In an effort to "contribute more to India’s vision for digital commerce," the new WhatsApp update will allow users to sell and buy goods more efficiently.
Although it's not totally clear how the Facebook-owned messenger will make selling and buying easier for consumers, it's likely that it will build off of the bartering system that already exists within it. As The Verge reports, "WhatsApp is, by some measures, more popular in India than Facebook itself, and the messaging app has already been adapted to play unexpected roles in the country’s economy." Neil Shah, an analyst, supported this, by telling the Financial Times, "I’ve seen people selling baby clothes, medicines, art and craft supplies -- it’s become a Craigslist type of offering."
While it's not yet known when the WhatsApp update will happen, The Verge reports that now is the perfect time for it to get involved in digital commerce, as "digital payment services in India clocked up more than 262 million transactions worth some $1.3 billion" in January 2016.
Digital Payment Messaging Apps
This WhatsApp Update Will Allow Users to Sell and Buy Goods
Trend Themes
1. Digital Commerce - WhatsApp’s new update will allow users to sell and buy goods, making it an opportunity for disruptive innovation to create new platforms and experiences for digital commerce.
2. P2P Transactions - WhatsApp’s bartering system may open up new possibilities for peer-to-peer transactions in the digital payment space.
3. Messaging for Retail - WhatsApp's integration of retail could pave the way for messaging apps crossing over into the retail space to provide better customer service and revenue potential .
Industry Implications
1. Mobile Payments - The digital payment increase in India is an opportunity for providers to explore and invest in the market, as seen with WhatsApp's new update.
2. E-commerce - The rise of messaging apps like WhatsApp could potentially disrupt e-commerce websites by providing a new retail platform.
3. Social Media - WhatsApp could potentially challenge traditional social media networks by developing a new feature that involves buying and selling.