Facebook recently announced its plans to release a Facebook store and to prepare for that, it has also come up with a Facebook Want button.
The ‘Want’ button is still under testing, but functions a lot like the ‘Like’ button. A small group of retail businesses have been invited to be a part of the wanted catalog, including Pottery Barn, Victoria’s Secret, Michael Kors, Neiman Marcus and Smith Optics. Aside from the Facebook Want button, a ‘Collect’ option will soon be available as well.
Considering Facebook recently reached 1 billion users—that’s one seventh of the world’s population, according to the United States Census Bureau—this is a great way to collect personal information as well as get to know the market in a more in depth way.
Virtual Shopping Assisants
The Facebook Want Button Temporarily Satisfies Your Consumerist Needs
Trend Themes
1. Social E-commerce - The Facebook Want button is a disruptive innovation opportunity for retailers to tap into Facebook's massive user base and collect valuable consumer data.
2. Personalized Marketing - The 'Collect' option on Facebook will allow businesses to offer personalized recommendations and targeted advertising based on users' interests and wants.
3. Market Research - Facebook's ability to gather in-depth insights on consumer preferences through the Want button enables market researchers to gain valuable data for strategic decision-making.
Industry Implications
1. Retail - Retailers can leverage the Facebook Want button to enhance their online shopping experience and drive sales by understanding consumer demand.
2. Social Media - The integration of e-commerce features on Facebook opens up opportunities for social media platforms to enter the online shopping market.
3. Data Analytics - The use of the Facebook Want button presents a disruptive innovation opportunity for data analytics companies to provide insights and analysis on consumer behavior.