability to break through the noise and captivate your audience.

which generation buys products more on social media data

Data source: Think with Google

Trend #2 – Communities Over Followers?

In 2023, brands that cultivate an engaged social media “community” will emerge as the real winners. While many brands perceive social media as a platform for content sharing, this perspective only addresses half of the equation. The other equally critical half fosters the idea of community, establishing connections, and actively engaging with your audience.

US adults who say they use at least one social media site by age

Data and image source: Pew Research

But how can you know if your audience is just a bunch of “Followers” or a true “Community”? Here are some key indicators to keep an eye out for:

When your audience voluntarily promotes your brand.
When individuals share your content/service/products with their friends and families.
When your community collectively celebrates your brand’s achievements.
When meaningful relationships are formed because of a genuine interest in what your brand offers.
When there is excitement for any event you organize.

All in all, a community is like a group of people with common interests and common goals. A recent survey suggests a staggering 90% of social media marketers consider the development of an active online community as their main SMM strategy for 2023 and beyond.

When we see consumer data, this logic makes much more sense. More than 20% of all users on social media are a part of some type of community. Among those engaged in online communities, approximately a quarter (21%) identify the most significant benefit as product discovery.

So, where should you establish your online community? Social media marketers appear divided between Facebook and Instagram, with Quora trying to be third in line. You can choose either of the platforms or extend your reach on each platform to start building your community.

Trend #3 – Influencer Marketing Is Still A Thing And It Is Stronger Than Ever!

Content creators now hold significant power in brand/product marketing. According to recent studies, most of the consumers (87%) trust recommendations from family and friends who have personally interacted with a brand and had a positive experience. This is where influencers with large communities can make a difference for your business. A substantial 71% maintain their trust in bloggers, vloggers, and social media influencers who share their firsthand experiences with different brands.

However, success is highly dependent on the influencer, content quality, and alignment with the brand’s values and message. Notably, a third of social media users prefer to discover products through influencers on social platforms. This preference is even more significant among Gen-Z.

Influencer marketing remains a steady and powerful force in marketing. However the types of influencers who hold the greatest value are constantly changing and evolving. In 2022, influencer marketing witnessed a remarkable surge, with expenditures soaring to a staggering $4.14 billion. This figure stands as a remarkable achievement, representing an increase of approximately one billion dollars compared to the previous year. With this trajectory, the future of influencer marketing appears exceptionally promising.

Trend #4 – Social Media Channels, A Reliable E-Commerce Platform?

The future of eCommerce undeniably resides within social media. In recent times, the e-commerce landscape experienced a significant transformation as shopping on social media platforms gained substantial traction. Platforms such as Facebook Marketplace and Instagram introduced features like in-app purchase options, “save later” buttons, and more, simplifying the shopping experience for users.

The journey begins with product discovery, and for consumers aged 18 to 54, social media stands as their preferred channel for uncovering new products.

Social media marketers have taken note of the rising trend of social shopping, with 47% of those surveyed reporting an increase in in-app sales. Moreover, an astounding 80% of social media marketers predict that consumers will increasingly opt to purchase products via social apps over traditional brand websites or third-party platforms like Alibaba, Etsy, or Amazon.

data on different age groups purchasing product on social media in the last three months

Source: HubSpot

Despite these impressive statistics, many consumers still have concerns about making purchases through social media platforms. Our survey found that only 41% of social media users feel comfortable making purchases on social media, and just 37% are willing to share their card information with these platforms.

The primary concerns that bother the customers are:

Authenticity of the Business/Brand (54%).
Refunds Assurance (48%).
Product/Service Quality (44%).

By undertstanding these concerns, you can stand out and differentiate your company. Among the various platforms offering in-app purchasing options, Instagram is ahead of the pack as the platform users deem to provide the most favorable shopping experience. Social media marketers concur, recognizing Instagram for delivering the best return on investment (ROI) and an array of effective marketing tools.

Trend #5 – Using Social Media For Effective Crisis Management

Effective crisis management on social media is becoming an indispensable necessity.

The recent statistic reveals that over 95% of businesses anticipate confronting a crisis within the next two years. The challenge lies in the fact that many companies have yet to establish a dedicated crisis response team or formulate a crisis plan.

Social media platforms have evolved into lightning-fast channels for being at the front of any issues your brand/company faces. With stories and X posts, you can quickly address the issues with an effective plan without further escalating the problem. Neglecting to address even a small problem can lead to its escalation, potentially inflicting substantial harm on your business, both financially and reputation-wise.

A substantial 61% of respondents believe that brands should possess the capacity to acknowledge crises through their advertising and communication efforts promptly.

Furthermore, harnessing social media as a crisis management tool holds the potential to help businesses rebuild trust with their audience. An impressive 81% of respondents assert that social media has contributed to enhancing business accountability.

The same report underscores that 89% of individuals maintain that a business can regain its trust when it demonstrates transparency by acknowledging its mistakes and outlining corrective actions. Given the current landscape of social media utilization, not only by users but also by businesses, it emerges as a potent instrument for effective crisis management.

Trend #6 – BeReal And Threads Getting The Attention

One of the earliest social media marketing trends of 2023 to capture attention was BeReal. This newcomer to the scene intrigued users and left marketers scratching their heads. After all, how do you approach an app that doesn’t encourage constant use?

Image source: BeReal

While many will grapple with how to market their brand on this platform, It is an excellent opportunity to step back and gain perspective. Understanding why vertical networks, closed communities, and apps like BeReal are flourishing, especially as consumer social media fatigue becomes more prevalent, will be pivotal in shaping your strategy.

On the flip side, there’s Threads, a creation by the Instagram team aiming to rival X, formerly known as Twitter. It promises to elevate your experience in sharing text and participating in public discussions, or so they claim.

