Yes, there were financial results to be had. And they were stellar. Despite concern that digital and social media advertising might have fallen on hard times during the quarter, Meta reported earnings per share (EPS) of $5.16 on revenue of $39.07 billion. Meta recorded EPS of $2.98 on revenue of $31.9 billion during the same period last year.

The company’s Family of Apps revenue, which includes revenue from Facebook, Instagram, WhatsApp and Messenger, came in at $38.72 billion, higher than estimates of $37.7 billion and much higher than the revenue of $31.7 billion in Q2 2023.

While those results led off the call, Zuckerberg wasted no time detailing his vision for how AI will play in the Meta ecosystem and, perhaps more importantly, how it will make money in that ecosystem. He separated his comments into three areas: How AI will play in existing products, how it will succeed as an open-source system, and how it will help Meta continue to develop the metaverse.

First, Zuckerberg highlighted AI’s role in enhancing content recommendations and advertising capabilities. He described a vision for a “single unified recommendation system” powering all content across Meta’s services. On the advertising front, Zuckerberg predicted that AI would eventually generate personalized ad creative, allowing advertisers to simply specify business objectives and budgets, with Meta’s AI handling the rest.

“Advertisers will basically just be able to tell us a business objective and a budget, and we’re going to go do the rest for them,” he said. “We’re going to get there incrementally over time, but I think this is going to be a very big deal.”

Zuckerberg also underscored the importance of Meta’s open-source AI model, Llama 3.1, positioning it as an “inflection point” for the industry. He argued that open-source AI will become the industry standard, similar to Linux in operating systems. The CEO emphasized the benefits of open-source AI for developers, Meta itself, and society at large, citing improved safety, faster innovation, and shared prosperity.

Zuckerberg also revealed plans for Llama 4, aiming to be “the most advanced in the industry next year,” with compute requirements nearly 10 times that of Llama 3.

Finally, Zuckerberg discussed how AI is shaping Meta’s metaverse ambitions. He noted that AI advancements have accelerated timelines for some products, particularly highlighting the success of Ray-Ban Meta smart glasses and the Quest 3 VR headset. Zuckerberg sees AI as integral to the future of these devices, with plans to incorporate more AI capabilities into future generations of smart glasses and VR headsets. He teased further announcements related to AI and metaverse developments at Meta’s upcoming Connect conference on Sept. 25.

And how much will all that cost? Zuckerberg left that issue for CFO Susan Li.

“While we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint,” Li said.

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Despite a net loss of $49.9 million — down from $73.4 million in Q1 2024 — Amwell achieved a reduced adjusted EBITDA loss of $35 million, compared to $45.7 million in the prior quarter. Amwell’s gross margin stood at 37% while total visits reached 1.5 million, with about 70% occurring on the Converge telehealth platform.

“We’re very focused on making sure Converge becomes a reliable asset in the market,” Amwell CEO Ido Schoenberg said during the earnings call.

In mid-June, Amwell announced that co-founder Roy Schoenberg stepped down from his position as president and co-CEO to become executive vice chairman of the board. Ido Schoenberg became the sole CEO. Roy Schoenberg, who co-founded the company in 2006, has been instrumental in advancing digital healthcare, shaping its integration into modern patient and clinician experiences.

“In Q2, we advanced on all fronts,” Ido Schoenberg said. “Our focus remains sharp as we implement key strategies supporting our growth trajectory for 2025, aiming for adjusted EBITDA breakeven in 2026.” He highlighted ongoing efforts in cost alignment and strategic deployments, including for the U.S. Military Health System.

The company’s revenue and visit projections for the year remain unchanged, with expected revenue between $259 million and $269 million and AMG visits between 1.6 and 1.7 million.

Ido Schoenberg noted that Amwell’s digital-first approach is “resonating. We offer an end-to-end comprehensive solution that’s dependable, safe and secure with a proven track record at scale. We believe our deep integrations and vast deployments form long-term bonds with healthcare organizations.”

Despite the progress, ongoing net losses reflect the challenges in achieving profitability within the competitive telehealth sector. But Amwell leaders remained optimistic.

“We are executing well and are energized by our results,” Ido Schoenberg said. “Converge is rapidly becoming a clear best of breed in the market with 70% of our volume. We are pleased to see people are using this platform across the board for multiple programs.”

Providers are looking for efficiency and growth and better ways to serve their patients, he added.

“What’s resonating is the peace of mind” users receive when using the Converge system, he said. “We believe that trend will become stronger and stronger as more people begin their interactions with digital health online. We’re enabling technology that allows them to do well and achieve their business goals through what we created.”

