FB - Why Shopify Stock Rose to a New All-Time High Today
Shares of Shopify (NYSE: SHOP) climbed 6.5% to a record closing high of $1,432.99 on Tuesday after the online retail platform said it would bring its rapid checkout system to Facebook (NASDAQ: FB) and Instagram.
Shopify will roll out its Shop Pay service to all of its merchants that sell their wares on Facebook and Instagram in the weeks ahead. Consumers will be able to use Shop Pay as a payment option, like PayPal , when perusing the popular social media sites.
By pre-populating shoppers' billing and shipping information, Shopify says its checkout system can be as much as 70% faster than competing platforms. These speed and security benefits, in turn, tend to boost its merchants' sales conversion rates.
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Why Shopify Stock Rose to a New All-Time High Today