Facebook wants to revolutionise eCommerce for retailers of all sizes. Welcome to the age of the buy button.
Facebook, once a place where people shared a version of their imagined lives with anyone who cared, is now one of the world’s largest online publishers.
However, Facebook is not content just being a publisher. It wants to become a global marketplace, a place where retailers of all sizes can sell their wares.
Online shopping is the ‘Holy Grail’
An obvious opportunity for Facebook is online shopping. Currently, Facebook makes most of its revenues from digital advertising; a global market predicted to reach almost $60 billion in 2015, according to eMarketer. Online shopping, on the other hand, is estimated to reach around $350 billion this year.
How do Facebook ‘buy’ buttons work?
Very simply. The Facebook user buys through the platform; they don’t have to go to other sites. Facebook intends to handle the entire shopping experience, including checkout.
A huge opportunity
For now, Facebook says that the number of stores being tested is in the “double digits”.
Facebook’s ‘buy’ button and mini online stores represent a huge opportunity for retailers, especially smaller, more specialist, retailers who don’t have the budgets to build and market eCommerce platforms.