Image source: Wikipedia

Threads provide a dedicated space for self-expression, creating meaningful conversations and connections with like-minded individuals. You can effortlessly log in using your trusted Instagram account, personalize your profile, and immerse yourself in a lively community.

Trend #7 – The Growing Popularity Of AI-generated Content In Marketing

The year 2023 has been a momentous one for AI. Anticipate witnessing an upsurge in AI-driven content recommendations on prominent social media platforms like Facebook and Instagram, all geared toward enhancing user engagement. With the proliferation of social media platforms, there’s an escalating demand for content that is not only high in quality but also engaging and tailored to individual preferences.

This is precisely where AI-generated content takes center stage, empowering marketers to swiftly and efficiently craft content while conserving valuable time and resources.

Numerous AI tools have emerged to aid marketers in content creation for social media. Here’s a brief overview of some of the most renowned ones:

Wondershare Filmora: A video creation tool harnessing AI to produce personalized videos on a large scale.
Midjourney: A versatile tool designed to generate images through natural language descriptions.
AISEO: A natural language processing tool adept at generating compelling social media copy.

These AI-driven solutions are poised to revolutionize content creation, offering marketers innovative avenues to connect with their audience effectively.

Trend #8 – Repurposing Content Won’t Work

Reusing the same content across multiple platforms won’t cut it in 2023.

Social media marketers typically manage an average of four different platforms. While most SMM managers reuse one post on different platforms, there’s a noticeable shift away from this one-size-fits-all approach. In fact, only 17% of marketers are simply cross-posting the same content on different platforms. Most are moving towards a more tailored approach.

According to our research, 48% of marketers are making adjustments to their content when sharing it across various platforms. Furthermore, more than a third (34%) are opting to create entirely new content for each platform. And even though we might think we have a grasp on what to expect, this list of social media marketing trends likely doesn’t cover all that we’ll encounter in 2023.

Recommended reading: Shadown banning and how to fix it

Conclusion

For social media marketers, the best course of action is to continue researching social media marketing trends, online consumer behaviors, and your team’s social media data. This information will enable you to determine which social media marketing trends or strategies to put your focus on and how to handle unforeseen challenges in the ever-evolving online environment.

Frequently Asked Question

Top eCommerce Trends for the 2023 Holiday Shopping Season

The 2023 holiday season holds significant promise and excitement for eCommerce businesses. We have entered a period characterized by higher consumer demand, technological advancements and evolving customer habits. Businesses have a multitude of eCommerce trends to follow and capitalize on this shopping season.

In this article we explore in depth the eCommerce trends for the holidays in 2023, along with how business owners can utilize these trends to boost sales, customer engagement, and overall success.

What To Expect This Holiday Season?

Holiday shopping now kicks off earlier than ever before. In recent years, it has become evident that the traditional holiday shopping season starting after Thanksgiving is a thing of the past. Major retailers offer “Black Friday” and “Cyber Monday” deals as early as October along with other “early access deals” and holiday season promotions. Exciting holiday sales discounts start early and businesses continue spending on promotions throughout the entire fourth quarter.

In fact, by mid-October, holiday shoppers around the world had already completed approximately 21% of their holiday shopping.¹ This year, it appears that both retailers and shoppers are following a similar pattern, reinforcing the trend of early holiday shopping as the new normal. Thanks to autumn promotions like Amazon’s Prime Early Access Sale, the growth rate of eCommerce in October exceeded that of November and December, experiencing a remarkable 9.8% surge in 2022.

This, coupled with events like “Black Friday in July,” illustrates that consumers are shifting their holiday spending earlier in the year and anticipate retailers to adapt accordingly. For retailers, this means being prepared to capture attention well in advance and adopting a continuous “always-on” marketing strategy.

Top 10 eCommerce Trends For Holidays In 2023 To Watch Out For

1. 2023 Will Experience Early Start

In 2022, a remarkable 54% of buyers kicked off their gift research and purchases even before Thanksgiving. Anticipate the holiday shopping frenzy to start earlier, just like the previous year. As an eCommerce business owner, it’s vital to brace for a relatively long shopping season this year.

major shopping days in the last quarter of 2023

This necessitates well-planned inventory management, efficient processing of orders, and improved logistics to accommodate a sustained surge in orders. To get ready for this shift, consider these tips:

To enhance your order processing, consider investing in technology and systems that can streamline the process. This may include implementing order tracking, automated notifications, and ensuring a user-friendly online shopping experience to handle increased traffic seamlessly.
To effectively plan for your inventory, analyze your sales data from the previous year to identify which products were popular and any emerging trends. Make sure you have an ample supply of these items beforehand to meet the initial demand.
Ensure that your employees are equipped to handle the increased workload while maintaining a positive and helpful attitude towards customers.
Make your return and exchange policy clear and customer-friendly. This helps build trust with customers and can impact their decision to shop with you early.

2. Personalization In Boosting Sales

In the upcoming holiday season, personalization will play a pivotal role in driving sales. To cater to consumers who are actively seeking discounts, brands need to step up their game by not only suggesting products aligned with shoppers’ intentions but also offering the best value.

Surprisingly, nearly two-thirds of US online adults greatly appreciate it when companies recommend products that are on sale or come with promotions. An effective approach involves layering messages with first-party data, such as loyalty or in-app purchase information, across various channels, thereby increasing relevance and appeal for consumers.

3. Embrace Omnichannel Continuity

An impressive 73% of consumers visit multiple channels when going shopping. Transitioning between both online and in-store solutions. Business owners need to make sure that their online platforms work well with their physical stores, offering a seamless shopping experience. You’ll stand out if you coordinate your inventory, pricing, and advertising across channels.

Factors consumers find important when shopping

The distinction between online and in-store buying is still being eroded. Brands are now dedicated to delivering a smooth experience on diverse channels, letting consumers begin their shopping on one platform and finish it on a different one. The secret is the seamless blending of offline and online purchasing experiences to satisfy the multifaceted preferences of modern consumers. Here are some actions to take as the holiday shopping season as we approach 2023:

To deliver a seamless purchasing experience, integrate your online and in-store services.
To foster confidence, make sure prices are consistent across all channels.
To increase exposure, promote both your live and online presence simultaneously.

