Mark Zuckerberg, CEO of Facebook, said on Wednesday that shopping and payment services on Facebook, Instagram and WhatsApp are the features that will manage growth in the future.
Speaking to investors, Zuckerberg shared his plans for the company's growth in the future. In this interview, analysts asked Zuckerberg about the shopping and payment features of Facebook, which owns Instagram and WhatsApp.
Zuckerberg said that the ad platform will continue to be the most revenue-generating product on Facebook, but that it is planned to be supported by e-commerce and payment features.
Zuckerberg defined this plan in these terms: “This is an ongoing process, the two are not different from each other.”
According to these statements, the company will continue to develop e-commerce oriented products for Facebook, Instagram and Facebook Marketplace. Likewise, it is also possible to develop new tools that enable users to shop on these platforms.
On the other hand, as an increase in in-app purchases of users is seen, it is likely that brands will also have more ads on the platform. Likewise, with the increase in e-commerce and payment-oriented features, the value of the Facebook application family can increase in the eyes of brands and small businesses, especially in terms of customer experience.
In this sense, it is worth recalling the session of Instagram Agency and Brands President İlke Çarkçı at Webrazzi Digital 2019. Çarkçı explained how brands can manage the e-commerce operation without the distortions of the brands and how they can get support from the Facebook application family.
If you remember, Çarkçı had recently included a payment service on Instagram. This feature is very valuable, allowing you to get products without having to log out of Instagram and keeping payment information in memory. In fact, Deutsche Bank analysts predicted that in 2021, only $ 10 billion of revenue could be generated from this feature.
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Zuckerberg also plans to implement new technologies that users can pay businesses said. According to the statement, Zuckerberg plans to enable users to do business on Facebook through the messaging platform where Facebook combines all applications.
I think we'll finally see that we'll finally create the Payments feature. You can then complete payment transactions, track businesses individually, and establish a continuous relationship with Messenger and WhatsApp.