""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," said Facebook founder Mark Zuckerberg. "Our business model here is ads, so rather than charge businesses for Shops, we know that Shops are valuable for businesses. They're going to in general bid more for ads and we'll eventually make money that way.""
""With so many small businesses and brands struggling in this time of quarantine and social distancing, the timing of this announcement couldn't be better. E-commerce growth has long been a growing trend, but the acceleration we have seen in consumers' online spending has meant that leaders in the space have a clear advantage and has forced businesses of every size to quickly play catch up," he says."
Facebook launched a free Shops e-commerce service that enables small businesses and brands to sell directly on the Facebook platform. Shops are free for merchants and Facebook plans to monetize the feature through increased ad spending. The timing supports businesses that need to move online quickly as physical retail is paused by coronavirus restrictions. Rapid consumer online spending accelerates e-commerce adoption and forces firms of every size to catch up. The launch boosts Facebook's e-commerce capabilities and positions the company to compete more broadly with major marketplaces and technology platforms, with comparisons made to Chinese internet giants.
Read at The Drum
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