4. The Social Commerce Wave

The landscape of social media is rapidly transforming into a thriving realm for online shopping. In 2022, a substantial 36% of customers dedicated more time to researching products and exploring offers compared to the previous year. This trend is poised to persist, marked by consumers exercising greater caution with their budgets, an abundance of choices, and access to extensive deal information and comparison features.

It is important to note that more people prefer to go through online reviews about a product before buying it than ever before. ²

Brands are cleverly forging communities, facilitating a seamless journey for customers from product discovery to making purchases via social media. There’s no doubt that social media serves as both a marketplace and a wellspring of inspiration during the holiday season.

The fusion of eCommerce and social media is set to be pivotal. Retailers should seize this opportunity by optimizing their profiles across different social media channels for attractive posts and posting ad campaigns. Some practices are gaining prominence and are expected to drive substantial conversions, such as:

Usage of keywords for captions.
Use proper tags under the caption.
Use attractive banners for different products and discounts.

5. Consumers Are Not Spending Much This Season

Despite a decline in inflation compared to previous years, many retailers anticipate that consumers will scale back their spending in response to rising prices. Consequently, retailers are planning to order less inventory than in previous years. Adding to this uncertainty, Wall Street is predicting a potential U.S. recession within the next 12 months ³, possibly as early as November, which coincides with the start of the holiday shopping season.

Amid economic uncertainty, it’s evident that holiday shoppers will be actively seeking ways to save. In fact, a substantial percentage of retailers anticipate that consumers will be on the lookout for discounts during this holiday season. While offering discounts may entail sacrificing some profit margins, it is imperative to meet the evolving needs of customers in this season of uncertainty.

6. The Sustainable Fashion Revolution

Consumers are increasingly becoming careful about the environmental impact of their shopping choices. This surge in conscious buyers is spurring a heightened demand for products that are sustainable and environmentally friendly.

ECommerce brands are rising to the occasion by showcasing their support for green products, transparency in sourcing methods, and dedication to a green planet. Here’s a roadmap for action:

Begin by meticulously choosing your materials and suppliers. Seek out sustainable and ethical sources for your raw materials. This not only minimizes your environmental footprint but also promotes fair labor practices.
Give priority to eco-friendly production methods that focus on reducing waste and energy consumption. Incorporate the use of renewable energy sources and environmentally conscious dyes and chemicals in your manufacturing process.
Transparency is key. Let your customers know about your supply chain and production methods. Educate them on the origins of your products, the manufacturing process, and the impact their purchase has.
Consider using environmentally friendly packaging materials that can be recycled or biodegraded. Minimize excessive packaging and promote recycling or reusing among your customers.

7. The Growing Popularity of Buy Now, Pay Later

The utilization of buy now, pay later or BNPL financing options is on the rise, accounting for a noteworthy 9% of total orders, particularly spiking during the week leading up to Christmas.

This prediction indicates a substantial but expected increase compared to 2022 when buy now, pay later sales comprised 7% of all online orders.

Regrettably, the escalating trend of consumer debt often mirrors underlying economic challenges. In the first quarter of 2023, the total household debt in the United States reached a staggering $17 trillion ⁴, marking a historical high. This surge in debt reflected a 0.9% uptick from the fourth quarter of 2022 and a significant $2.9 trillion increase compared to the end of 2019, prior to the pandemic-induced recession.

household debt in the US is $17.06 trilion

For eCommerce businesses yet to offer a buy now, pay later option, this trend underscores the potential benefits of considering its inclusion in their payment offerings.

8. Influence of Generative AI

The buzz surrounding models like GPT and their increasing accessibility is making waves in the tech world. Recent research reveals that 17% of consumers have already harnessed the power of GPT for product research and inspiration, and an additional 10% plan to leverage it for curating their holiday shopping lists.

During the holiday season, brands and retailers are poised to fully use this technology, utilizing customer data to craft highly personalized shopping journeys that not only enhance the overall experience but also foster customer loyalty. The most significant impacts expected are the following:

Automation of marketing campaigns and the generation of content for emails, landing pages, text messages, social media, and mobile apps.
Implementation of conversational site search, providing a more natural and human-centric way for customers to discover the perfect gifts across digital platforms.
Development of more nuanced and human-like chatbot responses that possess the ability to deeply understand, anticipate, and effectively address customer inquiries and concerns.

9. The Impact of BOPIS on Retail

In 2020, the concept of Buy-Online-Pickup-In-Store (BOPIS) emerged as a game-changer in the retail landscape. Today, it remains an essential offering for shoppers, influencing their choice of retailers. Our research highlights that a significant 39% of shoppers actively seek out retailers that provide BOPIS options.

Beyond merely attracting customers, BOPIS has the potential to boost sales. A noteworthy 41% of shoppers are now more inclined, compared to a year ago, to purchase after browsing online for products available in physical store locations. This shift in omnichannel buying behavior underscores the importance of visibility and convenience as drivers of customer loyalty.

During the 2022 holiday shopping season, BOPIS played a pivotal role, with one in five online orders being fulfilled through this method. This figure soared to over one in three after the shipping cutoff dates, demonstrating its increasing significance.

10. Resale Market Will Be In Focus This Year

The popularity of the resale market has seen a significant increase, driven by consumer interest. This trend has been steadily growing in recent years, fueled by improving technolgies. The movement originated with platforms like Craigslist, which offered a space for people in the United States to buy and sell pre-owned items. Today, the impact of the resale market extends beyond U.S. borders, reaching consumers worldwide. This is largely due to contemporary online marketplaces such as Facebook Marketplace playing a role in its expansion.

