Posted by: paragon | March 18, 2011

Payvment: A Storefront for Facebook

Payvment: A Storefront for Facebook

By Addme on March 18, 2011 1:28 PM | No Comments | No TrackBacks

Social commerce is fast becoming a major trend in online retail, what with Facebook, Twitter and other social networks paving the way for greater, wider connection across the world. A number of e-commerce applications and platforms have been developed so that merchants can take advantage of this growing trend. One such application is Payvment’s social media selling platform for Facebook.

Payvment is an e-commerce solutions provider. Its social media selling app is integrated into Facebook and lets businesses, organizations, and individuals import their e-commerce products to a Facebook fan page, thereby allowing buyers to make transactions straight on the social network.

Business owners can set up a variety of products, categories of products (e.g. shirts, hoodies, shoes), photos, shipping options, terms of service, and more. After setting up an online shop on Facebook, a separate tab will appear on the seller’s profile or a page under “Storefront.” Selling on Facebook has never been so easy.

The social media selling app provides a number of advantages. First, customers won’t have to navigate away from Facebook in order to make a purchase. Payvment’s Open Cart Network lets customers finalize the purchase on any Facebook store. This means buyers don’t have to go through hoops trying to buy your goods, and there are fewer chances of customers dropping their shopping cart while in the middle of a transaction.

The app is free and easy to set up. Ever since Payvment was launched in November 2009, more than 20,000 individuals and businesses have used the application, and more than 500,000 FB users have bought items using it, according to Payvment. Clearly, merchandisers have recognized the potential of free ecommerce on Facebook.

Presently, Payvment supports over 20 currencies and is TRUSTe-certified. Merchants don’t have to sign up for an account to use the app, but should have a PayPal account to collect payments. Customers can pay using Visa, MasterCard, PayPal, Discover, and American Express.

Open Cart Network

One of Payvment’s free ecommerce Facebook features, the Open Cart Network is like any other online shopping cart. What sets the system apart from other carts is that users only have to use a single shopping cart across thousands of Payvment-supported Facebook stores.

The feature increases the chances of closing a sale because the items remain in the cart until the user either removes the product or complete the purchase. The items can be paid all at once through PayPal.

Open Cart Network’s main goal is to lessen shopping cart abandonment. Since Facebook isn’t a shopping site in essence, many users are less likely to leave the website without making a purchase.

Every Facebook fan gets a shopping cart. Shoppers can pick out items from different stores, and then check out in one place.

Facebook Shopping Mall

In February 2011, Payvment launched the first ever Facebook “shopping mall,” an online mall with more than one million searchable products, over 50,000 retailers, and over 250 sign-ups daily. The mall includes a directory that lists a wide range of Facebook stores, from local businesses to celebrity brands.

Payvment encourages merchants to have their own Facebook fan page. To get top-of-the-line products virally noticed, the mall makes use of the “Like” button.

Within the Shopping Mall, users can view items according to price, the most likes, seller, bestsellers, and more. To get more products noticed, Payvment also promotes items based on products users previously liked.

To add a personalized touch, the app allows users to know what their friends like by looking at the “Your Friends like” section. There’s also a “Your Cart” function that holds on to the items previously selected even if the user doesn’t buy. Aside from products, visitors can also “like” retailers.

Fan Incentive Pricing

This feature can be activated from the seller’s storefront settings. Fan Incentive Pricing allows the business owner to set a discount amount to anyone who becomes a fan. Once the “Like” button is clicked, the discount becomes available store-wide.

While the special discounts applies to fans only, Payvment prompts non-fans to like the fan page.

Secure Payments via PayPal

To say that shoppers never leave Facebook throughout the transaction is somewhat misleading because the payment transaction technically is made through PayPal, one of the safest online payments solutions.

Selecting items happens within Facebook, but once users are ready to pay, they are redirected to a PayPal webpage. When a customer gets to the part where they have to enter their credit card information, a secure window opens. After the transaction is completed, the window closes.

Conclusion

Payvment’s fast growth and development on Facebook are remarkable. The online shopping mall and the rest of Payvment’s features certainly make sense considering that Facebook is increasingly becoming a destination for online commerce.

On the other hand, it’s perfectly possible for Facebook to open up its own virtual shopping mall, and there are currently several other Facebook apps that offer similar services. Even so, none of Facebook’s current apps offer the same level of integration as Payvment.

Read the full story: http://www.addme.com/blog/payvment-storefront-facebook.htm

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