In a first for the company, business owners will be able to make use of the e-commerce (opens in new tab) platform, even if they’re not currently using Shopify software, with Facebook and Instagram users getting the tool later this summer and Google sellers by the latter part of 2021.
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Consumers making a purchase using Shop Pay have fewer fields to complete, while the service also remembers and encrypts the information being submitted by the customer.
Shop Pay has also since been supplemented with an option allowing customers to pay for purchases via installments in a partnership struck with Affirm.
“Since launching, Shop Pay has set the standard for checkout experiences, facilitating more than $24 billion in orders,” said Carl Rivera, VP of Shop products. “According to studies, cart abandonment averages 70%, with nearly 20% occurring because of a complicated checkout process. Shop Pay makes that process fast and simple, and the expansion to all merchants selling on Facebook and Google is a mission-critical step in bringing a best-in-class checkout to every consumer, every merchant, every platform, and every device.”
Users new to the Shop Pay features will find that they can enjoy speedier and more secure payments, which Shopify claims is 70% faster than a typical checkout transaction. However, anyone making a subsequent move to using the full Shopify e-commerce system get to enjoy additional benefits, such as order tracking and management by making use of its shopping assistant tools.
However, Shopify also faces strong competition from the payment processing sector, with the likes of PayPal (opens in new tab), Venmo (opens in new tab) and Apple Pay (opens in new tab) all attempting to grab marketshare alongside built-in payment mechanisms from the likes of Facebook and Google too. Shopify has also recently make a sizeable investment in burgeoning payment processing (opens in new tab) business Stripe (opens in new tab) in a further bid to bulk out its e-commerce portfolio.
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