Internet-commerce and cloud computing company Amazon (NASDAQ:AMZN) is leveraging social media ads to boost its e-commerce sales. Per a Reuters report, AMZN will allow customers to conveniently shop from Amazon’s Snapchat (NYSE:SNAP) ads and complete transactions without exiting the social media platform.
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Amazon’s partnership with Snapchat is similar to its recent agreement with Meta Platforms (NASDAQ:META). Shoppers can browse Amazon’s Facebook and Instagram ads and make purchases seamlessly using Amazon’s checkout, all within these social media apps. Moreover, customers can view real-time pricing, delivery, product details, and Prime eligibility within specific Amazon product ads on Snapchat, Facebook, and Instagram.
The collaboration is a win-win for both Amazon and the social media giants. Amazon stands to enhance its overall user experience and boost its product offerings and e-commerce sales. Simultaneously, this move is expected to enhance user engagement on these social media platforms. As Amazon is taking steps to accelerate its growth, let’s look at what the Street recommends for its stock.
Is It a Good Time to Buy Amazon Stock?
Amazon is taking initiatives to accelerate e-commerce sales, encouraging customers to make recurring purchases. Further, it is focusing on fast delivery to bring more customers to its platform.
In addition to expanding its sales, the company is focusing on reducing costs and driving profitability. Furthermore, AMZN is pouring money into AI (Artificial Intelligence) to strengthen its competitive positioning in the cloud space.
AMZN stock has 40 unanimous Buy recommendations for a Strong Buy consensus rating. Further, the average AMZN stock price target of $175.51 implies 23.1% upside potential from current levels.
