Showcased at Internet World, Pay with a Tweet – “the world’s first social payment system” – lets shoppers buy goods or secure discounts by clicking a link on retailers’ websites, which directs them to platforms such as Twitter, Facebook, LinkedIn and Google+ to share or like the item.
The technology works on a three-step process. First, the retailer creates and embeds a ‘Pay with a Tweet’ button on its site. Its wording can be edited to reflect the campaign (for example, ‘Tweet and get coupons’). Step two sees customers click on the button and share content on social channels, and in step three the retailer rewards the user with an incentive for sharing, whether that is a discount or even a free product from the retailer.
Marc Jacobs was one of the first to use the technology, debuting it at a Tweet Shop during New York Fashion Week in February 2014 and again in London in August. This enabled shoppers to share images or comments regarding its perfume launch to receive samples or keychains.
US womenswear brand Ayr is using the technology to offer those sharing its spring 15 lookbook a 20% discount. The campaign has generated 8,200 shares and 26,500 potential customers coming to the site.
Pay with a Tweet has so far focused on the US and mainland Europe, but is preparing a UK push.
Its chief executive Aaron Keilhau told Drapers that embedding the button on retailers’ websites rather than in social media incentivises current customers to attract new customers. “Classic online marketing will be replaced by referral marketing,” he said. “Especially in fashion, where users love to share experiences, the potential is huge. We found that a fashion recommendation from a friend is five times more likely to result in a sale than any other online marketing activity.”
The technology costs retailers $499 (£338) for the full package, while smaller firms can access a simpler package for $49.99 (£34).