Magento goes from strength to strength
Magento is an exciting ecommerce platform that is constantly evolving and going from strength to strength.
Last weeks news confirmed that Adobe Systems Inc. agreed to buy e-commerce company Magento for $1.68 billion. This is the third-biggest acquisition to create an end-to-end system for designing digital ads, building e-commerce websites and other online customer experiences. The Magento purchase positions Adobe to compete against organisations like Salesforce, Oracle and SAP SE.
Magento technology supports more than $155 billion in gross merchandise volume, and customers include Canon Inc. and Rosetta Stone Inc. Magento CEO Mark Lavelle said the sale would accelerate his company’s commerce progress and reflected a shared vision between the two firms, which were partners before the transaction. Magento rival Shopify fell as much as 5.5 percent in extended trading following the announcement.
Klarna, a leading global payments provider have announced that the latest release of Magento will see an integration with Klarna as a Core Bundled Extension (CBE). The integration will allow merchants to integrate Klarna’s Pay Now, Pay Later and Slice It, which will provide customers with flexibility in payments and an overall smoother shopping experience.
The CBE enables payments via bank transfer, direct debit, 30 day invoice, or through spreading the cost over a number of payments at a low interest rate increasing the consumers purchasing power. Its inclusion in the latest Magento release will help merchants streamline the checkout process and reduce cart abandonment rates.
Michael Rouse, Chief Commercial Officer of Klarna said: “We are proud to be selected as one of the core payment technologies included in the latest release of the Magento Commerce platform. The evolution of our partnership is driven by strong merchant demand and illustrates the quality of our flexible, safe and smooth payment services. Our shared vision of providing exceptional customer experiences by removing the friction associated with the checkout process will deliver consistently improved conversion rates as well as increased average order value for merchants.”