Tuesday, August 16, 2022

Facebook and Pinterest aim to push store revenue with new ‘Buy‘ features

Social media sites are focusing on their budding entrepreneurs and turning their sites into online markets to keep up with competition. Both Facebook and Pinterest (the 1st and 2nd most popular social networks in the world) are looking to make the most out of their platforms by reinventing sales tools.

Facebook has announced that it will support its ‘Facebook for Sale groups‘ by adding new buttons, to assist users formally buy and sell their goods online. Users will be able to highlight which items have been sold and which are still available. The features will make it easier for users to locate, price and professionally promote items.

While users are confident trading on Facebook, easily accessing buyer‘s profiles, the company will not take liability for any problems. The site confirmed that transactions made through a Facebook group is between, “you and the seller” and that it must be kept in mind that, “Facebook doesn‘t own or possess any items a seller lists”. Sellers are also urged to describe items honestly, ensuring they don‘t breach their Statement of Rights and Responsibilities and Community Standards.

However, it isn‘t just Facebook that is looking to enhance Social Media‘s influence on store revenue, Pinterest is rumoured to be working on adding a ‘Buy‘ button to its site. The function will supposedly be powered by payment company Stripe, and will ensure that traffic remains on the site, where customers will be able to order and pay for their items. According to Shopify, an average order on the ‘online scrapbook‘ is already $80- higher than google, Amazon, Yahoo and Bing.

Recode announced that the design is expected to be released in the next three to six months, a timely objective, to keep up with competitor Facebook. It will also tie in well with the company‘s new launch on Thursday, which will allow visitors to download iPhone or iPad applications without leaving the actual website. Though a spokesperson would not confirm, Pinterest told Recode that further expansion is inevitable, “Part of our strategy to help people discover new things, save them, and do these things in real life has always been to make Pins more useful.” Any developments in the lead up to a ‘buy‘ button, will provide Pinterest with the crucial exposure they need to create a successful ecommerce business.


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