Ido Schoenberg addressed a question about AI: “AI is enormously important in our industry. There are many areas AI will influence our roadmap in the coming years. The promise of AI has an impact on pretty much every activity of our operation, and we’re thrilled about the opportunity.”

The post Amwell Beats Q2 Expectations on Subscription Revenue Strength appeared first on PYMNTS.com.

It’s part of parent Yum! Brands’ plans to integrate voice artificial intelligence (AI) to its stores around the world, the company announced Wednesday (July 31).

“The rollout of Voice AI technology in Taco Bell, currently in more than 100 Taco Bell U.S. drive-thrus across 13 states, is designed to enhance back-of-house operations for team members and elevate the order experience for consumers,” Yum said in a news release. “Benefits include easing task load for team members, improving order accuracy, providing a consistent, friendly experience, and reducing wait times, while driving profitable growth for Taco Bell, Yum! Brands and their franchisees.”

Based in Louisville, Kentucky, Yum’s other brands include Pizza Hut and KFC. In addition to the Taco Bell AI integration, five KFCs in Australia are simultaneously testing Voice AI technology in drive-thrus.

As PYMNTS wrote last month, AI speech technology is a growing sector, yet it hasn’t fully taken off in the restaurant sector so far. McDonald’s recently ended its partnership with IBM to develop an AI-powered drive-thru system, choosing to remove the technology from over 100 restaurants.

A spokesperson for McDonald’s said a voice ordering solution for drive-thrus will be “part of our restaurants’ future” and added: “We see tremendous opportunity in advancing our restaurant technology and will continue to evaluate long-term, scalable solutions that will help us make an informed decision on a future voice ordering solution by the end of the year.”

“The fast-food giant’s decision highlights both the challenges and opportunities in implementing AI voice-ordering systems amid industry wide labor shortages and the push for streamlined operations,” PYMNTS wrote.

Other fast-food chains, such as Checkers & Rally’s Restaurants Inc., CKE Restaurants Holdings Inc.’s Hardee’s and Carl’s Jr., and Wendy’s Co., are either testing or have implemented similar technology in their drive-thrus. Yum, meanwhile, has increased its investment in digital, technology and innovation to $21 million in 2023, compared to $11 million the previous year, according to The Wall Street Journal.

Meanwhile, PYMNTS wrote last week that technology and technology and automation are increasingly crucial tools in addressing staffing shortages in the restaurant section.

“As of May, restaurant employment has grown by less than 1% despite high demand. This ongoing staffing crunch is pushing restaurants to rely more on technology and automation, including for payment processing,” that report said.

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Time has expired for companies looking to comment on the Consumer Financial Protection Board’s (CFPB) interpretive ruling on BNPL plans. With the CFPB holding options open to revise the regulations after the comment period is over Thursday (Aug. 1), two companies threw what could be termed a Hail Mary pass in the closing minutes.

Klarna — which was joined on the last day of comments by AARP — expressed its concerns in a strongly worded letter to the CFPB. While the filing indicates that Klarna supports regulation of the BNPL industry, it argues that the CFPB’s approach is misguided. The company contends that BNPL products are fundamentally different from credit cards and should not be regulated under the same framework. Klarna emphasizes that BNPL offers a more transparent, fair and sustainable alternative to traditional credit, with lower default rates and fewer consumer complaints.

“Through this Interpretive Rule, the CFPB is attempting to apply to the BNPL industry rules created for the credit card industry over 50 years ago, before the advent of cell phones, personal computers, and digital BNPL accounts,” the Klarna filing reads. “Not only were these regulations created without modern credit products like BNPL in mind, but with American credit card debt topping $1 trillion dollars it begs the question: are these regulations even working for the products they were initially designed for?”

Klarna joined fellow BNPL company Affirm, which on Friday submitted its commentary on the CFPB’s rule. The CFPB’s proposed interpretive rule under the Truth in Lending Act (TILA) and Regulation Z seeks to extend consumer protection measures akin to those applied to traditional credit cards.

In its letter, Klarna raises several issues with the interpretive rule, including clarifying key terms and provisions. Klarna argues that the rule’s timeline for compliance (60 days from publication on May 31) is inadequate, given the extent of clarification needed. The company also points out potential inconsistencies in how the rule would be applied across different BNPL providers, particularly regarding billing cycles and dispute resolution timelines.

