SAN FRANCISCO - Facebook has developed a new "want" button, similar to its popular "like" button and designed to increase its clout in e-commerce.
The system, which also includes a third "collect" button, has been introduced in a pilot this week and could play a major role in Facebook's efforts to increase its revenues outside web advertising.
It works alongside a new feature for retailers called Collections which allows them to effectively create a catalogue within Facebook. In the United-States-only pilot, participating retailers include the lingerie shop Victoria's Secret and Neiman Marcus, a high-end department store.
When Facebook members "want", "collect" or "like" a product in Collections, they will be offered the chance to buy it from the retailer's own website. The new feature aims to take advantage of the social network by making the details available to their friends, the Daily Telegraph reported.
"We've seen that businesses often use pages to share information about their products through photo albums," Facebook said.
"Today, we are beginning a small test in which a few select businesses will be able to share information about their products through a feature called Collections.
"Collections can be discovered in News Feed, and people will be able to engage with these Collections and share things they are interested in with their friends. People can click through and buy these items off of Facebook."
Facebook did not reveal what share of sales it will receive for the referrals.
The feature has been compared to Pinterest, a social network that allows members to create a pinboard of products they would like or want to buy.
The Facebook "like" button is now a familiar sight across the web. It allows website owners to draw traffic from Facebook's network of more than a billion people by letting them easily share news articles and other material with their friends.
Facebook recently revealed the "like" button had been used more than 1.1 trillion times since it was introduced in 2010. The firm will be hoping for similar success for its "want" button and retail partnerships, as part of its effort to convince investors it can grow revenues and profits.
Facebook's shares have fallen to little more than half their US$38 initial price since its Wall Street flotation in May. Much of the slide has been caused by doubts over the effectiveness of its advertising programmes, so a successful move into e-commerce could help improve investor sentiment.
As part of the push, Facebook also recently introduced a new system to allow members to buy real world gifts for their friends.
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The system, which also includes a third "collect" button, has been introduced in a pilot this week and could play a major role in Facebook's efforts to increase its revenues outside web advertising.
It works alongside a new feature for retailers called Collections which allows them to effectively create a catalogue within Facebook. In the United-States-only pilot, participating retailers include the lingerie shop Victoria's Secret and Neiman Marcus, a high-end department store.
When Facebook members "want", "collect" or "like" a product in Collections, they will be offered the chance to buy it from the retailer's own website. The new feature aims to take advantage of the social network by making the details available to their friends, the Daily Telegraph reported.
"We've seen that businesses often use pages to share information about their products through photo albums," Facebook said.
"Today, we are beginning a small test in which a few select businesses will be able to share information about their products through a feature called Collections.
"Collections can be discovered in News Feed, and people will be able to engage with these Collections and share things they are interested in with their friends. People can click through and buy these items off of Facebook."
Facebook did not reveal what share of sales it will receive for the referrals.
The feature has been compared to Pinterest, a social network that allows members to create a pinboard of products they would like or want to buy.
The Facebook "like" button is now a familiar sight across the web. It allows website owners to draw traffic from Facebook's network of more than a billion people by letting them easily share news articles and other material with their friends.
Facebook recently revealed the "like" button had been used more than 1.1 trillion times since it was introduced in 2010. The firm will be hoping for similar success for its "want" button and retail partnerships, as part of its effort to convince investors it can grow revenues and profits.
Facebook's shares have fallen to little more than half their US$38 initial price since its Wall Street flotation in May. Much of the slide has been caused by doubts over the effectiveness of its advertising programmes, so a successful move into e-commerce could help improve investor sentiment.
As part of the push, Facebook also recently introduced a new system to allow members to buy real world gifts for their friends.
AGENCIES