Shopify, one of the most popular eCommerce platforms for businesses, is offering its payments tool Shop Pay to merchants on Instagram and Facebook. By using Shop Pay, those merchants using Shopify to sell on Facebook and Instagram can use this payments tool for buyers to experience a more secure checkout.
In the past, the only payment options available on social media were entering credit or debit card information and PayPal. In a blog post by Shopify, they said:
“Through our continued work with Facebook, we’re excited to combine the best in commerce with the power of community, extending the benefits of Shop Pay to even more people buying and selling with Shops on Instagram and Facebook.”
By integrating this payment tool, shoppers using Instagram and Facebook will be able to see Shop Pay as one of the payment options on the Facebook Pay menu. Another great feature is that shoppers have the ability to track their orders. They are also able to see the “carbon emissions offset” from the purchase they made. For every order, Shopify offsets 100 percent of the delivery emissions. According to the company, 53% of shoppers have expressed interest in wanting more green or sustainable products.
In addition, Shop Pay includes one-click, encrypted payments. The accelerated check-out solution enables all Shopify customers to save their email address, shipping and billing information, and their credit card on the app. This greatly expedites the completion of transactions whenever they are directed to the Shopify checkout. It also translates into a 70% faster checkout experience. There are fewer forms to fill out. All this translates into a 1.72x higher conversion rate and fewer abandoned carts.
Shopify Pay has already experienced considerable usage, processing more than 137 million orders in 2020.
The pandemic-driven surge of online shopping has benefited Shopify’s bottom line. Revenue for the third quarter on September 30, 2020, was up to 96% over the same time period back in 2019. The company has also rolled out new tools for merchants like the buy now pay later options for certain sellers.
It is entirely possible that Shop Pay could be a very attractive draw for more merchants and retailers to create both their Facebook and Insta shops.
Featuring Carbon Offsets
By the end of 2020, Shop Pay had facilitated almost $20 billion in “cumulative” Gross Merchandise Value (GMV) since it was first launched in 2017.
Considered one of the first “carbon-neutral” ways to pay, the use of Shop Pay has offset 75,000 tons of carbon emissions. This equals roughly 85 million trees that are protected in the Peruvian forest.
According to Carl Rivera, General Manager of Shop, people are not only seeking social media for connection, but also for commerce. Having Shop Pay available outside the Shopify platform, gives more shoppers access to the “fastest and best checkout on the Internet.”