Will You Trust Facebook’s New “Buy” Button?
Facebook’s ad revenue soared by 67% in the second quarter of 2014 and the social media giant is now trying to further capitalize on that growth by adding a new “buy button” to its ads.
This will gives its users a chance to make purchases on sites like Amazon directly from the social network. This could create a big opportunity for Facebook’s 1.32 billion users worldwide, or it could lead to the biggest data breach in history.
Facebook isn’t exactly known for keeping their users’ information safe and private. A recent poll indicated that only 5% of users trust Facebook with their personal information. The buy button will require users to enter their credit card data while using the site. But how many people will actually be willing to give that information to Facebook?
In a way, this system could work well for everyone involved. Facebook makes money from advertising, stores have easier access to customers, and shoppers have a more convenient way to buy items they want. This could be seen as a time saver and a way to streamline mobile purchases in the future. We won’t know if this will play out until the button has been on the market for a while.
“Commerce is really important, and it’s a growing part of our business. But I don’t think people should confuse that with Facebook selling things directly,” said COO Sheryl Sandberg. “The more people discover things from a newsfeed and go on to purchase, the more important we are in driving commerce. That doesn’t mean we’re going to, or have to, sell products.”