The Future of Business: Making Purchases via Social Networks

When Snapchat announced the launch of Snapcash, it became the first major social network in North America to allow users/members to transfer money within messages. Using debit card information, this service is currently free of charge. Funds transfer with a few mere swipes and taps.

Other social networks are soon to follow Snapcash’s money exchange platform. In fact, a hidden payment feature is already inside Facebook’s Messenger app, but has not been released. Imagine if more than 500 million users can instantly send money to each other. 

Other social networks sites are anticipated to also incorporate this handy money-exchanging feature. This will soon lead to merchant payments, not simply peer-to-peer payments. Opening an entire new world for social networks for business, retailers could take advantage of social networks growth to advertise ecommerce merchandise. Retailers could also include “buy it now” buttons, which are currently receiving beta testing on Facebook and Twitter.

Additional social network benefits may include no-cost or low-cost payments via these social media payment platforms. Instead of the traditional two to four-percent interchange fees, social media platforms may charge less expensive fees, which would be superb cost-saving alternatives to traditional credit card systems.

For businesses that are interested in what social media holds in the near future, holding a college session or interviewing interns is one of the best ways to see what young adults are looking for when purchasing merchandise online. This up-and-coming generation holds the key to online marketing, social media and ecommerce trends.

This is yet another reason why it is so important to have a website that is mobile friendly, easy to use and appeals to younger generations. In many cases, businesses should try having test groups that range from 19 to 21 year olds. Ask that they give their marketing opinions on websites, ease of purchasing, social networking, their choice of phone apps, etc. After all, this generation is going to be the bread and butter of businesses’ in the very near future. It is time we begin to cater to them now.

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