World business: Facebook is making a great push into e-commerce. The company introduce businesses to set up free storefronts on Facebook and Instagram.
Third-party will power the shop, including Shopify, ig Commerce, and Wo.It will turn the social network into a top-tier shopping destination.
Online stores are getting famous
In a live stream, CEO Mark Zuckerberg said expanded e-commerce would be important. This is to rebuild the economy while the pandemic continues.
Besides, the pandemic also devastating for small businesses for a few months.
But online sales have been a bright spot for small businesses.
For example, there is a solo entrepreneur knitting fabric face masks and baking pastries for sale.
As a result, the revenue has doubled from three years ago. Therefore, Facebook is going to bring more local businesses online.
This will help them to endure while also creating big new business opportunities for Facebook itself.
Although Shops are free to create, they could create significant new business opportunities. It includes advertising, payments, and other services.
Therefore the company also can earn the fees.
Improve on the standard web commerce
Zuckerberg said Shops will improve on the standard web commerce experience. For example, it can store users’ payment credentials in a single place. Then, they can then use on any Facebook or Instagram storefront.
Integrate loyalty programs with shops
The Facebook user easily see and keep track of the points and rewards. Therefore, it can help small businesses create, manage, and surface a loyalty program on Facebook Shops.
Coming on this summer
Shops will begin rolling out on Facebook today in the United States and are coming to Instagram sometime this summer.
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