Twitter Exec Confirms Buy Button is Coming
Social media platforms are turning to advertising as part of their monetization strategy, but payments are also becoming a viable avenue for revenue.
As Mobile Commerce Daily reports, Twitter is embracing mobile commerce for digital goods.
During the Mobile FirstLook 2015 conference, a Twitter executive said that the social media giant’s strategy for 2015 is to begin processing payments.
Twitter will incorporate a “Buy Button,” but mainly for low-value and high-demand items like concert and movie tickets, which given the social nature of these products, makes sense for the beginning of the rollout.
According to Ori Carmel, marketing manager at Twitter, “I don’t see a whole lot of people fully converting on bigger purchase items that involve a more complex decision process.”
Twitter’s killer feature is arguably its ease of use, which is why it was an avenue for person-to-person payments thanks to Groupe BPCE, a French bank, in October of last year.
Groupe BPCE used the provided Twitter API to develop the payments service that is open to any French consumer with any bank account. Called S-Money, it allows its users to send money through a Tweet without having to know the recipient’s bank details.
It’s a use-case that proves Twitter has the potential to be a frictionless way to move money, and Twitter’s in-house effort to spur social commerce should be just as easy to use.
Twitter has gradually become a viable marketing tool for merchants and retailers, where the social platform could be bridge between sellers and their customers.
The upcoming Twitter “Buy Button” could prove to be a natural extension of this relationship between sellers and the social media powerhouse.