We’ve all been making the most of shopping online and on e-commerce platforms over the last few months, but the upward trend we’re seeing isn’t entirely unexpected – it’s just been expedited. Forecasts show that worldwide e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022, and everyone wants a piece of it.
Social media giant, Facebook, has launched two different e-commerce services in as many months with an aim to connect, empower, and be a part of the movement.
“Our goal is to make shopping seamless and empower anyone from a small business owner to a global brand to use our apps to connect with customers.”
Launched in the UK and Ireland in May, Facebook Shops wants to make it easier for small businesses to have an online storefront. For years, any Tom, Dick or Harriet has been able to sell things on Facebook Marketplace, share product catalogues on their business pages, and take part in customer communication. But this next step aims to make buying and selling online easier and more streamlined for any retailer, no matter their size, budget, or industry.
Hot on the heels of this comes WhatsApp pay trialling in Brazil. Similar to other online payment services, it allows users to add a supported debit or credit card to their WhatApp account for faster payments. The plan is to have it fully integrated with Facebook Shops and Instagram shops to help merchants take payments mid-chat.
Both options charge merchants a small, flat fee per transaction and CEO Mark Zuckerberg hopes it will help businesses suffering in the wake of COVID-19. It’s similar to what Google’s been doing in their Google Shopping Platform, but on a smaller scale with more possibility for customer engagement.
When fully tested and released worldwide, these products will make the online customer service experience completely guided, just like in-store.
These new services and experiences aren’t just about trying to entice sellers and customers away from Amazon who dominate the online shopping environment with roughly 2.5million sellers. Social media channels already inspire one in five consumers to purchase online, Facebook is simply trying to create a unified experience for both buyers and sellers.
Does Facebook Shops and WhatsApp Pay sound valuable to your business? Contact us today to find out more.