[ By Small Caps]
Social commerce platform provider Netccentric (ASX: NCL) has revealed its subsidiary Nuffnang Live Commerce has successfully integrated with the e-commerce platform Shopify, giving more than 1 million Shopify merchants access to live video streaming to sell their products.
Nuffnang Live Commerce was developed by Netccentric and launched in 2020 in a bid to tap into the booming social commerce industry.
It is a platform designed to help merchants convert social media comments into sales with an automated back-end solution for livestream selling.
This allows viewers to instantaneously purchase promoted products as mentioned in the video. For example, a customer can comment “+1” on a livestream to be immediately directed to a shopping cart with their item added and ready for check-out.
Integration opens up access to 1 million-plus global merchants
TSX-listed Shopify is currently the largest Canadian company by market capitalisation (currently valued at C$173 billion or A$179 billion).
The e-commerce company helps merchants start, grow and manage their online and physical businesses, generating more than US$2.93 billion (A$3.8 billion) in revenue in the 2020 calendar year from more than 1 billion businesses across 175 countries.
According to Netccentric, Nuffnang’s integration with Shopify will provide merchants with an automated approach to capturing new orders, customer details and data from live streaming selling sessions, immediately syncing the information to Shopify’s back-end upon completion of payment by customers.
Shopify merchants will be able to select products from their Shopify catalogue and directly sell them through live streaming.
Netccentric executive chairman Ganesh Kumar Bangah said the integration makes it easier for merchants on the Shopify platform to “leverage live social video selling in a way that is quick to get started with an easy and seamless integration”.
“After a sustained period of platform development in 2020, we are now exposing Nuffnang Live Commerce to as many merchants, brands and businesses as quickly as possible,” he added.
For Nuffnang, the integration provides revenue opportunities via transaction fees charged to merchants, as well as subscription fees expected to be charged in the future.
First of several integrations planned
In today’s announcement, Netccentric said Shopify is the “first of several” e-commerce platform integrations planned for Nuffnang Live Commerce.
“Netccentric has identified the potential to further boost engagement and ‘stickiness’ with Nuffnang Live Commerce by facilitating its integration with large existing e-commerce platforms,” the company stated.