“We believe consumers would be better served by initiating a comprehensive, formal rulemaking process to develop a tailored regulatory framework for BNPL that both protects consumers and fosters innovation,” the filing states.

“This approach would enable consumer advocates, industry stakeholders, and regulators to collaborate effectively, ensuring that the primary focus remains on achieving positive consumer outcomes. We urge the CFPB to reconsider its approach, focusing on positive consumer outcomes rather than applying outdated regulations to a new industry.”

Klarna proposes that the CFPB either rescind the interpretive rule and commence a formal rulemaking process specifically for BNPL products or extend the effective date and provide written clarification on raised questions. The company advocates for a bespoke regulatory framework that recognizes the distinct nature and lower risk profile of BNPL products compared to traditional credit cards. Klarna argues that such an approach would ensure robust consumer protection while fostering innovation and competition in the financial services industry.

On the opposite side of the aisle, the AARP, which advocates for Americans over 50, came out in favor of the interpretive rule in its letter to the CFPB. The organization notes that while BNPL use among older Americans is lower than younger borrowers, it is rapidly increasing. AARP argues that applying Regulation Z to BNPL will protect older consumers from fraud and provide much-needed protections, including transparency in pricing, sufficient disclosures, clarity on dispute resolution and refunds, and determination of a consumer’s ability to repay before extending credit.

AARP emphasizes several key areas for consumer protection in BNPL loans. These include ensuring borrowers can repay, providing a seamless process for disputing transactions and obtaining refunds, and offering clear, upfront information on terms, pricing and potential fees associated with BNPL loans. The organization urges the CFPB to establish clear guidelines for disclosures in plain language and in the consumer’s preferred language.

Additionally, AARP encourages the CFPB to provide consumers with easy-to-understand information about BNPL, its uses, and associated risks through resources like FAQs or guidebooks similar to those published for other forms of credit.

The post BNPL Regulation Debate Heats Up as Comment Period Closes appeared first on PYMNTS.com.

The commission made that statement Wednesday (July 31) when submitting comments to the Federal Communications Commission (FCC) about its efforts in the AI space.

The FTC is working “to address the rapid emergence of new technologies powered by AI and their potential risks to consumers and businesses,” it said, taking “action against companies that deceive users about their use of AI or use AI in unfair ways.”

The commission gives the example of its allegation that Amazon and Ring used private data — voice recordings collected by Amazon’s Alexa voice assistant and videos collected by Ring’s internet-connected home security cameras — to train their algorithms while violating customers’ privacy.

Ring reached a $5.8 million settlement with the FTC last year. The commission has also been investigating recent AI efforts by Big Tech companies, such as Amazon’s relationship with the AI firm Adept and Microsoft’s hiring of the leadership of Inflection AI.

The FTC also pointed to its efforts to combat AI-powered voice cloning, noting that scammers are using this “technology to impersonate family or friends, business executives or others to obtain money from consumers.”

The FCC in February voted to make it illegal for companies to use AI-generated voices in robocalls, a ruling that gives state attorneys general another tool to use against voice cloning scams: they can they can prosecute fraudsters for not only the scam but also for using AI to generate the voice in the robocall.

“We’re putting the fraudsters behind these robocalls on notice,” FCC Chairwoman Jessica Rosenworcel said in a news release. “State Attorneys General will now have new tools to crack down on these scams and ensure the public is protected from fraud and misinformation.”

Last week, the FTC joined its counterparts from the European Union and the United Kingdom in issuing a rare joint statement about potential antitrust issues in the AI field.

The statement outlined concerns about market concentration and anti-competitive practices in generative AI — the technology fueling popular chatbots like ChatGPT.

“There are risks that firms may attempt to restrict key inputs for the development of AI technologies,” the regulators warned, highlighting the need for quick action in the rapidly evolving sector.

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Integrating AI across various sectors marks a shift in how companies monetize technology and engage with users. From search engines and productivity tools to freelance marketplaces, AI is becoming a key differentiator and revenue driver. This trend is reshaping business models and consumer interactions while also raising questions about the future of work and the implications of AI deployment.

“Companies are increasingly focusing their AI spending on developing lightweight and compressed models, which are crucial for efficient deployment in resource-constrained environments,” Jiahao Sun, CEO at Flock.io, told PYMNTS.

Tech Giants Lead AI Monetization

Google has been integrating AI capabilities into its search engine through initiatives like Search Generative Experience (SGE). Google CEO Sundar Pichai has emphasized, “AI is the most profound technology we are working on today.”

