Facebook takes a stronger liking to e-commerce
Third Bridge Forum spoke to a former divisional head at Facebook to assess how COVID-19 is impacting the company and get a better understanding of the social media giant’s e-commerce plans.
As many businesses have been strengthening their digital presence, Facebook is branching out from traditional social media features to include new offerings, such as the recently announced Facebook Shops. However, behind the scenes, Shops isn’t a particularly new initiative, the expert explained. And a significant change in culture will be required to successfully execute on this strategy: “It’s not about willingness… It’s more [a question] of can Facebook execute to the level that operationally makes sense for those merchants?”
Overall, the specialist believes that Facebook has a strong growth trajectory. However, the company must keep a sharp focus on attracting young users and facilitating engagements between family and friends, which has become somewhat diluted as the platform has grown and features such as News Feed have gained prominence. This is particularly important as a growing number of start-ups are eager to displace the market. “A lot of people are trying to be the next Facebook, so if they cannot solve these two problems, the next Facebook has an opportunity,” the specialist said.
Other topics discussed in the Interview include how Facebook is seeking fresh monetisation opportunities, issues around attracting talent at the company, and whether margins are likely to be squeezed because of the pandemic.
To access all the insights from Third Bridge Forum’s Facebook – coronavirus impact & e-commerce opportunities Interview, click here to view the full transcript.
The information used in compiling this document has been obtained by Third Bridge from experts participating in Forum Interviews. Third Bridge does not warrant the accuracy of the information and has not independently verified it. It should not be regarded as a trade recommendation or form the basis of any investment decision.
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