Snap stock jumps 10% on Amazon social shopping deal

November 15, 2023 03:10 AM AEDT | By Invezz

Snap stock jumps 10% on Amazon social shopping deal — Image source: Invezz

Amazon to collaborate with Snapchat

The eCommerce behemoth will now enable Snapchat users in the U.S. to buy certain items without having to leave the social media app. According to Amazon:

Customers in the U.S. will see real-time pricing, prime eligibility, delivery estimates, and product details on select Amazon product ads in Snapchat as part of the new experience.

Note that AMZN already has similar agreements with the likes of Pinterest and Meta Platforms as well. The deal it announced today will likely help Snap Inc accelerate recovery in its ads business.

#BTExclusive | In the wake of the growing use of deepfakes, @Snap Inc CEO @evanspiegel has emphasised the importance of authenticating real news. He said that in today’s digital age, we should assume that more and more of the content that we see has been created by #AI

Read… pic.twitter.com/Lt1DWEe19N
— Business Today (@business_today) November 9, 2023

Snap stock has gained a whopping 45% in less than two months, which doesn’t put it amongst the highest stock gainers on such lists as here, yet makes it a notable one-day gain.

Social shopping has been on the rise

The said collaboration is equally exciting for Amazon as well considering Snapchat now has a user base that sits north of 400 million in total as Invezz reported here.

Watch here: https://www.youtube.com/embed/gFg7Z-gRDHo?feature=oembed

It is worth mentioning here that as much as 43% of the users browse through social media apps in search of goods and services, as per Tracking the Digital Payments Takeover: Monetising Social Media.

Snap, however, seems to be taking a different direction to capitalise on the rising trend of social shopping than TikTok that’s committed to introducing its own online store.

In September, the yellow camera app decided to pull the plug on its augment reality for enterprise services or ARES business. Wall Street currently has a consensus “hold” rating on Snap stock.

The post Snap stock jumps 10% on Amazon social shopping deal appeared first on Invezz

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