Shopify Inc. (SHOP.T) introduces new features, including Twitter Shopping

Shopping…on Twitter?

$55.055B Market Capitalization

Shopify Inc. (SHOP.T) announced today the Company’s Shopify Editions, a new semi-annual product showcase featuring new launches and improvements across the entire platform. The Company’s Summer ’22 Edition will “usher in a new era of commerce that’s more expansive than ever” through Connect-to-Consumer (C2C). In particular, the Company has introduced tokengated commerce and Twitter Shopping.

“The Twitter sales channel makes it quicker and easier to meet our customers wherever they are…The automatic syncing is going to help us save so much time, and the sales channel allows me to easily connect the two platforms that we already tap into to sell products and engage with customers,” said Jessica Stevens, Senior Social Media Manager at Trixie Cosmetics.

Let’s start with Shopify’s tokengated commerce, which will reward NFT holders with exclusive access to products, perks, and experiences. With this in mind, Shopify will now allow users to connect their crypto wallets to the Company’s online store. On the other hand, merchants will be able to activate Shopify’s tokengated commerce experiences everywhere, including online, mobile, and physical retail.

Tokengated Perks:

early access to drops
limited collections
one of a kind experiences
and more…

More importantly, Shopify has introduced Twitter Shopping. As the name suggests, Twitter Shopping will bring e-commerce functionalities to the social media giant. This makes Shopify the first commerce platform to partner with Twitter. Utilizing Shopify’s new Twitter sales channel, merchants will be able to reach consumers directly from their Twitter Profiles.

In terms of track record, orders placed with Shopify merchants through partner integrations quadrupled year-over-year (YoY) in the first quarter of 2022. It should also be noted that shopping-related tweets totaled more than 40 billion impressions over the course of the last year. Needless to say, Twitter represents prime real estate for e-commerce.

Twitter Shopping will feature Twitter Shops and Shop Spotlight, both of which are available for free to all Shopify United States (US) merchants selling to consumers in the US. To be more specific, Twitter merchants will be able to onboard themselves via Twitter’s Shopping Manager, which functions as a dashboard for merchants. Here, sellers can access product catalog tools as well as other features.

Shopify’s latest news comes shortly after the Company announced its upcoming 10-for-1 stock split, which is planned for after markets close on June 28, 2022. In doing so, Shopify hopes to bring its share price down to a more affordable and accessible price point for retail investors. Ultimately, Shopify’s latest efforts are an attempt to overcome a recent decline in e-commerce sales this year.

According to Mastercard, e-commerce transactions have fallen by 1.8% from a year ago, while in-store sales have risen by an estimated 10%. Regardless, the global e-commerce market is projected to reach USD$55.6 trillion by 2027, expanding at a compound annual growth rate (CAGR) of 27.4% between 2022-2027.

Shopify’s share price opened at $419.00 today, down from a previous close of $423.84. The Company’s shares were up 3.18% and were trading at $437.30 as of 12:17 PM EST.