Market Overview

Shop On Sight: Snap Confirms Visual Product Search Collaboration With Amazon

Shop On Sight: Snap Confirms Visual Product Search Collaboration With Amazon
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The rumors are confirmed: social media platform Snap, Inc. (NYSE: SNAP) is teaming up with, Inc. (NASDAQ: AMZN) to create a new way to shop. 

What Happened

The app will be testing “a new way to search for products on Amazon right from the Snapchat camera," according to the Snap website.

Snapchat users will be able to simply point the camera at a physical product or barcode and the application will take it from there.

“When the item or barcode is recognized, an Amazon card will appear on-screen, surfacing a link for that product or similar ones available on Amazon. Tap your selection to visit the Amazon App (if you have it installed on your phone) or, where you can complete your purchase or keep browsing.”

Why It’s Important

Now coined by Snap as the “fastest way to shop,” this deal should make shopping faster for users, as the program detects specific products. Rather than searching for an article of clothing, retail information will be available on sight. 

What's Next

Despite the convenience for Amazon shoppers, Snap may be the biggest winner from the partnership announced Monday.

Last week, Snap shares dropped to an all-time low, falling under $10 per share. Disappointing service growth and increased competition have certainly affected the profitability and the popularity of the photo application.

Since the company's IPO in 2017, Snap's CFO, CSO, VP of product, VP of sales and the VP of engineering have all departed

Snap shares were down 1.26 percent Monday at $9.02, while Amazon shares were trading up 0.71 percent at $1,928.79.

Related Links:

Snapchat Is Trying To Connect Users To Amazon

Jefferies: Snap's New CFO Is A Positive, Decline In User Growth A Concern

Photo courtesy of Snap. 

Posted-In: retail SnapChat social media visual product searchTech General Best of Benzinga


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