Facebook’s new attempt at e-commerce – the Facebook Buy Button

August 11, 2014

Digital Marketing Scot Wingo By Scot Wingo

Over on sister site, eBay strategies, (where we cover marketplace trends) we just wrapped a three piece exclusive series that digs into Facebook’s latest attempt at conquering e-commerce.

Here’s a brief guide – if you are interested in the intersection of social and e-commerce, we strongly recommend you follow this new path that Facebook is embarking on:

Part I/II – Introducing ‘Buy on Facebook’ (here)

To understand where Facebook is going here, you have to look backwards and deeper into where Facebook is as a company today.  In Part I we did just that with a brief history of Facebook’s flirtations with e-commerce as well as some amazing datapoints from Facebook’s recent Q2 results.  Did you know that Facebook now has over 1.3b monthly active users and 80% of them are using the site through mobile?  Have you heard of Lolly Wolly Doodle?

Part II/III – Tour: Completing a transaction and post transaction flow (here)

In part 2 of the series, we went on a detailed tour of the new Facebook Buy Button functionality. The conclusion – this is a very well thought out, scalable, and consumer friendly solution that could have a significant impact.

Part III/III – What does this mean? (here)

In the final post, we estimated what a successful Facebook ‘marketplace’ would look like and how big could it be?  When you have 1.3b users it doesn’t take much activity – low single digit usage and conversion rates – to create a > $10b marketplace.  What does this mean to the industry? What should you do today?  What will happen to Google, eBay, Amazon, etc.?

 

We hope you enjoy the series!


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