Facebook Shops estimated to up revenue for the social media giant by 30 BILLION annually!
We already spend too much time on Facebook (and Amazon) and now we can shop AND browse?!
Facebook has already revolutionized the way people communicate globally and now they are taking on the huge feat of rivaling the biggest retailer of them all.. Amazon. Facebook is currently worth about $600 billion dollars and previously only offered "marketplace" which in my opinion was modeled after a digital yard sale.
Today they launched Facebook Shops which was a joint effort shared with Shopify. Shopify is a widely used e-commerce platform that allows users to build digital storefronts to sell basically ANY kind of goods or services a business could possibly provide. A quick google search surprisingly showed Shopify to be valued at a whopping 83 Billion (whew!).
This is probably the most monumental feature for those who own businesses as it allows them to become more personal with their potential clients. This means you as a business owner may more successfully familiarize those who are affiliated with you socially with your business (marketing plus) without trying to drive traffic elsewhere to purchase goods (convenience). Being able to integrate your social media activities with shopping will definitely drive Facebook's traffic up and increase demand in these times where a trendy new social media app comes once a quarter!
Technology has changed the way we do business forever! It is interesting seeing how technology continues to affect our day-to-day lives!
What do you think of Facebook's new feature??