With a growing amount of people spending the majority of their time online in social networks and most notably, on Facebook, the popularity of social commerce continues to grow. And with almost half of the overall U.S. population expected to be on Facebook by 2013, the development of Facebook Ecommerce (or f-commerce) makes a lot of sense.
What is F-commerce?
Facebook commerce is a type of e-commerce where Facebook is the platform for the sale. This can happen through the Facebook page or through Facebook’s Open Graph. Social Commerce Today has a great list of f-commerce FAQ here. They also came out with another post that had some really interesting stats on f-commerce, which I think are important for you to know if you sell anything online. Here are a few of the highlights:
- 50,000: Number of retailers who have opened an f-store with Payvment
- 2-4%: f-store conversion rates
- 7-10%: Increased Average Order Value for Facebook transactions (vs. web-store) for Kembrel
- 1.5x: Facebook users spend 1.5x more online that other Internet users
- 1/3: Proportion of time spent online on Facebook by Facebook users
So, people are spending a lot of time on Facebook and those people tend to spend more money. Why not give them an opportunity to spend that money with your store through Facebook?
While some f-commerce systems direct the user outside of Facebook to check out (such as to the e-commerce store), the popular Payvment option is actually an “F-mall” (all these F- words seem inappropriate, but in my defense, I didn’t choose the names.) This simply means that if your f-commerce runs on Payvment, a user can add products to their cart, and the products will stay there wherever you are on Facebook. Users can also add products from other stores running on Payvment and check out whenever they like.
There are also other ways to sell via your Facebook page, but the Payvment option is the best to cater to what Facebook users like to do — which is stay on Facebook.
The evidence seems to be continually mounting to try out f-commerce. Have you thought about it or are you currently selling on Facebook? Do you think buying on Facebook will become more common?