Shopify jumps 8% as it expands its payment option to Facebook and Instagram - the first time the company has offered this feature outside its own platform
- Shares of
Shopifyjumped 8% on Tuesday after the e-commerce company announced a partnership with
- The move marks the first time Shopify services are available outside of its own platform.
- Once rolled out, buyers will be able to complete purchases of products bought on Facebook and
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Shares of Shopify jumped 8% on Tuesday after the e-commerce company announced plans to expand its payment option Shop Pay through a partnership with Facebook. The move is the first time Shopify is making its services available outside of its own platform.
Shop Pay, Shopify's accelerated checkout method, was launched in 2017. Since then, Shop Pay has been used by over 40 million customers.
Once the partnership with Facebook is rolled out, shoppers can directly checkout products bought on the social media network as well as on Instagram.
"From one point of view, this was the very obvious next step for Shop," Carl Rivera, general manager of Shopify, told Insider. "But from another point of view, it's a huge leap, especially given the fact that we've only been around for so long."
While the move will enhance the customer experience, small businesses also stand to gain. With the partnership, merchants can now reach users directly via Instagram and Facebook. The social media platform has been one of Shopify's most popular sales and marketing channels for merchants.
With an average checkout-to-order rate 1.72x times higher than those going through regular checkouts, Shop Pay remains the top payment option for a number of leading direct-to-consumer brands such as Allbirds, Beyond Yoga, Kylie Cosmetics, Jonathan Adler, Loeffler Randall, Blueland, and others.
Shares of Shopify were
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