Facebook to Compete With E-Commerce GiantsBy MBN Staff | Thu, 05/21/2020 - 11:47
Facebook knows that the best way to survive crises and stay relevant in the market is to diversify. This week, Mark Zuckerberg's company launched Shops, an online shopping service that will allow businesses to display and sell products on their social media platforms.
“Our goal is to make shopping seamless and empower anyone from a small business owner to a global brand to use our apps to connect with customers. That's why we're launching Facebook Shops and investing in features across our apps that inspire people to shop and make buying and selling online easier,” said the California based company in a statement. According to AB Bernstein, Shops could unlock a US$1.3 trillion market, while Morgan Stanley said the company can become a competitor to Amazon and Alphabet.
Facebook also wants to cover payment services and on Tuesday announced that it would launch Facebook Pay, a service that will help consolidate payment tools on its social media platforms, including Whatsapp and Instagram. The service will allow users to send money or make payment with a PIN number or biometric data through their smartphones. In June, the tech giant began including the label ‘from Facebook’ within its apps, including Messenger, Instagram and WhatsApp.
Meanwhile, Marco Casarin was appointed as the new Director of Facebook Mexico, replacing Xóchilt Balzola-Widmann, who resigned in early 2020 and now serves as Apple Director of Sales in Germany.
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