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Global Digital Giants Experimenting With Disruptive Ventures To Expand E-Commerce Footprint
Since an average user spends around 50 minutes on Facebook a day, users could easily now buy and sell without forming communities and also trade in house-hold items
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A lot has been happening in the digital world since Google announced its 'Project Fi Group Plan'. One will be able to add a group of friends or family, a maximum of 6 members can join in one single data plan. Every new member will be added at $15 per month (Rs 1000 approx.) according to Fi Basics and it offers unlimited calls and text relief. Sounds great right?
Facebook too announced its 'Marketplace' - a unified, common, less-messy platform for users to facilitate hassle-free buying and selling of goods. With Marketplace, users can see the list of goods/products put up on sale by community members, purchase them and also put their own products up for sale. It might be the one of most digitally local marketplace with great connect options but how safe is it that is still a concern. The Facebook Marketplace is set to rival sites like eBay and Gumtree by selling anything from clothes, books, bags, furniture, stickers, computers, crafts and cars. Instead it suggests an in-person meet up and for consumers to use PayPal.
Amazon, on the other hand, launched its own subscription-based streaming service dubbed 'Amazon Music Unlimited' (AMU). It is being seen as a disruptive move, subscription plans are being offered at relatively lower costs - starting at $3.99.
Looks like these digital companies are in the mood to experiment big-time with new ventures. The diversification is going on in all directions and clearly the stakes are high this time. It's currently being rolled out through an update to the iOS and Android Facebook apps with plans for a desktop version available in the coming months. It is now available to everyone over 18 years old in the US, UK, Australia, and New Zealand. No wonder Mark Zuckerberg is excited about his new creation.
The most talked about ventures is that of Facebook as the risks involved with the Marketplace platform are huge. The trading platform David Emm, a cyber-security expert at Kaspersky Labs urged users to exercise caution while using it. He said, "Because this is offering itself as a platform for trading, but at the same time it's not like Uber where there's registered people, it is up to users to see if someone is fake." It also presents the risk of face-to-face meetings in local areas which is potentially a high-risk factor. Secondly, it is quite easy fake posts and pictures of offerings that are not genuine.
Within hours of launching the portal, people were trying to use flog drugs, guns, animals, adult services. The giant had to issue an apology for letting users advertise illicit goods, it turned out to be a breach of policy for which the feature was initially launched. Though the feature is simple and can be built into an amazing one stop shop for its 1.44 billion active users but Facebook needs to take care about the following concerns:-
" SAFETY- It is paramount. Facebook doesn't offer a built in payment feature and therefore people will have to arrange to pay via PayPal or meet up the person. Without a reliable payment option users are likely to abandon items or the service platform itself.
" TRUSTWORTHINESS- If there was a way at all to ensure that users came back for more, it is perhaps to encourage the sale of strictly genuine products. If the way Facebook wants this function is controlled, it would mean that the Facebook Marketplace is the first portal for taking the call for buying and selling locally.
Since an average user spends around 50 minutes on Facebook a day, users could easily now buy and sell without forming communities and also trade in house-hold items.
In August this year, Facebook also experimented with a variety of Live Content types with first person Q & A's to streaming live games. The first of all was when they streamed Wayne Rooney's Testimonial match between Manchester United via Facebook Live. Fans watching could chat with other fans and donate to Rooney's Foundation. But this one is new, Facebook is all set to bid for the IPL's latest series digital rights and contest with Amazon, Reliance Jio and Twitter.
Facebook "made the payment 3 days ago (for the documents)", said one of the two people, a senior official at the Board of Control for Cricket in India (BCCI) who asked not to be named, the documents are priced at $10,000. Facebook said in an email that it wouldn't comment on "rumors and speculation".
All of this joined together gives you an idea how Facebook is working hard to drive more digital traffic to its website. Though Facebook members already perform 2 billion searches every day, it only stands to benefit with more online conversations generated on Pinterest, Instagram, Youtube and Google+ and social outlets. While the digital giant has no immediate plans to monetize from any of these new activities, it can build new revenue streams for the company.
Maybe with through charging retailers for posting ads, selling space on homepages or on the results of targeted groups, offer fee- based payments and other contracts with shipping dealers etc. The vast user base of the site is naturally going to attract a large number of retailers and this feature is bound to get a bounty of business to the digital giant.