Social commerce spotlight: Payvment closes its social commerce platform and hands clients to competitor Ecwid
Widely regarded as the leading storefront provider, Payvment announced the end of its service on its homepage, initially glossing over the details of the changes. TechCrunch later reported that the company was purchased by accounting software business Inuit.
The platform will officially shut down on February 28th, after which the company’s existing 200,000 clients will be seamlessly transferred to Ecwid, a competitor which also allows merchants to sell through Facebook.
Inuit has allegedly bought Payvment’s technology, talent and IP, but none of the company’s bells and whistles, suggesting that Inuit might be looking to integrate Payvment’s expertise with its financial suite customers, or even touting Payvment’s Ad platform to its business customers, putting an interesting twist in the development of the social business sphere.
Despite Payvment’s prominence on the storefront scene, AppData reports that only 20,000-30,000 of its registered users were actively using the platform in summer last year, which might explain this move.