Shopify has recently acquired Handshake, and with this acquisition, Shopify and Handshake will offer a more comprehensive set of B2B options to the Shopify Plus B2B audience.
Shopify and Handshake Improving Mobile B2B Software
Handshake Corp. is a US startup that developed eCommerce B2B platform Handshake which is a B2B commerce solution for businesses who wish to sell wholesale goods directly to their customers instead of through third-party marketplaces.
The site aims to provide a B2C customer journey to B2B clients and it offers a lot of customisation options where B2B sellers can set up customer-specific prices and tailor product catalogues directly to customer needs. The site gives B2B wholesalers control over how their website is accessed – they can invite their customers with personalised emails that will lead them to their exclusive offers. Plus, Customers get access to their pricing, catalogue, and
inventory, and detailed search options. The platform allows sellers to send newsletters and offer promotions directly to their clients too.
For Shopify and Handshake, the largest selling point was the Handshake mobile app aimed at sales representatives.
It gives them a quick way to access product catalogues, inventory, customer order history, and reordering options on the go. Most importantly, the app allows them to take new orders on the spot.
The app also gives sales reps offline access when they are out in the field without access to LTE or Wi-Fi, and also has a barcode scanning function for quick order accuracy.
You can use the app on phones and tablets, so sales reps have their whole catalogue ready to showcase whenever they need.
The fully digital catalogue allows you to take orders immediately and all changes and orders that are made are instantly synced across all devices. That way every team will always have up-to-date information on inventory, sales, and special offers.
Shopify and Handshake Acquisition Pricing
According to TechCrunch, Shopify confirmed it with a short statement, saying:
“Handshake is now a part of Shopify. We consider acquisitions in the normal course of business as we focus on making commerce better for everyone.”
Currently, there is no information on how much Shopify paid for the acquisition, but some sources have stated that it was below $100 million. Glen Coates, the CEO of Handshake, is now the Director of Product at Shopify Plus.
Handshake and Shopify Targeting the Same Market Segment
Shopify and Handshake have both identified a big gap in the wholesale market, where businesses are selling their products wholesale – meaning B2B – but lacked a platform where they could sell directly.
This acquisition seems to indicate that Shopify wishes to bring its Shopify Plus offer closer to the likes of B2B marketplaces like Amazon and Alibaba, but with more optimised mobile solutions.
With a platform like Handshake that offers a place where B2B buyers can order from manufacturers, wholesalers, and distributors directly, Shopify is casting a wider net on what types of businesses they will be targeting in the near future. It’ll be interesting to see what they achieve together.