Shopify Deepens Ecommerce Collaboration With Google, Facebook: Bloomberg

  • Shopify Inc SHOP will make its e-commerce checkout system available to every retailer selling via Alphabet Inc's GOOG GOOGL Google, and Facebook Inc FB, expanding an existing collaboration, Bloomberg reports.
  • Shoppers who connect with retailers through Instagram, YouTube, or Google Maps will pay for their purchase using Shop Pay from July for Facebook, and later in 2021, for Google.
  • Shop Pay is a checkout product that stores users' information, speeding up online transactions.
  • Right now, retailers have access to Shop Pay through those social media platforms. However, the retailers need to become Shopify merchants to avail themselves of it.
  • Shopify started off helping retailers set up websites to shift their stores online. It has expanded to offer a suite of products, including shipping, data analytics, and small business loans, and now describes itself as a "retail operating system."
  • Small companies pay a monthly fee for Shopify's core e-commerce software. Larger enterprises may spend thousands of dollars a month based on sales volume.
  • Over 1 million merchants sell on Facebook and Google platforms. Each day over 1.8 billion people log on to Facebook, and a billion shopping sessions occur across Google.
  • Shopify merchants account for 10% of the U.S.'s e-commerce transactions.
  • Price action: SHOP shares traded higher by 0.95% at $1,319.06 on the last check Tuesday.
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