Industry Update: The Evolution of Buy Buttons
A new method called the “buy button” is transforming and simplifying online payments. Twitter, Facebook, Pinterest, Instagram etc. are all social media outlets that have incorporated this buy button into their websites. The buy button is an additional type of payment processor for consumers that is on the rise. More and more companies are hopping on board to integrate this new and easy way to purchase a product with just a single click of a button. It is redefining the customer to business relationship. If the buy button continues to improve and consumers enjoy this new method, then social media mediums will be able to charge a fee for the payment processing transactions that occur.
According to the Washington Post, “an estimated 1 of every 5 minutes spent on a mobile phone in the United States is on Facebook or Instagram”, so it makes sense for companies to begin utilizing this payment trend through these social media platforms. The amount of online sales will significantly increase as a result of the buy button, due to its simplicity and its ability to be accessible at the consumer’s fingertips at any moment. This type of payment processing approach is beneficial for both the consumer and the businesses that integrate the buy button because it allows customers to have an extremely quick purchasing experience, while also helping grow the ecommerce market for a number of different companies. Most consumers dislike plugging in credit card information when trying to make an online payment or just the general checking out process, and as a result, the buy button will eliminate this hassle.