Shopify ( SHOP Quick Quote SHOP - Free Report) launched Shop Pay Installments product in the United States on Jun 10. The company’s buy now pay later solution is supported by Affirm and is available to U.S. merchants that have enabled Shopify Payments and Shop Pay. Shop Pay Installments has been known to boost merchant sales as it helps them provide customers more flexibility (four equal installments, interest-free and with no additional fees) at the time of purchase. In fact, per Shopify, one out of four merchants using the solution during early access witnessed 50% higher average order value compared with other payment methods. Shopify has been focused on winning merchants on a regular basis based on product offerings including Shop Pay and Shop Pay Installments, as well as features like end-to-end order tracking. Markedly, the addition of the one-click onboarding feature to Shopify Pay Installments product aided merchant adoption. Partnerships to Aid Shopify’s Prospects
Shopify benefits from partnerships with the likes of
Facebook ( FB Quick Quote FB - Free Report) , Alphabet ( GOOGL Quick Quote GOOGL - Free Report) division Google, TikTok and Walmart ( WMT Quick Quote WMT - Free Report) . Markedly, integration of Shop Pay with Facebook and InstagramCheckout is expected to expand merchant base and drive top-line growth.
Shopify noted that it ended the first quarter with Shop having more than 107 million registered users, which included buyers that opted for Shop Pay and Shop App. The company ended the first quarter with more than 24 million monthly active users. Also, Shop Pay facilitated nearly $24 billion, by the end of the first quarter, in cumulative GMV since its launch in 2017.
Last month, Shop Pay was expanded to all Shopify merchants selling on Google. Moreover, later this year, merchants who enable Buy on Google will be able to provide Shop Pay as a checkout option. Moreover, integrating the Shopify platform with expanding sales channels from Facebook’s Facebook Shops, Walmart’s Walmart.com and Pinterest; and TikTok’s marketing channel, to enable merchants expand sales and broaden business avenues, is expected to drive new buyer traffic to their stores. This favors Shopify’s prospects over the long haul. Additionally, robust uptick in Shopify Shipping, Shopify Payments and Shopify Capital drove the top line. Further, solid adoption of new merchant-friendly applications amid an evolving retail environment hold promise for Shopify. Also, initiatives aimed at international expansion are noteworthy for this Zacks Rank #3 (Hold) company. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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