One might wonder what drives consumers to embrace the resale market so eagerly. The answer, while simple, holds considerable significance—saving money. In a time where financial wisdom and cost-consciousness are highly valued, consumers are increasingly finding solace in the resale market as a way to make their dollars go further.

The increasing popularity of purchasing pre-owned goods reflects a significant change in consumer behavior. This trend has moved beyond niche circles and is now a mainstream phenomenon. Consumers have realized that the resale market not only provides economic benefits but also offers a sustainable approach to consumption. By embracing pre-owned items, individuals actively contribute to reducing waste and minimizing their environmental impact.

Conclusion

Understanding your customers is crucial for customer retention. To create an effective holiday strategy, start by gaining insights into their needs, preferences, history, and previous interactions.

Utilize your existing customer data and leverage technologies like artificial intelligence and automation to engage with your customers at the right moments. This approach will help you create customer experiences that cultivate loyalty during peak holiday seasons and throughout the retail calendar.

References:

1- Google Survey

2- BrightLocal

3- Forbes

4-Household debt in the USA

Frequently Asked Questions

CFOs Using Working Capital to Fuel Growth

Working capital is a critical factor in the finance world, particularly for businesses. The significance of working capital extends beyond simply covering day-to-day expenses. It can also be leveraged strategically to fuel growth and meet market demands. For instance, it can be allocated towards settling supplier payments, purchasing inventory, and optimizing various operational aspects.

Today, we will get into the roots of the crucial role that CFOs play in managing working capital and also how they are using working capital to fuel growth.

The Connection Between Working Capital and Growth

When a company has sufficient working capital, it possesses the ability to consistently compensate its employees, fulfill supplier obligations, and manage other financial responsibilities. These financial responsibilities can include interest payments and taxes. With working capital in hand, they can easily tackle temporary challenges of low cash flow.

How to calculate working capital?

Working capital can serve as a means to finance business expansion without the need for incurring additional debt. Furthermore, businesses that are good in forecasting and managing their cash flow can seize advantageous pricing and early supplying opportunities and negotiate discounts through early payment arrangements.

For instance, as the shift towards EVs gains momentum, CFOs in the fleet industry play a vital role in adapting to these changing dynamics. They oversee traditional fuel-powered operations and the evolving new sustainable EVs’ tech-related developments. A CFO can use various financial tools, including virtual cards, working capital loans, and lines of credit.

Given the current global economic environment, CFOs are prioritizing the swiftness of working capital – the ability to borrow it quickly, repay it promptly, and make instant decisions and purchases. This is the crucial aspect that CFOs are currently focusing on to drive growth. It ensures an increase in operating profits and gives the company competitive leverage.

Strategies for CFOs to Optimize Working Capital More Effectively

Business Analysis

Before getting into financial complications, it’s essential to undertake a comprehensive business analysis to identify key value drivers. This analysis merges business strategy and financial assessments, offering a clear view of the company’s core elements.

Business Strategy Analysis: This step involves scrutinizing the industry in which the company operates and evaluating its strategic approach. The goal is to create a sustainable competitive advantage by identifying key value drivers and assessing potential business risks.

Financial Analysis: Financial analysis comes into play, focusing on two critical facets:
- Ratio Analysis: This aspect involves evaluating financial ratios that gauge the product market performance and financial policies. Key ratios include ROE. This further separates into asset turnover, financial leverage, and net profit margin. Short-term asset turnover and working capital aspects are of particular interest in investment management.
- Cash Flow Analysis: Complementing ratio analysis, cash flow analysis centers on assessing a firm’s investment management, financial risks, and operating activities.

Interconnectivity: In the execution of Working Capital Management, it’s vital to remember that breaking the cycle into smaller processes can help the CFOs. The interconnectivity between different aspects of the business, such as purchasing and production, can significantly impact overall efficiency and profitability.

Benchmarking for Insights: Comparing financial ratios with industry peers offers valuable insights into working capital management. While it doesn’t mean strict replication, it can highlight opportunities to develop a more cost-effective working capital management strategy, potentially giving your company a competitive edge.

Optimizing Working Capital

When it comes to optimizing working capital, there are several crucial factors to consider. After conducting a thorough business analysis to identify key value drivers and investment management opportunities, the CFO faces the challenging task of optimizing both. This involves choosing from various options within the physical and financial value chain.

Balancing Act: One of the primary challenges is to get a perfect balance between different forces, both internal and external, to the company. The CFO must carefully weigh these forces and their impact on the organization.

Optimizing Value Chains for Success: Optimization is the key to success – The CFO must align the critical drivers in both the physical and financial value chains to ensure that investment management and shareholder value are mutually satisfying.

The Cost-Benefit Equation: Another critical aspect is managing the relative costs of implementation versus expected benefits. This enables consideration of financial performance indicators and less tangible effects on client and supplier relationships, organizational structure, and culture. These aspects are intricately interconnected.

Breaking Down the Financial Value Chain: When a CFO works on the financial value chain, it is important to break it down into separate working capital cycles. This might include purchase-to-pay, production and stock, and order-to-collect cycles. Together, these cycles make up the cash conversion cycle, each presenting unique challenges and implementation solutions.

Purchase-to-Pay Cycle: For the purchase-to-pay cycle, extending the payment period often incurs additional costs, such as lower rebates or higher credit interest. Centralizing functions like purchasing, accounts payable, and accounts receivable can provide economies of scale, enhancing bargaining power. However, setting up incentives for subsidiaries is crucial. They need to see the benefits of relinquishing some authority in favor of a centralized approach, perhaps tying performance metrics to working capital ratios.

Production and Stock Cycle: In the production and stock cycle, the goals are to shorten production processes and reduce raw material and intermediate product stocks. However, challenges like maintaining production levels, ensuring quality, and adapting to demand fluctuations must be addressed.

