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Facebook (FB) Extends Shops Feature to WhatsApp, Marketplace
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Facebook has announced a range of new shopping and discovery tools, in line with its growing e-commerce efforts. The tech giant is expanding its e-commerce tool, Facebook Shops to its WhatsApp messaging app in several countries, per a Reuters report.
As users dislike ads in their private message threads and in WhatsApp Status, monetization of WhatsApp audience has been difficult for Facebook. The company is facilitating direct business activity on WhatsApp with such e-commerce tools, seeking alternative revenue models.
Additionally, Shops product listings are being expanded to Facebook Marketplace in the United States, providing more ways for brands to connect with interested shoppers, and more ways for Facebook to encourage browsing and buying activity.
Moreover, the social media giant is introducing Shops ads solutions that provide unique ads experiences based on user’s shopping preferences. It is also testing the ability for businesses to send shoppers to where they are most likely to make a purchase based on their shopping behavior, such as curated products that you might be interested in from a Shop or a business website.
Although the coronavirus pandemic has hit retail sales over the past couple of months, e-commerce has gained traction with more people staying indoors and shopping online. Launched in May 2020, Facebook Shops has more than 300 million monthly Shops visitors and about 1.2 million monthly active Shops on its platforms.
Facebook is investing in immersive technologies like augmented reality (AR) and artificial intelligence (AI) to enhance user shopping experience. In the coming months, Facebook will test an AI tool called Visual Search on Instagram. Users can click on items and find similar products in Shops.
The feature would be similar to the ones offered by Snap (SNAP - Free Report) and Pinterest (PINS - Free Report) , which have both invested heavily in visual search. Earlier this year, Pinterest collaborated with ModiFace to launch an AR eyeshadow try-on.
Moreover, Facebook is introducing tools for brands to include AR product catalogs in ads that will automatically show relevant products to people based on their interests.
In February, the Zacks Rank #2 (Buy) company launched Facebook Shop in the UK and Canada, expanding its global footprint. Other new Shops tools rolled out included new design layouts, real-time collection previews, automated shop creation for new sellers and analytics insights in Commerce Manager. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Further, Shopify (SHOP - Free Report) confirmed the availability of Shop Pay to all Shopify merchants doing business on Facebook and Instagram starting this summer.
With Facebook offering the Facebook Shop tool for free to small businesses, it is not a direct revenue driver. Instead, the feature retains shoppers within Facebook’s ecosystem for longer, completing purchases and asking customer service questions through Facebook Messenger or WhatsApp.
The expansion of the Shops feature and other e-commerce products across platforms is in a bid to ramp up ad sales in the future as small businesses make up the majority of Facebook’s more than eight million advertisers.
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Facebook (FB) Extends Shops Feature to WhatsApp, Marketplace
Facebook has announced a range of new shopping and discovery tools, in line with its growing e-commerce efforts. The tech giant is expanding its e-commerce tool, Facebook Shops to its WhatsApp messaging app in several countries, per a Reuters report.
As users dislike ads in their private message threads and in WhatsApp Status, monetization of WhatsApp audience has been difficult for Facebook. The company is facilitating direct business activity on WhatsApp with such e-commerce tools, seeking alternative revenue models.
Additionally, Shops product listings are being expanded to Facebook Marketplace in the United States, providing more ways for brands to connect with interested shoppers, and more ways for Facebook to encourage browsing and buying activity.
Moreover, the social media giant is introducing Shops ads solutions that provide unique ads experiences based on user’s shopping preferences. It is also testing the ability for businesses to send shoppers to where they are most likely to make a purchase based on their shopping behavior, such as curated products that you might be interested in from a Shop or a business website.
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Facebook Strengthens E-commerce Presence
Although the coronavirus pandemic has hit retail sales over the past couple of months, e-commerce has gained traction with more people staying indoors and shopping online. Launched in May 2020, Facebook Shops has more than 300 million monthly Shops visitors and about 1.2 million monthly active Shops on its platforms.
Facebook is investing in immersive technologies like augmented reality (AR) and artificial intelligence (AI) to enhance user shopping experience. In the coming months, Facebook will test an AI tool called Visual Search on Instagram. Users can click on items and find similar products in Shops.
The feature would be similar to the ones offered by Snap (SNAP - Free Report) and Pinterest (PINS - Free Report) , which have both invested heavily in visual search. Earlier this year, Pinterest collaborated with ModiFace to launch an AR eyeshadow try-on.
Moreover, Facebook is introducing tools for brands to include AR product catalogs in ads that will automatically show relevant products to people based on their interests.
In February, the Zacks Rank #2 (Buy) company launched Facebook Shop in the UK and Canada, expanding its global footprint. Other new Shops tools rolled out included new design layouts, real-time collection previews, automated shop creation for new sellers and analytics insights in Commerce Manager. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Further, Shopify (SHOP - Free Report) confirmed the availability of Shop Pay to all Shopify merchants doing business on Facebook and Instagram starting this summer.
With Facebook offering the Facebook Shop tool for free to small businesses, it is not a direct revenue driver. Instead, the feature retains shoppers within Facebook’s ecosystem for longer, completing purchases and asking customer service questions through Facebook Messenger or WhatsApp.
The expansion of the Shops feature and other e-commerce products across platforms is in a bid to ramp up ad sales in the future as small businesses make up the majority of Facebook’s more than eight million advertisers.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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