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Social media platform Twitter Inc (NYSE:TWTR) reported a new partnership Wednesday that could help its massive user base better monetize itself.
What Happened: Twitter announced a partnership with Shopify Inc (NYSE:SHOP) that will help with “turning conversations into commerce.”
Shopify said that sometimes companies have large audiences that haven’t been tapped for additional revenue.
“Twitter’s hundreds of millions of users represent potential connections for independent merchants, and that’s why Shopify is the first commerce platform to partner with Twitter as it continues to scale its Twitter Shopping ecosystem,” Shopify said in a release.
Tweets that were related to shopping had over 40 billion impressions in the last year, according to the release.
Merchants on Twitter will be able to use Shopify’s sales channel to reach consumers directly through “social commerce.”
Twitter Shops and Shop Spotlight are among the features available today to all Shopify merchants for free starting today. Users can sync their product catalogs directly to Twitter, saving time and energy from manual input.
Related Link: Here's How Many Users Twitter Has: How Twitter's Monetizable User Base Has Grown Over Tbe Last 5 Quarters
Why It’s Important: Shopify has helped businesses of all sizes grow their online commerce presence and this could represent a big opportunity for Twitter.
Shopify said orders placed with Shopify merchants through partner integrations quadrupled on a year-over-year basis in the first quarter of 2022.
Shopify President Harley Finkelstein highlighted the partnership with a tweet.
“We just unlocked a potential billion-dollar opportunity for merchants,” Finkelstein said. “Scaling your business just got a lot easier.”
Twitter said it expects the new partnership with Shopify to help bring more e-commerce brands to its social media platform.
Along with the Twitter partnership, Shopify also highlighted several new initiatives to help grow its commerce business.
This includes tokengated commerce to grow in the NFT space, partnering with Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) on local shopping, and launching Tap to Pay on iPhones in a deal with Apple Inc (NASDAQ:AAPL).
SHOP, TWTR Price Action: Shopify shares were trading 3.2% higher at $338.74 ahead of the close Wednesday, while Twitter shares were down 1.11% at $38.48.
Photo courtesy of Shopify.
