What: Payvment, a Facebook-based commerce platform, was designed to connect people, products, and conversations, as well as reinvent the online shopping experience. Brands can use the service to promote and sell items to consumers, offer discounts to fans, obtain analytics on sales and social media activity, list products in Payvment's shopping mall, and promote and encourage social sharing through Facebook, Twitter, and e-mail.
How: Any brand or company can use Payvment to create a retail store on Facebook and fill it with unlimited products and categories of goods. Six months ago, the company also launched a shopping mall feature, which brings all Payvment sellers together in one place.
Payvment is all about social discovery, explains founder and CEO Christian Taylor: "The shopping mall is all about finding new products you might be interested in based on us presenting you with people who might have the same interests as you."
Taylor adds that the stores that do best on Payvment are the ones that hold promotions on the platform as a way to encourage consumers to become fans and advocates.
Why: Payvment launched in 2009, but recently came out of beta mode with added offerings. Thus far, 120,000 brands and retailers have used Payvment to open stores on Facebook, while 400 new stores launch each day.
"It's a really great tool for incentivizing people to become evangelists and encouraging people to become fans of your brand," Taylor says.
Who: Payvment makes sense for any retailer that is looking to connect with consumers to sell products on the social Web.
In addition to the free basic-level service, Payvment also offers a premium version, tailored for a specific brand or company interested in acquiring advanced analytics and offering automated promotions. In addition, a platinum version has similar offerings tailored for agencies managing a number of brands.