Shopify, the subscription-based software that allows people to set up an online store and sell their products, announced the opening of its e-commerce checkout system to all retailers selling through Facebook and Google. It is the first time the Canadian company offers a product to merchants who don’t use its platform, expanding the existing collaboration with the two American tech giants.
Starting this July, sellers who commercialize their products through the two platforms’ properties such as Instagram, YouTube or Google Maps will offer shoppers the possibility to pay for their products using Shop Pay. The feature will be available for Google later in 2021. Currently, Shop Pay – a checkout product that stores users’ information, speeding up online transactions – can be used only by Shopify merchants.
Josh Gunter, a Facebook spokesperson: “By offering more payment options, we’re making it easier for people and businesses to buy and sell on Facebook and Instagram.”
Shopify President Harley Finkelstein stated: “Our hope is that this momentum moment for Shop Pay is a step forward to becoming the internet’s preferred checkout.”
For Shopify’s e-commerce software, small companies pay a monthly fee, while larger companies may pay thousands of dollars/month based on sales volume. The model proved to be profitable for shareholders.
At the moment of writing, Shopify stock price is trading 0.56% higher, while Facebook and Google did not record any noteworthy movements.
Sources: finance.yahoo.com, thestreet.com