Facebook launches new feature for small businesses announces Mark Zuckerberg

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KEY Highlights:

· CEO Mark Zuckerberg declares about the launch of Facebook Shops, a new feature of e-commerce that lets the businesses to list down about their products on Instagram and Facebook.

· This feature of Facebook lets the businesses to catalog their products on the pages of Facebook, stories or in ads and Instagram Profile

· Businesses will be allowed to sell their products through the features of WhatsApp, Instagram Direct, and Messenger and tag products through the chats during the live streams.

Mark Zuckerberg the CEO of Facebook, on Tuesday, declares about the shops of Facebook, making it easier for the companies by listing their products on Instagram and Facebook 

The company declares, the businesses will be able to set the listing of their products on Instagram profiles, Stories, or in ads and their Facebook pages. The Facebook shops would let the businesses to sell the products to their customers through the feature of Messenger and Instagram Direct. The customers will be allowed to click on the tags and then taken to the ordering page of the product during the time of Instagram and Facebook live streams,

The company has earlier let the listing of products on Instagram and Facebook for the Businesses purpose, but the shops of Facebook have allowed them upload their listings to make their accessibility across the various apps of Facebook

 “It’s one simple and consistent experience across this family of apps, which means it is easier for people,” in a live stream on Facebook, says the CEO. “That, of course, means there’ll be higher conversions and more sales for small businesses.”

Zuckerberg says that he was developing the feature of Facebook shops personally, to provide support for small scale businesses. Facebook shops progress its efforts. On Tuesday, the CEO says small scale businesses add up to the vast majority of Facebook’s more than 8 million advertisers. The small businesses will be encouraged to actively remain engaged with the platform despite the shops being free of cost. A declaration of $100 million programs to support the small scale businesses and give a path for small businesses to sell gift cards directly to the consumers through the platform of Facebook since the start of the pandemic.

Facebook will be able to manage more ad sales through long term, shops, and other e-commerce products.

“Our business model here is ads, so rather than charge businesses for Shops, we know that if Shops are valuable for businesses, they’re going to in general want to bid more for ads,” Zuckerberg said. “We’ll eventually make money that way.”

Although Facebook Shops will make it simple for the companies to catalog their products on Facebook, in most cases, users will have to leave Facebook and head to a company’s website to complete the purchase.

In nearly many cases users will have to leave Facebook and bonce to a company’s website to finish the buying.

Only businesses taking part in Facebook’s Checkout, an invitation-only program that Facebook is trying out, will be able to perform transactions on the social network. Facebook invoices a selling fee for sales completed through Checkout but has denied revealing the sum or nature of that fee because that program is still in beta.

The company records that it’s working with partners like BigCommerce, Shopify, and others to support small businesses. Shopify’s stock price was raised by more than 2% following the news of Facebook Shops.

“Small businesses need a way to find new buyers,” adds Shopify’s CEO Tobias Lutke on the live stream with Zuckerberg. “This is going to be an incredibly powerful new reality for everyone in the retail space to have these powerful tools natively on the Facebook platform.”

The company said Facebook Shops would start to rise on Tuesday and become more extensively available over the coming months.

“We hope the tools can relieve some of the pressure small scale businesses are facing right now and help businesses of all sizes prepare for the future,” said the statement. 

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