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You're reading a web archive of Shopifreaks - the Internet's #1 newsletter following the e-commerce industry.

Have you ever virtually tried on an article of clothing or a pair of sunglasses? What if you could mix and match accessories and apparel from multiple brands to see how they looked together before you made a purchase?

Has BNPL gone too far when consumers start using it to pay for their healthcare and energy bills? 

If Google was left unchecked by regulatory agencies, would it push out all its competitors without remorse?

While other tech companies are closing down their retail stores, should Meta start opening new ones?

All this and more in this week’s 68th Edition of the Shopifreaks newsletter. Thanks for being a subscriber. 


Stat of the Week

51% of Gen Z workers fully expect to eventually undertake at least some of their work in a metaverse setting. — According to Microsoft’s WorkLab. –> [RETWEET IT


1. CFPB’s new regulations

The Consumer Financial Protection Bureau (CFPB) is putting new rules in place and becoming more aggressive about rule enforcement. In Biden’s first year alone, the CFPB approved 18 final and interim rules, in comparison to Trump’s approval of 22 rules during his first three years in office. (That isn’t a political statement. LOL. Just making a comparison to put the quantity in to perspective.)

New rules are on the horizon for lenders, banks and other financial services providers including in the following areas: 

  • The use of artificial intelligence by financial institutions in assessing loan risk in lending.
  • The collection and reporting of lending data for small businesses owned by women and minorities. 
  • The offering of buy-now-pay-later products.
  • How financial companies use big-tech payment platforms.

The CFPB was established in response to the 2008 financial crisis with a mission to ensure fair treatment of consumers by banks and financial institutions through the enforcement of laws.

Their recent probe into BNPL products couldn’t come at a better time, as the unregulated lending medium is entering industries that could prove dangerous for consumers. For example, people are now using BNPL to pay for necessities including health care and energy bills. What’s next? A BNPL firm that lets you pay off your credit card debt in installments?


2. E-commerce + POS = Lightspeed Retail

Lightspeed has launched its new Lightspeed Retail, an offering that combines POS, payments, and e-commerce into one platform. The new platform pulls features from the platforms of other companies that Lightspeed previously acquired. 

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