F-commerce is latest buzz word to come out of social media land. The phrase was coined by people who started to find ways of selling their product on Facebook hence the F, very similar to S-Commerce (social commerce – online buying and selling of goods and services).
F-commerce specialist companies such as VendingBox make it easier for companies to sell and market their products or services through Facebook by providing an interface that people can just drop into their Facebook profile and market their home-made jams or war memorabilia to all their Facebook fans.
Here are two great stats for individuals or companies who are trying to decide if selling their products on Facebook is the right way to go - 70% of social media users say that connecting with friends and family is the reason for using social media and 90% of consumers who shop online rely heavily on recommendations from people who they know.
From the consumer point of view, F-Commerce works for them because they are already Facebook users and log on daily to chat with their friends and family. Now they can get their brother, sister, or best-friend’s advice on their F-Commerce purchases. There is even a growing trend among many websites to show products that your friends have purchased.
As more and more companies start selling and more people start buying, the competition level will also start to increase between related companies – so the inevitable – incentives will kick in – Fox13 have already implemented a sweepstakes for consumers who like their page.
To conclude we can quote no better man than Mark Zuckerberg himself when he said “....if I had a guess, social commerce is next to blow up”. Well he hopes, anyway, it will double his fortune!
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