Order-to-Collect Cycle: In the order-to-collect cycle, embracing technology like e-billing can significantly reduce the order-to-collect time. Yet, it relies on client cooperation, which isn’t always guaranteed.

Case Study – Working Capital Channels into Growth Opportunities

Recent research indicates that an increasing number of corporations are turning to working capital solutions to support their strategic growth initiatives and anticipated shortfalls rather than merely using them to address unexpected cash flow gaps.

Dive deeper into this trend, especially concerning Growth corporations, which include companies with annual revenues ranging from $50 million all the way up to $1 billion. We’ll explore the distinct division between strategic and tactical applications of working capital within this group.

Strategic Use of Working Capital

The data reveals a noteworthy pattern among Growth Corporate CFOs, with a significant majority opting for external working capital solutions to fuel strategic growth initiatives.

Additionally, 34% of these CFOs employ such solutions to manage expected cyclical shortfalls and seasonal gaps proactively. Furthermore, there’s a fascinating breakdown of how various industry verticals leverage working capital to their advantage.

Enhanced Business Metrics

An astonishing 70% of all users report improvements in key business metrics. These metrics include lower days payable outstanding (DPO), higher working capital ratios, and reduced cash conversion cycles. These indicators serve as critical measures of a company’s liquidity and operational efficiency, directly reflecting its capacity to meet payment obligations.

Impact on DPO

Accessing working capital solutions for strategic growth purposes has a substantial impact on DPO. It’s associated with a remarkable 33% increase in the probability of achieving improved DPO, as compared to using these solutions solely to cover unexpected cash flow shortfalls.

Remarkably, the top performers in this index boast an average DPO of just 46 days, surpassing both the average sample (50 days) and the lower-performing group (51 days).

Industry Insights

Certain industry sectors exhibit distinct proficiency in using external working capital for strategic and growth-related purposes. Fleet and mobility companies, in particular, stand out in this regard. These companies often rely on virtual credit cards and working capital loans to bolster their strategic business needs.

Strategic vs. Tactical Working Capital Use

Approximately 3 in almost 10 firms did not tap into any external working capital resources over the past 12 months.

This phenomenon is more common in Central Europe, the Middle East, North America, and Africa in the healthcare industry. Surprisingly, 70% of the CFOs from these firms do not need such “solutions,” indicating a perception that using working capital was indicative of an inefficiently run business.

Emerging Trends

Notably, marketplace firms are leading the charge in utilizing third-party credit facilities, a trend prominently observed in North America.

Conclusion

During the COVID-19 pandemic from 2020 to 2021, CFOs who leveraged their balance sheets to establish a robust liquidity foundation outperformed competitors with less capital. These CFOs paved the way for their companies to gain market share and emerge from the pandemic with stronger, growth-focused profit and loss statements and healthier balance sheets.

In the years 2022-2023, businesses have grappled with a challenging macroeconomic environment marked by inflation, rising interest rates, and supply chain disruptions. In many cases, this has led to fluctuations in customer demand and margins, adding pressure to short-term operational outcomes. Consequently, downstream effects on the balance sheet include delayed customer payments, extended vendor terms, increased capital costs, and more stringent borrowing conditions.

Effective finance leaders take proactive steps to prioritize and manage liquidity in the face of operational challenges. Vigilant management of working capital helps mitigate the impact and represents a proactive response to market disruptions. Embracing working capital to fule growth is viewed positively by capital markets and provides CFOs with the flexibility to execute a balance sheet recapitalization.

Frequently Asked Questions

October Prime Big Deal Days – List Of Exciting Deals To Lookout For

If you happened to miss the announcement, Amazon has officially declared its intention to host a second Prime Day this October called “Prime Big Deal Days.” It is scheduled for October 10 and 11. Get ready for an incredible shopping event! Prime Day is expected to be one of the biggest and most exciting sales extravaganzas, offering massive discounts on popular brands like Apple, Ring, and Dyson.

Throughout the 48-hour event, new deals will pop up as often as every five minutes. You’ll find a wide range of products available with quick and convenient delivery options. Take advantage of this fantastic opportunity to save big!

This sale is set to feature many exciting deals similar to those witnessed during the summer event. Furthermore, it serves as an informal kick-off to the holiday shopping season, granting Prime members an early opportunity to start their shopping ahead of Black Friday. Let us begin with some fantastic Amazon deals you can look forward to.

List Of Exciting Deals To Lookout For During The Amazon October Prime Big Deal Days

Amazon is offering many “mouth-watering” early deals in October. We have meticulously filtered through all the deals and created a list of the best of the October Prime big deals day. From electronics to home decor and kitchen appliances to clothing, we have listed some of the best and crazy deals that Amazon will offer.

Additionally, Prime members can even get a Grubhub+ membership at no cost. Furthermore, from now until October 9, they have the opportunity to save $5 on orders totaling $25 or more simply by utilizing code PRIME5. So without taking much time, here are some exciting discounts presently available, ranging from all-time low prices on highly rated products to rare and exclusive offers:

1- Amazon’s Fire TV Stick – Lite

48,910 ratings

★★★★★

Don’t worry if you’re the proud owner of an old TV that needs a modern touch. If it has an HDMI port, you can transfer it into a new feature-rich current TV with Amazon’s Fire Stick. This product gives you easy access to Alexa and a wide range of streaming services. You can easily plug it behind your TV and launch it without technical expertise.

Image source: Amazon

● Actual Price: $29.99

Specifications

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2- iRobot (Roomba Combo) – J7+ Auto-Emptying Vacuum and Mop

13,370 ratings

★★★★★

Eliminate the need for manual floor cleaning with the innovative Roomba Combo. This versatile hybrid robot vacuums and mops your floors effortlessly. You will be impressed by its capability to handle even the toughest dirt and clean high-pile carpets seamlessly. A simple click of a button provides a hands-free cleaning experience, efficiently collecting dry and wet debris.

iRobot (Roomba Combo) - J7+ Auto-Emptying Vacuum and Mop

Image source: Amazon

● Actual Price: $799.99

Specifications

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3- Echo Pop

3 ratings

★★★★★

For those searching for a smart speaker, the Echo Pop can be the best choice. Its features and versatility extend to playing music, giving you updates about the latest weather reports, making phone calls, and seamlessly controlling other smart devices.

