Wednesday, August 5, 2020
Home Market Trends FACEBOOK INNOVATIONS TO KEEP AN EYE ON

FACEBOOK INNOVATIONS TO KEEP AN EYE ON

From shopping on Messenger, WhatsApp to Instagram, Facebook is revolutionizing the way companies market and sell their products online. 

With more retailers than ever before seeking to expand their digital presence, social commerce is becoming one of the most powerful tools in an online retailer’s arsenal. 

Facebook, which owns Messenger, WhatsApp and Instagram, is the undisputed leader in social commerce. This year the company introduced various new features for its applications, designed to help businesses improve the way they connect with their customers online.

MAKING PAYMENTS EASIER WITH FACEBOOK PAY 

The social media giant introduced a new payment feature, Facebook Pay, in the US this November. 

Facebook Pay makes transactions across apps easier by allowing shoppers to add their preferred payment method once and use it for all purchases. 

Customers can use FacebookPay to buy event tickets, transfer funds to friends on Messenger, and purchase goods from select Pages and businesses on Facebook marketplace, as well as to donate money.

The new payments system was rolled out on Messenger and Facebook and will become available across other applications. 

Read more about FacebookPay HERE.

A MOBILE STOREFRONT FOR BUSINESSES

The Facebook-owned company WhatsApp launched a new feature to help small businesses better connect with their customers.

Available in the WhatsApp Business app, the new Catalogs service is a mobile storefront for showcasing products and services. 

Using product catalogs, companies can display all the product information, including price, descriptions, and photos, in one place. Previously businesses had to send images one at a time and provide information separately.

The app makes it easier for customers to browse and shop for products. At the same time, it also makes businesses look more professional and enhances the experience for customers who no longer have to visit a website. 

To find out more about Catalogs click HERE. 

A NEW SHOPPING PLATFORM ON INSTAGRAM 

In May this year, Instagram launched a new platform for small businesses called @shop. 

The @shop feature displays the most popular products by emerging brands across top shopping categories such as fashion, beauty, jewelry, home decor and more.  

@shop_Instagram_retailsee

The platform, which has accumulated 192k followers since its launch, includes product tags that enable users to learn more about the product and shop without leaving the app. 

In March, Instagram introduced the Checkout feature to allow in-app payments, partnering with top brands like Adidas, Dior, Net-a-Porter and MAC Cosmetics. 

IT’S ALL DIGITAL 

According to Worldpay, global m-commerce is likely to surpass desktop sales in 2023. Mobile payments are also set to become the second most used payment method by 2022. 

As consumers change their shopping habits, more retailers are embracing the concept of digital stores as well as adopting new payment technology.

From in-app payments to mobile wallets, new and innovative concepts are popping up across the world, and the southeast European markets are following suit. 

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