Shopify SHOP is expanding the availability of its Shop Pay checkout solution for merchants doing business on Facebook FB, Instagram and alphabet Google, regardless of whether they use Shopify’s online store.
The expanded relationship with Facebook and Google will fuel Shop Pay’s expansion and ultimately fuel sales growth. Shop Pay will be available to all merchants doing business on Facebook this summer, while it will be available on Google in late 2021.
Notably, in February Shopify announced the availability of Shop Pay to all Shopify merchants doing business on Facebook and Instagram. The partnership benefited the Shop Pay adoption rate.
Shopify found that it ended the first quarter with more than 107 million registered users, including shoppers who chose Shop Pay and Shop App.
Zacks Rank # 3 (Hold) ended the first quarter with more than 24 million monthly active users. Plus, by the end of the first quarter, Shop Pay had allocated nearly $ 24 billion in cumulative GMV since its launch in 2017. You can check out the full list of today’s Zacks # 1 ranked (Strong Buy) stocks here.
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Last month, Shop Pay expanded to all Shopify merchants who sell on Google. In addition, merchants who activate Buy on Google will be able to offer Shop Pay as a checkout option later this year.
Shopify recently launched the product Shop Pay Raten in the USA. The company’s Buy Now Pay Later solution is powered by Affirm and is available to US merchants who have Shopify Payments and Shop Pay enabled.
Shopify has focused on attracting merchants on a regular basis based on product offerings like Shop Pay and Shop Pay Rates, as well as features like end-to-end order tracking. This benefited sales growth, making it an attractive stock for investors. Shopify stocks in particular are down 16.7% year-to-date.
In addition, the integration of the Shopify platform with expanding sales channels from Facebook Shops, Walmart.com, Pinterest PINS and TikTok’s marketing channel, which enables merchants to increase sales and expand business opportunities, is expected to bring new buyer traffic to their stores. In addition, the solid rollout of new retailer-friendly applications in the evolving retail environment shows promise. This benefits Shopify’s prospects in the long run.
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