As part of a plan to cut costs by $500 million, Staples says it plans to close up to 225 North American stores by ...
Facebook commerce vendor Soldsie goes international by allowing payments in six currencies
The company lets merchants sell via Facebook comments.
Topics: Chris Bennett, e-commerce, Facebook commerce, international currencies, international marketing, Lolly Wolly Doodle Inc., PayPal, social media marketing, Soldsie, The Polkadot Alley, vendor news
Facebook commerce vendor Soldsie yesterday announced that it has begun enabling retailers to accept payments via six additional currencies—the Australian dollar, Canadian dollar, Brazilian real, euro, Taiwanese new dollar and British pound. The vendor previously only allowed shoppers to pay using the U.S. dollar.
Soldsie enables merchants to sell products on Facebook via posts that appear in their fans’ news feeds.
To purchase an item, such as e-retailer The Polkadot Alley’s “Mint and Peach Chevron watch,” a consumer has to write “Sold” in the comments section of a Facebook post, then click a link to register with Soldsie by entering her name, address and billing information.
That’s a similar approach to the one used by children’s apparel retailer Lolly Wolly Doodle Inc., which does the vast majority of its business selling products via the comments area on the social network to its more than 613,000 Facebook fans. That model has resonated with investors, as Lolly Wolly Doodle in June announced it raised $20 million in capital.
Soldsie, which launched last September, says its sellers have generated $10 million in revenue via its platform.
“We’ve proven our model works with U.S. shoppers,” says CEO Chris Bennett. “Now we’re expanding the model.”
Soldsie says it has about 1,000 active sellers, generally small retailers, using its platform and about 70% of them sell clothing, shoes or accessories.
The vendor uses PayPal to process transactions. In addition to passing on PayPal’s fees, it charges merchants a flat fee of 3% of the amount of each transaction.