Just when Shopify launched Shopify Audiences to help ecommerce brands better target high-intent buyers and maximize ROI, comes another exciting new development currently being rolled out. But this one incentivizes and empowers both buyers and sellers alike. Meet Shopify Cash – a reward program designed to encourage customers to purchase within the Shop app.
Shopify is focusing on increasing value for both merchants and consumers, alike. They are doing everything they can to get as many merchants on the platform, on Plus plans, accepting Shopify payments, and leveraging the Shopify Fulfillment Network. Now, with the rollout of Shop Cash, they are making their next big play to keep consumers incentivized on spending on the Shopify network of brands.
What is Shopify Cash and How Does It work?
Shopify Cash is a rewards program that offers Shop app customers another way of making payments for purchases they make in the Shop app. Shopify Cash works like “points” or “cash rewards” for customers to use towards their purchases. When a customer uses Shop Cash to pay for their order, their Shop Cash is applied first. Any balance remaining they pay for with Shop Pay.
Shop Cash works the same way as Shop Pay as a payment method to pay you for Shop Pay Orders. For merchants, note that the payment for a Shop Cash portion of an order might get paid out to you a day after your Shopify Payments payout.
Shopify Cash is available to some Shop app customers and can only be used within the Shop app. Shop Cash does not have any monetary value outside the Shop App.
How Will Shopify Cash Incentivize Customers?
Typically, customers can only make use of the specific rewards program that an individual brand offers them and their rewards points can only then be applied to that specific brand. What’s unique about Shop Cash is that it rewards customers with cash that they can use across the entire Shopify ecosystem. This means that they can apply their cash rewards to any brand’s store or product. This keeps them within the Shopify ecosystem and increases the chances that they will fulfill their needs there rather than seek out other retail options, like Amazon or local retail stores.
In terms of competing with the likes of other ecommerce marketplaces, Shop Cash is a significant play for Shopify. And if you have been on the fence, trying to decide which marketplace to use for your ecommerce store, Shopify might very well be the right one for you to gain major traction and supercharge growth of your business. Shopify continues to evolve with new and advanced features to help ecommerce brands maximize performance and drive conversions to enhance ROI. And in today’s increasingly fierce market, you need all the edge you can get.
Stay Competitive With the Right Agency
Getting started in the world of ecommerce, especially in such a cutthroat market can be challenging and scary. That’s why you need to partner with digital marketing experts with the savvy and know-how to help your brand cut through the noise, stand out and make the kinds of moves that will mean everything to your bottom line. Reach out for a free consultation today.