According to a report published by Reuters, Twitter, Inc. (NYSE: TWTR) has launched the testing of its ‘Shops’ feature, which allows companies to display a maximum of 50 products on their profiles. The test expands the social networking company’s already-in-test feature in which companies can showcase up to five products on their profiles.
With this move, Twitter aims to gain a share in the U.S. social commerce market worth $45 billion.
The company said that only a few select U.S. businesses will be able to use the beta test version of the Shops feature, which will be visible only to those people who are using the Twitter app on iPhones.
Once a user views the product, he/she is taken to the merchant’s website to buy the product.
One of the test partners, Verizon’s (NYSE: VZ) Twitter Shop showcased wireless chargers and cases for iPhones on Wednesday.
Additionally, Twitter is also testing live-streamed shopping that allows people to make purchases from a brand while watching its live videos.
About Twitter
Headquartered in San Francisco, Twitter connects a user to a network of people, ideas, news, opinions and information.
TWTR stock closed 5.2% up on Wednesday. However, it lost 0.3% in after-hours trading to end the day at $34.26.
Analysts’ Take
Recently, Benchmark Co. analyst Mark Zgutowicz initiated coverage on the stock with a Hold rating but refrained from providing a price target.
Last month, Brian Fitzgerald from Wells Fargo (NYSE: WFC) maintained a Hold rating on Twitter with a price target of $42 (22.2% upside potential).
Overall, the stock has a Hold consensus rating based on 8 Buys, 16 Holds and 2 Sells. The average TWTR price target of $46.71 implies nearly 36% upside potential. Shares have lost 50.8% over the past six months.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Twitter’s performance.
According to the tool, compared to the previous year, Twitter’s website traffic registered a 13.4% decline in global visits year-to-date.
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