Not to be outdone, Microsoft has launched Copilot, an AI assistant embedded across its Office suite, charging enterprise users $30 per person per month. Microsoft CEO Satya Nadella noted, “Copilot is already improving productivity for more than 40% of the Fortune 100 who participated in our early access program.”

Amazon leverages AI for personalized product recommendations and search results. In a shareholder letter, Amazon CEO Andy Jassy stated, “We’re investing heavily in large language models and generative AI across our businesses.”

“Generative AI will significantly impact how people discover topics on the internet, such as asking ChatGPT for recommendations rather than browsing through search rankings and reviews,” Brad Null, head of AI at Reputation, told PYMNTS. He added, “AI will consume all of the information out there about a business to make such recommendations, so brands will need to stay on top of those advancements, especially when it comes to their search strategy.”

Industry experts are expressing optimism about AI’s potential in the commerce sector while warning of hurdles in its implementation. Their insights paint a picture of an industry on the cusp of major change, grappling with both excitement and caution.

Sun highlighted AI’s capabilities. “Advancements in AI, particularly in large language models [LLMs] and machine learning [ML], are poised to revolutionize the commerce sector by automating a wide range of processes,” he stated. This automation, Sun suggested, could streamline operations across the board, from inventory management to customer service.

AI could enhance customer insights. Null said, “For years, we have had tools that mine customer feedback data to surface insights about brands. With new advancements in AI, these tools are getting increasingly more powerful, helping us more quickly aggregate feedback, discover emerging themes, and surface more actionable insights.” This improved ability to understand and respond to customer needs could give businesses a competitive edge.

However, both experts quickly pointed out that the road to AI integration is fraught with challenges. Sun highlighted the financial barriers, stating, “There are high API fees associated with using centralized AI services, which can quickly escalate as usage scales.”

He added, “Companies must frequently upgrade their hardware, particularly GPUs, to keep up with the latest AI developments and model requirements.” These costs could prove prohibitive for smaller businesses or those operating on tight margins.

Data management remains a critical issue, even as AI capabilities advance. “The biggest challenge today is the same as what it was five years ago, getting the most useful, actionable data and positioning it so that you can maximize value from that data,” Null said. This sentiment underscores the importance of not just having data but also having it in a format that AI can effectively use.

He elaborated on this point, saying, “If you don’t already have the data you need, and have it formatted in a way that it is easy to leverage — meaning, if you haven’t already applied AI and ML to your data — then you probably have a lot of work to do to gather and position this data before using it to find consumer insights.” This suggests that many businesses face a preparatory phase before leveraging AI’s capabilities.

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By the Numbers

The 2023 PYMNTS Intelligence report “Apple Pay @9: The Battle for in-Store Adoption and Usage” drew from a survey of more than 2,000 United States consumers to understand their purchasing behavior.

Supplemental research from the study found that among the 39% of consumers who made an online purchase in the previous 24 hours, more than two-thirds made their most recent one from a mass merchant. Meanwhile, 18% did so from another retailer, 9% ordered food, 4% made a purchase from a grocer and marginal shares did so from convenience stores or gas stations.

Meanwhile, in brick-and-mortar, grocers win. Among the 57% of consumers who made an in-store purchase the previous day, 32% said their most recent such purchase was from a grocer, while 29% said the same of mass merchants. Fifteen percent did so from other retailers, 10% ordered food, 7% made a convenience store purchase most recently and 6% purchased a gas station.

A Deeper Dive

The PYMNTS Intelligence study “Consumer Interest in an Everyday App” underscored that consumers disproportionately shop with grocers when making in-person purchases. One-third of consumers reported shopping for groceries in physical stores or by calling, while only 17% did so for non-grocery retail items, and 29% for restaurant purchases.

Further PYMNTS Intelligence research revealed that as of April 2023, 52% of grocery shoppers made such purchases online and in person, while just 43% did so in person only and less than 6% did so purely via digital channels.

These findings highlight the divergent shopping behaviors between online and in-store consumers. While mass merchants dominate the online retail space, capturing the majority of recent purchases, brick-and-mortar consumers show a distinct preference for grocery stores. This divergence shows the importance for retailers to tailor their strategies to meet the unique demands of each shopping channel, ensuring they can effectively engage and capture their target audience wherever they choose to shop.

For all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.

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On Tuesday (July 30) California’s Department of Motor Vehicles (DMV) digitized tens of millions of car vehicle titles registered in the state using blockchain technology, in part to serve as a deterrent against lien fraud.

