A San Francisco start-up wants to put the commerce in F- Commerce.
These days, the big f‑word on Facebook is “F‑commerce,” or, in two words, “Facebook Commerce.”
As weakening of the stock has shown, Facebook may not be as valuable as everyone initially thought, due in part to it’s inability to also be an effective commerce website. Currently even fan pages of brands still must transport customers away from Facebook to another website so they can make a purchase. However, a San Francisco-based startup called Soldsie is looking to change all of that. Last week they launched a social media point-of-sale program that allows businesses to sell on Facebook solely by using Facebook comments. According to TechCrunch.com, the company soft-launched in May and has now reached over one million dollars in transactions across a network of 75 different businesses, run by their social media managers. With those types of results in such a short amount of time, it appears Facebook Commerce may actually be possible.
How Soldsie Works
As with all great new technological advancements, like Paypal or Facebook itself, the way in which Soldsie works is simple. All customers have to do is go to a company’s fan page, which features photos and descriptions of different products the company is selling. If a customer wants to buy that item, all they have to do is type “sold” into the comments section. Of course, they will have to sign up for the application first to be able to buy items through these Facebook fan pages—personal information like an email will be taken for each Soldsie user. They will then be billed via Paypal or be able to enter in their credit card information as an option to be kept on file for future purchases.
The Coming F‑Boom
As the past summer has shown, people will purchase items via the Soldsie platform on Facebook, as it is as convenient as buying any other item online, if not more so. It will also encourage more impulse buying, leading to bigger F‑commerce numbers. This means Soldsie will most likely grow rapidly, once a number of major retailers agree to use the new platform. Even if the major brands don’t sign off on Soldsie, small businesses will help the new platform to grow steadily in the future.
How It Will Expand
Soldsie will not only expand via customer base but also business base. This means it will need teams who act as content managers and teams who act as community managers, creating a sort of eBay community within the Facebook community itself. As the soft-launch has already shown, people will buy up in-demand items very quickly and then auction them off through Facebook or other websites. All this is territory that Soldsie is poised to expand into in the future.