Shopify has officially launched its rewards program called Shop Cash in the United States (U.S.) as the Canadian tech company enters its 17th year of operations.
Shop Cash’s launch is part of Shopify’s first Shop Day event on June 2, where merchants are giving away more than $1,000,000 USD in Shop Cash. This initiative is similar to other dedicated deal days from e-commerce brands, including Amazon’s Prime Day, which is anticipated to take place sometime in July this year for Canada.
Funded by Shopify, Shop Cash lets users in the U.S. earn one percent back on purchases made through Shop Pay, its online checkout service.
Shopify quietly rolled out a beta version of Shop Cash in 2022, allowing some consumers to use their rewards to make purchases in Shopify’s mobile shopping app named Shop.
For the Shop Day event, Shopify has partnered with “dozens of merchants,” including popular YouTube creator MrBeast and Monday Swimwear, to share custom links across their social channels to their fans. Shoppers can redeem Shop Cash by clicking on those links and spending directly in the Shop app. Through Shop Cash offers, users can boost their Shop Cash accumulation by 2x, 5x, or 10x.
Shopify has made several enhancements to its offerings in recent years as it continues to build out its suite of e-commerce solutions for merchants.
In its winter product update report published in February, Shopify said it made over 100 product enhancements during the second half of its fiscal year. A number of these updates focus on expanding Shop, which included the rewards program as well as biometric sign-in experiences like facial ID and fingerprint.
Shopify also announced new features for its platform’s checkout functionality. Checkouts with Shopify will default to a one-page experience.
In a recent study, Shopify claimed that among other e-commerce brands, its checkout solution has the best conversion rates, which refers to the percentage of website visitors making purchases.
Working with a “Big Three global management consulting firm,” the review found that Shopify’s overall conversion rate outpaces its competitors by up to 36 percent. It compared Shopify’s performance with Salesforce, Magento, and BigCommerce.
Notably, PayPal and Amazon, which also offer accelerated checkout services, were not mentioned in the study. It appears there are no publicly available studies that compare Shopify’s conversion rates with the two major American corporations.
Featured image courtesy Shop Day.