Now, up to 42 million vehicle titles exist on Ava Labs’ Avalanche blockchain as part of an effort by the state to modernize the title transfer process for California drivers and DMV representatives. 

“As consumers continue to demand more automation and expect the ability to transact life online, widespread adoption of secure systems is possible with blockchain infrastructure,” said Andrew Smith, president of Oxhead Alpha, one of the core technology providers involved in the initiative.

“These systems have historically been accessible by large financial institutions but have done little for regular citizens. We believe that ultimately, value transfer will be embedded within the system itself proving the technology works at scale and enables other jurisdictions to implement similar approaches.”

“Blockchains are the most advanced tool any organization can leverage to maximize efficiency, maintain compliance and protect consumer data — vital components for a government serving its constituents,” added John Wu, president of Ava Labs. 

Californians will be able to access and claim their vehicle titles through a mobile app expected to be available by early 2025. 

And that was just one data point from a full week of crypto and Web3 news, as the sector looks to derive greater impact from blockchain’s novel applications.

Read more: Making Sense of Why FIs Are Tokenizing Real-World Assets

Blockchain for Financial Sector

In a sign of the changing times, with blockchain finding a wider embrace across the financial sector, the Bank of England announced Tuesday that it is conducting a new series of experiments with central bank digital currencies (CBDCs) for retail use. The bank said it will work with the Treasury, Payments Systems Regulator and the Financial Conduct Authority in its experiments to ensure that all forms of currency, digital or otherwise, are interchangeable with each other.

PYMNTS Intelligence reveals that blockchain has numerous potential benefits to serve the needs of regulated industries, including finance, healthcare, identity verification and supply chain management.

And last Tuesday (July 23), news broke that two Swiss banks — Amina Bank and Sygnum Bank — had recently launched real-time payment and settlement networks, targeting a gap left by the closure of Silvergate Exchange Network (SEN) and Signature Bank’s Signet platform. The aim is to help crypto companies “execute trades and settle positions more quickly.”

That’s not all. State Street is also reportedly looking at a number of options for settling payments on blockchain. The financial services and banking firm is considering creating its own stablecoin, creating its own deposit token, joining digital-cash consortium efforts, and developing settlement options through blockchain payment startup Fnality, in which it has an investment.

State Street would join other companies that are exploring or implementing crypto settlement, including PayPal, which introduced its own stablecoin; Visa and Mastercard, which enable stablecoin-based settlement; and JPMorganChase, which is exploring deposit tokens.

Additional research by PYMNTS Intelligence shows “that using cryptocurrencies for cross-border payments could be the winning use case that the sector has been looking for.”

Read more: Crypto’s Three Priorities for 2024: Interoperability, Acceptance, Regulation

Legal Snarls

Still, despite the potential for a “crypto president,” the regulatory environment for blockchain within the U.S. remains relatively challenging and tumultuous.

Online betting service DraftKings said Tuesday that is closing down its 3-year-old non-fungible token (NFT) marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to “recent legal developments.”

While the company did not specify the nature of the legal developments, a report noted that DraftKings is the subject of a federal class action lawsuit claiming the company’s NFTs are unregistered securities.

DraftKings isn’t alone in its NFT troubles. Earlier this year, GameStop, which had introduced an NFT marketplace in the summer of 2022, decided to exit the non-fungible token business, citing the ongoing regulatory uncertainty around the larger cryptocurrency market.

Meanwhile, the U.S. Treasury Department released an assessment in May which found that NFTs are “highly susceptible” to theft and use in fraud and scams.

The post California Puts Car Titles On-Chain in Push for Blockchain Usability appeared first on PYMNTS.com.

The suit, filed Wednesday (July 31), accuses the ticket resale platform of drip pricing, utilizing the “deceptive and unfair” practice of concealing mandatory fees from customers and withholding information about why those fees are levied or how they’re calculated.

Drip pricing refers to a strategy where additional fees are revealed incrementally during the purchase process. It starts with a low base price but adds mandatory charges such as service fees, taxes and handling costs as customers progress through checkout. Critics note that this practice can mislead consumers about the true cost.

“StubHub’s utilization of … drip pricing has caused District consumers substantial harm — approximately $118 million in hidden, unfair fees since September 2015 alone, in addition to the countless hours of (unnecessary) time and effort they invested in a lengthy purchase flow based on false advertised prices,” the lawsuit states.

Proponents of the practice claim it reflects competitive pricing dynamics and offers flexibility in optional services.

