The social commerce market is growing rapidly this recent years and now it is $1billion market(US). Related to last week's post, it appears to be Facebook is also entering the social commerce market. Facebook introduced a new retail feature "want" and "collect" buttons that enables Facebook users to elect the want button and add selected products to their wishlist. The selected product will be visible on friend's newsfeed. While the feature is similar to existing web service like fab.com and Fancy, I think these existing service could be in stake when the feature launched by Facebook. Because of the huge amount of users Facebook carries they are in great advantage. The existing social commerce websites users might switch to Facebook, since user can have same experience while just Facebooking as usual. Facebook entering in the social commerce market might stimulate the market even more. I wonder how Facebook would position them in the social commerce market and how they will leverage the feature for company's further growth.Saturday, October 20, 2012
Facebook's "Want" and "Collet" buttons: Competing social commerce site?
The social commerce market is growing rapidly this recent years and now it is $1billion market(US). Related to last week's post, it appears to be Facebook is also entering the social commerce market. Facebook introduced a new retail feature "want" and "collect" buttons that enables Facebook users to elect the want button and add selected products to their wishlist. The selected product will be visible on friend's newsfeed. While the feature is similar to existing web service like fab.com and Fancy, I think these existing service could be in stake when the feature launched by Facebook. Because of the huge amount of users Facebook carries they are in great advantage. The existing social commerce websites users might switch to Facebook, since user can have same experience while just Facebooking as usual. Facebook entering in the social commerce market might stimulate the market even more. I wonder how Facebook would position them in the social commerce market and how they will leverage the feature for company's further growth.
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I think this show huge promise as the most important innovative Facebook has made, possibly since their inception.
ReplyDeleteInteresting post. I don't follow facebook closely enough to notice they had done this. I wonder if this will work towards them monetizing their huge user base.
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