Rishi Taparia - Issue #68
This week we look at Instagram’s new shopping capabilities, the tech that powered Alibaba’s Singles Day, history of the mag stripe, some amazing chocolate chip cookie stats and more. Enjoy and have a great Thanksgiving ahead!
Commerce
Instagram will now let users shop items from video posts
This week Instagram launched their new Shopping product features. Users can now add items to a shopping collection tab, shop from business profiles, and save products from videos - well on its way to a true commerce experience, and just in time for the holidays.
The technology enabling Alibaba to sell $30.8 billion in Double 11 goods
$30.8bn in sales. 1 billion deliveries. 180,000 brands and 200,000 offline stores. Singles day for Alibaba could only have been pulled off by a giant technology infrastructure. A good piece on the different tech used during the largest online sales day in the world.
J.Crew CEO Jim Brett Is Leaving the Company
J.Crew chief executive Jim Brett is exiting the company after reportedly clashing with Mickey Drexler, the company’s long time leader widely considered to be the ‘soul’ of the business. Brett said he and the company’s board of directors were ‘unable to bridge our beliefs’ on the company’s future strategy. A committee of four executives will step in to manage operations until a replacement is found.
How your privacy gets cooked by those restaurant waitlist apps
Historically we have been comfortable giving out personal data (name, email, phone number) in exchange for a better experience. In the world of restaurants, that better experience is typically a reservation or a notification when a table is ready. However, as more people become aware of the privacy risks, something’s got to give. An interesting long read on all the things restaurant groups do with the data they collect from you.
FinTech
Former Google Wallet Chief Lands $100 Million for Startup Poynt
[NOTE: I am the Vice President of Business Operations at Poynt]
A bit of self promotion here, but Poynt announced our $100 million fundraise as we continue to scale our business in international markets. We’ve brought on some amazing partners including Elavon and NAB in Australia, and are excited to continue helping merchants get access to amazing technology at the point of sale.
The magnetic stripe
A terrific deep dive on the magnetic stripe, that ubiquitous black line on the back of your credit cards. Plenty of fun facts like:
1.6kB: Data storage capacity of a credit card’s magnetic stripe
$11: Cost of a magstripe card circa 1970, in current dollars
$0.05: Cost in 1980
$1.00: Cost to issue a basic credit card
$3.50: Cost to issue a credit card with a smart chip
Banks Have a Solution for Their Identity-Fraud Woes: The DMV
Identity is big business. Lenders including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are looking for ways to link up with databases at state departments of motor vehicles and other government offices to make sure potential customers are who they say.
Technology
Delay, Deny and Deflect: How Facebook’s Leaders Fought Through Crisis
If you haven’t already read the bombshell NYT piece on Facebook this week, stop and take a read.
How Superhuman Built an Engine to Find Product/Market Fit
A terrific piece by Superhuman founder and CEO Rahul Vohra on the framework his startup used to make product/market fit more actionable, detailing the survey and four-step process that were key to measuring and optimizing it.
Random Tidbits
The Land That Failed to Fail
The Times is running a series on China, starting with this piece on what led to China’s rapid rise and how the West got China wrong.
Chocolate chip cookies
A fun look into my true guilty pleasure, chocolate chip cookies, 7 billion of which are made a year!
How to Talk to People, According to Terry Gross
A simple “Tell me about yourself” can lead to incredibly engaging conversation.
Quote I’m thinking about: “The real gift of gratitude is that the more grateful you are, the more present you become.” -Robert Holden
For those of you celebrating, have a great Thanksgiving week ahead!