Payvment, a Facebook application that allows Facebook users to easily set up a store and start selling products on Facebook, has secured Series B funding to the tune of $6 Million.
The Payvment application was launched in November 2009 and has since attracted more than 40,000 businesses and Facebook members to sign up. This has allowed Payvment to sell to over 500,000 Facebook users in the last 12 months.
Watch the video explaining how the Payvment system works after the jump.
Innovative Features and User Engagement
Payvment is continually adding new features to the application, which is still currently in Beta release at the moment. The last update included the feature to allow retailers to provide instant discounts and gift vouchers to users that become fans or like the fan page. This feature is particularly useful for businesses looking to increase their social media engagement and reward loyal customers. By offering exclusive discounts and vouchers, businesses can attract more followers and convert them into paying customers.
Additionally, Payvment has integrated various social sharing options, making it easier for users to share their favorite products with friends and family on Facebook. This social proof can significantly boost sales, as people are more likely to purchase products recommended by their peers. The application also supports multiple currencies and languages, making it accessible to a global audience.
Market Impact and Future Prospects
Payvment currently lists over 750,000 products on its storefront, showcasing a wide variety of items ranging from fashion and electronics to handmade crafts and digital products. This extensive product range makes it a versatile platform for sellers of all kinds. The ease of setting up a store and the seamless integration with Facebook’s social features have made Payvment a popular choice among small and medium-sized businesses looking to expand their online presence.
The $6 million Series B funding will likely be used to further enhance the platform’s features and improve user experience. With the additional capital, Payvment can invest in advanced analytics tools to help sellers better understand their customers’ behavior and preferences. This data-driven approach can lead to more effective marketing strategies and higher conversion rates.
Moreover, the funding could also be used to expand Payvment’s reach to other social media platforms, such as Instagram and Twitter, allowing sellers to tap into new markets and increase their sales potential. As social commerce continues to grow, Payvment is well-positioned to become a leading player in the industry.
For more information, visit the Payvment website.
Via Tech Crunch
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