Recent news have indicated that Facebook has been trying the Buy button which allows the user to buy and pay for an e-commerce merchant without leaving Facebook’s site or app. Instead of following a link to the merchant’s site and then beginning the process, the buy button lets you complete the entire purchase within Facebook, which is expected to improve the conversion rates and endear retailers to social networks.
Though Facebook decided not to charge the medium-sized businessmen for their sales on Facebook upon testing the buy button, but when asked if they’ll charge business for this feature in the future, they said “they were not disqualifying that option either”.
The buy button will allow the users to use credit cards they have connected to Facebook and allow them to save the details for future use. Users on the other hand can simply check out without saving any information. The feature is protected and safe as Facebook won’t pass on the personal information to other parties. Apart from this, it has also been testing the “Auto-Fill with Facebook” feature that can enter the user’s payment details when one is making a purchase from a third part e-commerce application.
Keeping advantages for Facebook users and e-commerce businessmen, if this test by Facebook turns out to be a success, Facebook could be earning quite some money on the feature. Charging a minimal fee or some part of fixed revenue share during product payments with the merchants and advertisers would be the possible way to go. Facebook also aims to boost commerce related initiatives and notions by collecting user credit card information.
Online purchasing is a matter that comes down to conversion rates. People are interested in a product, but getting them to actually buy it is the challenge. It all falls apart when it comes down to getting customers to the checkout screen, and having users reluctantly entering their credit card details. The innovative “Buy Button” here comes to the rescue. You don’t have to leave blue chrome of Facebook; everything is brought in front of you. The best part about it is even if you haven’t bought anything from the merchant, you do not have to enter the details again. Simply click Buy, and then again to confirm and the product is on its way to your door.
This could be the significant step in changing the monotonous definition of e-commerce. By meeting the zenith of interest and purchase, Facebook could flock loads of customer to shed their pockets in online purchases. This is something that retailers would be willing to pay for, without a glitch!
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