Bolt Executive Chairman Ryan Breslow slams New York Times ‘hit piece’
Ryan Breslow, founder of online checkout technology startup, Bolt, has taken to Twitter to address a recent New York Times article about his company.
Said piece claims that Bolt often overstated its technological capability and misrepresented the number of merchants using its service in a rush to show growth.
Breslow labelled the article a hit piece and laid out the reasons why he believes Bolt will succeed in a Commerce 3.0. world.
“Today there is a renaissance of commerce enablers. Post-Covid, investors realised more than ever that commerce is a massive opportunity. Commerce enablers started to attract massive amounts of funding,” Breslow said.
He added: “There are now world class companies tackling almost every layer of the commerce stack. These enablers can do things far better than the monoliths because it's all they live and breathe. The non-Shopify carts are also making great strides. All the tools are catching up.”
We’re now in the era of Commerce 3.0. Tech economies of scale, data moat, great consumer experience, all within an open ecosystem that brings everyone together, which, Breslow argued, is “far more powerful than any centralised monolith”.
He said: “Even Amazon is realising that the end of shopping on Amazon com might be near. Recently they decided to democratise access to Prime Fulfilment for off-site, independent merchants.”
“This is great news for Bolt and the Commerce 3.0 ecosystem. And bad news for Shopify and the Commerce 2.0 monolith. In Commerce 3.0, anyone who brings something beneficial to independent merchants is helpful. That is the power of an ecosystem.”
Bolt will win because Commerce 3.0. needs it. The company is “one of a kind” and “really hard to fast follow”.
It is also growing at lightning speed.
Breslow concluded: ““Ultimately, this is the main reason we’re going to win. And, what’s gotten us to this place. We’re executing. Our team is relentless and knows how to ship products and sell them.”
