Facebook wants to own this social commerce space, and could have a massive impact if reports of a ‘want’ button coming in the near future prove to be true. The want button would work like the ‘like’ buttons that appear on most online content both on and off the actual Facebook site (you’re used to seeing these ‘like buttons on blogs and news articles, usually next to Tweet or email options for sharing the story.)
But instead of friends seeing that
a user likes a blog post or story or picture or even a product, this button would be used for retail purposes.
For retailers, this has a clear advantage.
Rather than having to build their own social platforms or apps, companies could further integrate themselves into the massive world of Facebook (1.06 billion active monthly users as of mid-January, 2013).
Hearst’ Elle magazine recently moved
into the social commerce space for the first time in a big way. The April 2012 Elle made it possible to either ‘love’, ‘want’, or ‘own’ a product from fashions shown on the Elle Facebook page. The user’s clicks were then shared to their Facebook page.
Now enter Graph Search by Facebook,
a new search algorithm and perhaps the catalyst of a new era in social e-commerce
when it is commercialised. Graph Search combines the big data from its one billion- plus users with external data to deliver user- specific search results. Between a user’s network of friends and additional results from the Bing search engine, results will be unprecedentedly unique to each user.
If Facebook enters the social commerce
game, it would be the instant leader, but it would be by no means the only player. Other, more product-based sharing sites are also jumping into the social commerce competition. Pinterest has a two-step process for its users: First they must click on an image, then they must go to a third party site to make a purchase.
Sites like the Fancy and Wanelo make
it easier to purchase the products in the picture. The Fancy keeps customers on its site, and collects a cut of the transaction from the merchant.
With the proven success of Pinterest and,
to a lesser extent, the Fancy and Wanelo and then the introduction of Facebook Graph, there’s a very good chance that increasingly your online purchases will be made with the confidence that 10 of your friends have already given it a ‘like’ or ‘want or even purchased it already on social media.