With this Echo Pop, new users will also receive a complimentary one-month subscription to Amazon Music.

Echo Pop | Lavender Bloom with TP-Link Kasa Smart Plug

Image source: Amazon

● Actual Price: $50

Specifications

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4- TCL 75-inch QLED 4K QM8 Smart TV

102 ratings

★★★★★

This 4K television has the cutting-edge features of Dolby Vision & Atmos, coupled with a zippy 120-hertz refresh rate—this is an excellent choice for both gamers and sports lovers.

As a newer model, it has gained many positive reviews for its remarkable brightness, better picture quality, and overall value proposition. The best reason to buy is that it will come with a huge discount of $802.

TCL 75-Inch QM8 QLED 4K Smart Mini LED TV with Google TV

Image source: Amazon

● Actual Price: $2299.99

Specifications

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5- Women’s Yoga Leggings from Leggings Depot (3-inch)

6,646 ratings

★★★★★

These yoga leggings from Leggings Depot are known for their exceptional comfort, wearability, and budget-friendly pricing. These ultra-soft fabric leggings give you a “wearing an air-like feel, giving you a cozy, skin-tight fit.

These Yoga leggings are durable, very useful, and comfortable for a gym-goer or a yoga student.

Leggings Depot Women's High Waisted Reflective Yoga Pants

Image source: Amazon

● Actual Price: $20

Specifications

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6- Sperax Walking Pad,Under Desk Treadmill,Treadmills for Home

11,278 ratings

★★★★★

The Sperax Walking Pad,Under Desk Treadmill,Treadmills for Home stands out for its user-friendly assembly, minimal noise output, and suitability for compact spaces. Its sleek, low-profile design enables effortless storage under a couch when not in use, and it has a weight capacity of up to 320 pounds. While typically priced around $300, its current reduced price marks its lowest in recent months.

Image source: Amazon

● Actual Price: $300

Sepcifications

Sperax Walking Pad,Under Desk Treadmill,Treadmills for Home specifications

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7- CosRX Power Essence – Advance Snail 96 Mucin

51,345 ratings

★★★★★

Formulated with an impressive 96.3% Snail Secretion, this product has garnered viral popularity for its skin-revitalizing properties. CosRX Power Essence is excellent at repairing and rejuvenating dry and aging skin, enhancing skin vitality by combatting dullness, and providing soothing relief to dehydrated skin.

COSRX Snail 96 Essence (Snail 96 Essence)

Image source: Amazon

● Actual Price: $25

Specifications

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8- Mimoglad Ergonomic Chair

4,545 ratings

★★★★★

This Office Chair strikes a perfect balance between comfort, convenience, and affordability of Prime shipping. It is one of the best office chairs available on Amazon. So, keep your back and your pocket relaxed with this offering in the Prime Sale.

Mimoglad Office Chair, High Back Ergonomic Desk Chair

Image source: Amazon

● Actual Price: $190

Specifications

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9- Shark Robot Vacuum (AV993 IQ)

646 ratings

★★★★★

Say hello to your newfound ally in home cleaning—this Vacuum cleaner. This product has a formidable suction power, making light work of deep cleaning on various floor surfaces. It can tackle any debris, from everyday dust to stubborn pet hair.

Shark AV993 IQ Robot Vacuum, Self Cleaning Brushroll

Image source: Amazon

● Actual Price: $300

Specifications

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10- Apple MagSafe 3 USB-C Cable

1,006 ratings

★★★★★

Make sure your MacBook stays fully charged with Apple’s MagSafe 3 Cable, now available at its lowest-ever Price on Amazon. This 2-meter charging cable features a magnetic connector designed to seamlessly guide the plug to your Mac notebook’s charging port for a hassle-free charging experience.

Image source: Amazon

● Actual Price: $49

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11- Queen Size GelFlex Mattress

1,358 ratings

★★★★★

Experience the luxurious comfort of this Queen Size GelFlex Mattress—a thick, plush, and breathable place to get the rest you need. It is made from hypoallergenic materials and is an excellent choice for individuals with allergies. Moreover, this deal brings the mattress down to a very eye-catching price.

Queen, GelFlex Grid, Better Than Memory Foam

Image source: Amazon

● Actual Price: $1399

Specifications

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12- Oral-B Series 3 iO Limited – Rechargeable Electric Toothbrush

1,613 ratings

★★★★★

Achieve healthier gums in just one week with the Oral-B Series 3, powered by Oral-B’s cutting-edge technology. This rechargeable electric toothbrush gives you a plaque-free, clean, and refreshed mouth, with 100% increased effectiveness than the previous version.

Oral-B Series 3 iO Limited - Rechargeable Electric Toothbrush

Image source: Amazon

● Actual Price: $100

Specifications

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13- Ring Video Doorbell – 1080p HD video

174,168 ratings

★★★★★

If the cost has been a hurdle in your path to being a part of the Ring Video Doorbell family, now is the perfect moment to make your purchase. As the Prime Big Deal Days approach, you can get this Ring Video Doorbell at its most affordable price ever.

Image source: Amazon

● Actual Price: $100

Specifications

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14- Beckham Bed Pillows (Hotel Collection)

232,337 ratings

★★★★★

These Beckham Bed Pillows from the Hotel Collection have attracted over 157,000 five-star ratings, making it one of Amazon’s best-sellers.

Made from a blend of 100% gel-filled fiber, they offer a luxurious softness to the touch while maintaining the requisite firmness to provide robust support to your head.

