Like others, Facebook has decided to accelerate its eCommerce amid the current global pandemic. Firstly, the biggest companies in technology have boosted their eCommerce efforts in recent months. Amazon and Google have made some significant moves which could change eCommerce. Similarly, Facebook seems keen to compete better in this market. The social media giant has launched Facebook Financial to “pursue payments and eCommerce opportunities”. However, this new entity would house Facebook Pay and the company’s current and planned payment systems. Historically, the company has already made a role in the growth of eCommerce. It plans to leverage its data analytics capabilities to its full effects.
Facebook has launched the F2 project. The strategy behind it seeks to bundle up all the company’s eCommerce capabilities. Facebook plan is to make people spend more time using its apps and decide to shop more on those apps. Users are able to gain inspiration online. Above all, the F2 project is designed for buying and selling. Similarly, the company is keen to leverage its capabilities with apps like Facebook messenger, Instagram and even Whatsapp which are fast becoming growing eCommerce avenues. Moreover, the company recently launched a commerce accelerator initiative. This is as part of a larger business strategy.
This initiative plans to work with 60 hand selected startups from around the world. Consequently, it will increase usage and usability of Facebook’s app. Facebook expects it will help create a unified shopping experience across all its apps. It will be easier for users to message businesses from Whatsapp, Facebook Messenger and Instagram DM.
In conclusion, Facebook’s resources are vital. This comes on the backdrop of the company’s launching “shops” for Instagram and Facebook in the middle of May. Regardless, Facebook is leveraging the two apps to aid direct product sales. It’s Facebook shop, can change eCommerce. It connects product catalogs directly to Facebook and Instagram. The products can easily be shared or added in posts. The project starts with ”eligible’ businesses using Instagram Profile Shops. Subsequently, scaling up is planned. Facebook mentioned it’s searching for eCommerce solutions that assist businesses upload and manage online inventory. Fortunately, it boosts the functionality and intelligence of the product catalogs. Above all, this makes for better informed buying decisions.