The social networking site Snap Inc. (SNAP), which owns Snapchat, has acquired a customer engagement tool to enhance the online consumer’s experience. By offering new services, Snap Inc. hopes to increase consumer spending toward its total income.
A startup called Fit, which helps online shoppers find the right sizes for clothing and shoes, was acquired by Snap Inc. Using Fit Finder, the main platform, customers upload custom options to find the most suitable clothing. More than 18,000 retailers worldwide already work with Fit, including The North Face, Calvin Klein, Hugo Boss, and Puma. Furthermore, the Snap Inc. is developing visual search technology to help customers find similar products by uploading photos of products.
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Snap Inc. (SNAP) will improve its e-commerce segment through its acquisition of Fit. This is the SNAP stock’s direction since 2018, and they intend to make it their primary driver for improving revenue per subscriber. According to Snap management, augmented reality enables a customer to try on items virtually without visiting the store. This can lead to a more “exciting” shopping experience.
Though Snap generates most of its revenue from advertising, its in-store advertising is not separately disclosed. Despite this, management noted that it hoped to grow revenue more than 50% yearly over the next few years, but it believes inactive users would not increase as a result. In other words, Snap aims to grow by raising its subscriber rate. Over the past year, this indicator has grown year-over-year by 33 % in the fourth quarter. Due to augmented reality, games, and more, users spent more time on Snapchat than ever before.
Snap Inc. (SNAP) shares rose Thursday, gaining $0.9 to close the day’s trading session at $51.41. At present, the ratio of debt to equity is 0.72. The 52-week minimum price of the stock has moved to $10.47, while the 52-week high of the SNAP share is now $73.59.