Image source: Amazon

● Actual Price: $61

Specifications

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15- 4-in-1 Kitchen Knife Accessories

29,864 ratings

★★★★★

Ranked as the No. 1 best-selling kitchen gadget, the Kitchellence Knife Sharpener effortlessly sharpens, refines, and polishes blades in a simple three-step process.

Equipped with an ergonomic handle for optimal comfort, it even includes a safety glove to safeguard against accidental cuts—all for the budget-friendly price of $10!

4-in-1 Kitchen Knife Accessories: 3-Stage Knife Sharpener

Image source: Amazon

● Actual Price: $30

Specifications

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16- Apple AirPods – 2nd Gen

592,516 ratings

★★★★★

The timeless Apple AirPods of the 2nd generation deliver an exceptional listening experience, boasting up to 24 hours of crystal-clear audio playback. With seamless setup, in-ear detection, and automatic switching, they offer a genuinely enchanting audio experience.

Apple AirPods (2nd Generation) Wireless Earbuds

Image source: Amazon

● Actual Price: $129

Specifications

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17- Echo Buds

21,507 ratings

★★★★★

The Echo Buds—a compact, featherweight, and exceptionally comfortable genuinely wireless earbuds designed to offer a delightful auditory experience with crisp, well-balanced sound. Amazon’s latest iteration of the Echo Buds empowers you to bring Alexa along on your adventures. You can seize an incredible 30% discount off the list price.

Echo Buds with Active Noise Cancellation

Image source: Amazon

● Actual Price: $50

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18- OXO Good Grips Thermocouple Thermometer

236 ratings

★★★★★

When it comes to cooking meat at the perfect temperature, you’re treating your taste buds. This instant meat temperature measuring thermometer from OXO Good gives you immediate and precise readings.

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● Actual Price: $105

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19- Breville Coffee Maker

2,212 ratings

★★★★★

For those seeking a fresh coffee machine, this versatile coffee maker is currently available at a 20% discount—its lowest price point in a year. This multifaceted machine has an integrated grinder and can brew a single cup at a time, making it a great addition to your coffee brewing tools.

Breville Precision Brewer Thermal Coffee Maker

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● Actual Price: $350

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20- LuxClub 6 PC Queen Sheet Set

173,727 ratings

★★★★★

Get Amazon’s best sheet set, the LuxClub sheets, available in an extensive array of colors to enhance your bedroom decor. These sheets are not only wrinkle-free but also luxuriously soft, and they come with generous 18-inch pockets, ensuring a snug fit on nearly any mattress size.

LuxClub 6 PC Queen Sheet Set, Bed Sheets Queen Size

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● Actual Price: $57

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21- Chillax Giraffe Pro Cam – Smart Baby Monitor

250 ratings

★★★★★

One of the best baby monitors is currently offered at all-time low prices. The camera features a versatile long-neck design and conveniently monitors via a portable device or smartphone.

Chillax Giraffe Pro Smart Baby Monitor – WiFi Baby Monitor with Full HD

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● Actual Price: $200

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22- Apple Keyboard With Keypad

15,190 ratings

★★★★★

Experience the full-size Apple Magic Keyboard, which enhances the iPad experience with its extended layout. Not only does it boast a sleek design, but it also ensures easy Bluetooth connectivity and remarkable battery life. This keyboard is available at an all-time low price.

Apple Magic Keyboard with Numeric Keypad

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● Actual Price: $129

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23- Amazon Fire 65″ Omni TV – QLED Series (4K)

1,635 ratings

★★★★★

Amazon’s Omni QLED TV Series sizes are available at discounted prices. These QLED TVs are particularly well suited for individuals who appreciate Amazon’s user-friendly Fire interface.

Fire TVs are great for integrating with Alexa, with a convenient voice remote and hands-free smart home support. Plus, for those moments when you prefer privacy, there’s a built-in switch to turn off the microphones and keep Alexa from listening in.

Amazon Fire TV 65" Omni QLED Series 4K UHD smart TV

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● Actual Price: $800

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24- 1 By ONE – High Fidelity Turntable

1,984 ratings

★★★★★

This turntable comes equipped with a built-in speaker and offers the convenience of Bluetooth connectivity. Given its price point, it’s also quite portable and delivers impressive sound quality. And keep it in mind as an excellent gift option for the upcoming holiday season.

1 by ONE High Fidelity Belt Drive Turntable with Built-in Speakers

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● Actual Price: $250

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25- Amazon’s EERO Pro mesh 6 – WiFi Router

The Amazon Eero Pro mesh WiFi router extends its coverage to over 533 meters, whether you want to use it for a primary gateway device or a valuable addition to an existing Eero network.

Notably, it allows you to fine-tune the signal strength allocated to various devices, catering to their specific needs. Furthermore, it seamlessly integrates with Alexa and Echo Dot, providing a hands-free approach to navigating your connected world.

Amazon eero Pro 6 mesh Wi-Fi 6 Router, 3 Pack

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● Actual Price: $200

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26- Apple iPad – 9th Gen

51,426 ratings

★★★★★

The latest Apple iPad, the 9th generation, has undergone significant improvements. It has a powerful processor, an enhanced front camera that can capture wider frames when you step back, and an ample storage capacity of 64 GB.

This iPad offers exceptional versatility and performance to handle any task seamlessly. It features a 10.2-inch Retina display powered by the powerful A13 Bionic chip. With impressive battery life, it proves to be an exceptional device in every aspect.

Apple iPad (9th Generation): with A13 Bionic chip

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● Actual Price: $329

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27- VacLife Portable Tire Inflator Air Compressor

34,749 ratings

★★★★★

The VacLife Portable Tire Inflator Air Compressor, designed for DC 12V use, offers a lifeline on the road. With its 150 PSI capacity and equipped with an LED light, this portable air compressor ensures you’re never left stranded on the side of the road, offering a swift solution to maintain proper tire pressure.

