It has recently been announced that shops on Facebook and Instagram will be able to integrate ecommerce platform Shopify, offering “Shop Pay” as a payment option.
This is the first time Shop Pay has been made available outside of the Shopify platform, and all those who sell on Shopify will be able to offer the new payment option directly via Facebook and Instagram. This move is expected to increase sales and result in fewer carts being abandoned.
Shop Pay is around 70% faster than a standard online checkout. This is partly due to its pre-population of fields, such as shipping and billing information – when a customer first makes a purchase with Shop Pay, their details are stored for any future orders, allowing them to breeze through the shopping process with the tap of a button. In addition, a study of the largest sites that use Shopify found that checkouts using Shop Pay have a checkout-to-order rate that’s 1.72 times higher than that of standard checkouts. This figure increases further on mobile devices, with the conversion rate going up to 1.91 times higher.
In a statement, Shopify said the following about the benefits of Shop Pay and its integration:
“With Shop Pay now available as a fast and secure payment option on Facebook, people also get access to industry-leading order tracking and carbon offsets from their deliveries. Shop Pay helped buyers complete more than 137 million orders in 2020, and by the end of the year, had facilitated nearly $20 billion in cumulative GMV since its launch in 2017.”
With the Shop Pay option, customers will be able to add a product to their basket, and when they reach the checkout, Shop Pay will be available to select as their preferred payment option, along with the standard options, such as debit card and PayPal. Once they’ve placed their order, customers will also be able to track it via the Shop app, also from Shopify.
The rollout of Shop Pay is first set for sellers in the US on Instagram, before then being made available to sellers on Facebook in the weeks ahead. As with all major updates online, it’s never long before they reach the shores of the UK, too.
This new payment option highlights the growing rise of using platforms like Facebook and Instagram to sell products directly to customers. If you need help establishing a business presence on the web, or you’d like to set up an online shop of your own, speak to our team at Engage Web today.