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Facebook is about to get a huge facelift with new feature

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Facebook Shops: the tech giant is on a quest to build the world’s largest shopping social media platform

This morning, Facebook CEO Mark Zuckerberg went live to detail changes to Facebook’s ‘Shops’ feature. The feature will allow new ways for users to shop across Facebook and Instagram.

Last year, both platforms launched their Shops tab to help businesses go digital amidst worldwide lockdowns to contain the spread of Covid-19.

The feature allowed shop owners to set up a unified, customisable store across Facebook and Instagram. Since then, Facebook has gained over 300 million visitors to Shops per month, and over 1.2 million active Shops.

Facebook Shops will expand to WhatsApp and Marketplace

The update announced today will give businesses in select countries the option to showcase their Shop in WhatsApp.  The update will also allow users in the US to list their Shops products in Marketplace.

“We’re launching the ability for a business to send shoppers to where you’re going to be most likely to make a purchase based on your shopping behaviour,” Mark Zuckerberg said this morning.

“We are making the online shopping journey more personalised, more entertaining, and more seamless.” said Kate Box. Head of Retail at Facebook Australia and New Zealand.

“Instagram and Facebook are a new Westfield!”

Kate Box, Head of Retail at Facebook Australia and New Zealand.

The Facebook Shops update will also include new visual discovery tools on Instagram, which will help shoppers find new products. The Visual Search feature will help users find visually related products, similar to Pinterest.

“In the future we’ll make it possible for people to take photos from their camera to start a visual search,” Zuckerberg said.

“While it’s still early, we think visual search will enhance mobile shopping by making even more pieces of media on Instagram shoppable.”

Augmented Reality try-on tech

Additionally, new AI and AR features will allow users to visualise and virtually try on items before they buy through API integrations with Modiface and Perfect Corp.

The company is also introducing new tools for brands to include AR product catalogs in ads. These ads will automatically show relevant products to people based on their interests. 

“AI and AR will further evolve how customers discover products they love. Australian’s will be able to find products online, with visual search and try-on immersive experiences available before making a purchase,” said Box.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Warner Brothers & Discovery considers splitting up to boost stock value

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Warner Bros Discovery is considering a strategic breakup to enhance its stock performance, according to a Financial Times report.

The potential move aims to unlock value by separating its media assets from its reality TV and lifestyle businesses.

This decision follows pressure from investors to improve stock performance, amidst challenges in the media industry #featured #trending

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Investors worldwide grow increasingly optimistic about Trump winning the election

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Investors are increasingly optimistic about Donald Trump’s potential re-election, prompting a resurgence in the so-called ‘Trump trade’.

Market participants are closely monitoring Trump’s political strategies and public sentiment, influencing their investment decisions.

Kyle Rodda from Captial.com joins to discuss all the latest.

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Netflix expands use of ads despite slow subscriber growth

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Netflix is intensifying its efforts to introduce an ad-supported tier amidst a plateau in subscriber growth.

The streaming giant hopes to attract new users and boost revenue by offering a cheaper alternative that includes advertisements.

This move marks a significant shift from its traditional ad-free model, reflecting Netflix’s response to competitive pressures and evolving consumer preferences.

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