Shares of Snap Inc. (NYSE: SNAP) and Amazon (NASDAQ: AMZN) surged Monday after the two tech giants inked a deal to revolutionize social media shopping, allowing Snapchat app users to purchase products through Amazon seamlessly.
The agreement unveils a revolutionary in-app shopping experience, allowing customers to shop via Amazon’s Snapchat ads and complete transactions without leaving the Snapchat platform.
Amazon (NASDAQ: AMZN) reveals that the in-app shopping feature would apply to specific items available through Amazon or independent sellers within the Amazon marketplace. In addition, users will have access to real-time pricing, Prime eligibility, delivery estimates, and comprehensive product details.
This move mirrors Amazon’s recent collaborations, including partnerships with Pinterest (NYSE: PINS) earlier this year and Meta Platforms (NASDAQ: META) last week. These partnerships opened avenues for in-app ad buying on platforms like Facebook and Instagram, solidifying Amazon’s commitment to expanding its digital retail footprint.
Following the announcement, Amazon stock soared to its highest level since April 2022, reaching $145.80 on Tuesday—a 2.25% increase over the last trading session. Snap Inc. (NYSE: SNAP) shares also experienced a significant boost, closing at $12.15, marking the highest point since July, with a notable 7.52% surge.