VacLife Tire Inflator Portable Air Compressor - Air Pump for Car Tires

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● Actual Price: $45

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28- Fullstar Vegetable Chopper

22,556 ratings

★★★★★

Whether you’re an experienced home chef or just starting your culinary journey with meal prep, the popular Fullstar Vegetable Chopper is your ultimate kitchen companion.

It has four interchangeable blades for chopping, dicing, slicing, and even creating spirals for those perfect “DNA” shapes, so it effortlessly handles a wide array of produce. It works effectively with soft and hard products. It is convenient and versatile and an indispensable kitchen tool.

Fullstar All-in-1 Vegetable Chopper, Mandoline Slicer & Cheese Grater

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● Actual Price: $40

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29- Bona Hardwood Premium Floor Spray Mop

15,967 ratings

★★★★★

Elevate your floor cleaning routine with this robust alternative to Swiffer. The Bona Hardwood Floor Spray Mop has a refillable tank and an extra-large head for swift cleanups. Say goodbye to disposable mop pads as they use microfiber for a sustainable cleaning solution. Sparkling hardwood floors have never been simpler.

Bona Multi-Surface Floor Premium Spray Mop

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● Actual Price: $42

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30- Apple Ultra Watch – 1st Gen

588 ratings

★★★★★

Amazon has slashed the Price of the 1st-generation Apple Ultra Watch. Featuring stainless steel or space black stainless steel case, these watches are popular.

Please note that this discount applies solely to the watch with the small-sized orange Alpine Loop band. Slight variations in band size incur a minor price adjustment. In contrast, watches with different colored bands remain at their regular prices.

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● Actual Price: $799

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31- Bose 700 Noise Canceling Headphones (Wireless)

33,887 ratings

★★★★★

When it comes to office essentials, the Bose 700 Noise Canceling Headphones stand out as our top choice. Armed with advanced signal processing and an impressive four built-in microphones, these headphones excel in silencing your surroundings.

They prove invaluable for maintaining focus in a bustling workspace and ensuring crystal-clear audio during online calls. While their pricing can vary, the current offer presents an excellent deal.

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● Actual Price: $379

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32- Samsung Galaxy – Z Flip Folding 5

30 ratings

★★★★★

Samsung’s latest folding phone, Z Flip Folding 5, introduces an expanded cover screen. Thus enhancing usability without requiring you to unfold the device. If you or someone you know has complained about the growing size of modern smartphones, show them this sleek and stylish folding phone offer.

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Actual price: $1000

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33- JBL Bar Soundbar System 1300X

44 ratings

★★★★★

The JBL Bar Soundbar System offers unique features. It has detachable wireless speakers that make its usage flexible and easy. These portable speakers can be removed from the sides of the main soundbar and placed wherever you desire, free from the constraints of power outlets and unsightly cables.

Additionally, it delivers one of the most impressive Dolby Atmos experiences within its price range.

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● Actual Price: $1700

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34- Dyson Cordless Vacuum V15 Detect

1,868 ratings

★★★★★

Dyson Cordless Vacuum V15 Detect Weighs only 7 pounds, and it offers effortless convertibility into a handheld model and boasts exceptional maneuverability.

Notably, as a Detect model, it features a motorized head equipped with a green laser projection system, aiding in identifying microscopic dust particles that would otherwise remain invisible to the naked eye.

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Actual price: $749.99

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Who Can Benefit from Prime Day Savings?

This year, shoppers hailing from 19 countries have the opportunity to partake in the exciting savings event. These countries include

USA
UK
Australia
France
China
Canada

Germany
Japan
Italy
Austria
Luxembourg
Netherlands
Poland

Portugal
Singapore
Spain
Sweden
Belgium
Brazil

While there will be a variety of exciting and attractive offers available to everyone, the best deals are usually reserved for Amazon Prime members. It is recommended to secure your Prime membership before the grand event.

Becoming a Prime member is quick and easy, taking only a few minutes of your time. Additionally, you can enjoy a complimentary 30-day trial to experience the benefits yourself. If you choose to continue your membership, it is priced at $14.99 per month (discounted memberships are available for eligible students and others).

What Types of Deals to Anticipate?

Prime deals offer many discounts; besides the listed products above, many other products are on sale. This includes coveted items like

Kindles,
Echo Speakers,
Fire TV,
Fire Tablets,
Apple devices,
Dyson Vaccum Cleaners,
Samsung devices,
Wyze’s Products,
Asics Shoes,
Sony Gadgets.

Prepare for substantial price reductions on these brands, among others. It’s worth noting that the Prime Big Days event falls on the 10th and 11th of October. In any case, make a strategy and add your desired products to your shopping cart in advance. This allows you to monitor price changes and act quickly to buy the high discount items.

Conclusion

Amazon Prime Big Deal Days 2023 are one of the best opportunities where you can buy the best products at a very low price. These deals are exclusive and end after the days are over. So plan for the day and buy the products in your wishlist at the most discounted price.

Frequently Asked Questions

What are Prime Big Deal Days?

Prime Big Deal Days is Amazon’s fall sales event following the remarkable success of July’s sales extravaganza. During this event, Amazon Prime members can seize incredible discounts on a wide range of products, ranging from technology and home goods to fashion and beauty. Users can expect substantial price reductions across the website, including rarely discounted items like top-rated gadgets, kitchen appliances, and home decor.

What Are Invite-Only Deals?

If a product is part of the Invite Only Deals program, you’ll see a “Request Invite” button on the right side. Clicking it allows you to buy the item at a discounted price. Please keep in mind that receiving an invite is not guaranteed.

Will You Need a Prime Membership to participate in the Prime Day sale?

Yes, Prime Big Deal Days is exclusively for Amazon Prime members.

How Many Big Deal Days Are There?

Prime Big Deal Days is a two-day event. It starts at 3 am Eastern (12:01 am Pacific) on Tuesday, October 10.