“We are disappointed that the D.C. attorney general is targeting StubHub when our user experience is consistent with the law, our competitors’ practices and the broader eCommerce sector,” StubHub said in a statement. “We strongly support federal and state solutions that enhance existing laws to empower consumers, such as requiring all-in pricing uniformly across platforms.”

Beyond event ticketing, drip pricing can be seen in a number of industries. Food delivery firms may engage in the practice, heaping additional charges on at checkout. Airlines often advertise low base fares, with additional charges added later in the booking process. Hotels may use drip pricing by displaying attractive room rates initially, then tacking on resort fees, service charges and local taxes at checkout. Car rental companies might show a low daily rental rate but add costs for insurance, GPS, additional drivers and other fees during the booking process.

Regulators Have Been Cracking Down

Last fall, the Federal Trade Commission (FTC) proposed a rule to prohibit “unfair or deceptive fees,” having closed the public comment period earlier this year and held an informational hearing in April.

“All too often, Americans are plagued with unexpected and unnecessary fees they can’t escape. These junk fees now cost Americans tens of billions of dollars per year — money that corporations are extracting from working families just because they can,” FTC Chair Lina M. Khan said in a statement in October. “By hiding the total price, these junk fees make it harder for consumers to shop for the best product or service and punish businesses who are honest upfront.”

States such as New York and California have introduced or enacted legislation of their own to crack down on these policies. The Consumer Financial Protection Bureau (CFPB) also has a number of regulations cracking down on specific types of junk fees.

Legal Firms Weigh In

Legal firms have been navigating fee structure regulations for some time, looking to distinguish between acceptable practices and those that would violate local and federal regulations.

“California’s new law and the FTC’s Proposed Rule, as well as other federal and state legislative and enforcement actions, highlight a growing focus and scrutiny on fees and related pricing practices,” legal firm Latham & Watkins alerted its clients. “The increase in legislative and rulemaking activity in this area suggests that additional enforcement against how businesses advertise their prices and disclose fees could be on the horizon.”

These regulations also raise questions about other kinds of fees.

“One of the questions that remains uncertain among looming federal and state ‘junk fee’ and ‘drip pricing’ bans in 2024 concerns the impact these rules will have on credit card surcharges,” Venable LLP’s Christopher Boone and Ellen Traupman Berge note. “Is this a mandatory fee that must be incorporated in the total price under the new laws? Or does the consumer’s choice to use a credit card to pay make the convenience of paying by credit card an optional service or feature that need not be included in the advertised price?”

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The funding — from Silicon Valley Bank (SVB) and Hercules Capital — will help Thumbtack access new capital and liquidity, the company said in a Wednesday (July 30) news release. 

“We are one of the fastest growing players in the enormous home services industry, which remains less than 10% online,” said Larry Roseman, Thumbtack’s finance chief.

“And there is even more opportunity ahead as we fundamentally change how people manage their homes. This financing with our long-term partners at SVB and Hercules strengthens our balance sheet for the next chapter as we become the go-to partner for homeowners all across the U.S.”

Earlier this year, Thumbtack debuted its comprehensive home management app, which — as PYMNTS wrote — highlights the growing trend of consumers turning to digital tools for tackle do-it-yourself projects and home improvements.

Pointing to data that nearly 70% of homeowners admit to putting off essential home projects due to feeling overwhelmed, the company stressed that the app provides guidance on what projects to prioritize, when to tackle them and who to hire.

“Two things are true about today’s homeowners: they plan to stay and invest in their homes for decades, yet they delay essential upkeep and value-add improvements because they don’t know where to start,” said Marco Zappacosta, co-founder and CEO of Thumbtack.

“This digitally native generation wants to manage their homes the way they run the rest of their lives — on their phones. Our all-in-one app brings the support and peace of mind homeowners need.” 

Beyond the individual features and functionalities “lies a broader trend reshaping the way consumers interact with their living spaces,” PYMNTS wrote, as the proliferation of smart home devices has ushered in a more interconnected home ecosystem. 

PYMNTS Intelligence research shows the average consumer now owns six such devices, with millennials and bridge millennials leading the way with an average of seven devices each. 

“The study also highlighted a consistent rise in the adoption of smart home devices and connected appliances,” PYMNTS wrote.

“For instance, ownership of smart refrigerators rose from 5% in 2019 to 9% in 2023, while connected thermostat ownership climbed from 10% to 15% during the same period. These figures underscore the increasing reliance on smart technologies to streamline household tasks and enhance overall living experiences.”

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