As all events these days, the Facebook Marketing Summit 2020 was in full grip of the Covid-19 pandemic. Turned fully digital, we were in the convenient situation of leaning back in our remote office chairs and listening to the (marketing wise) most important topics to Facebook. Those were quite diverse, however we want to focus on one particular issue in this blog post: "discovery commerce". Under this term Facebook is fusing multiple topics which are happening within our behaviour as consumers as well as the commerce space.
The shift towards online shopping is happening for quite some time now and the global pandemic has simply accelerated this shift. For advertisers this is a significant disruption as it changes the consumer journey as we know it: “Instead of consumers finding their preferred products, their products are finding them.” While e-commerce comes directly in mind when thinking about online shopping, it is already established and limited on searching and purchasing through a website. Customers will mainly encounter products they already know and are actively seeking out. However, it needs way more to create demand in this new reality. That's where "discovery commerce" shines. It lets "products find people so they can discover (and potentially buy) things they are most likely to love".
To help a company’s products find the right people, Facebook is supplying a set of tools within its “discovery engine”. Those are clustered in four pillars:
“Nobody knows your customers better than you.”. In other words: If you know who your customers are (CRM, Tracking etc.) or what characteristics they have (interest, behaviour etc), Facebook is offering ways to utilize this data to target specific audiences most relevant to you.
Sophisticated Advertising Tools
“...with some help from machine learning…”. With its algorithmic power Facebook is able to utilize the various signals advertisers are getting back to constantly improve optimization and hence becomes better at “turning desire into demand”.
Engaging Shopping Experiences
“...with your own digital storefront, people can be easily moved from discovery to purchase…”. Facebook and its family of apps is already the digital place where people are engaging with your brand and products. Enabling them to nearly frictionless take the next step, offers great potential.
Secure Data Handling
As data security is being watched more carefully from various stakeholders, Facebook is highlighting the system being rooted in privacy.
Why do we find this so interesting:
First of all, it appears that someone at Facebook is closely following our blog: Having a top view, Facebook is offering its own perspective on the importance of social commerce. They are simply dressing the topic within a facebooky wording.
To be honest we believe this is quite a smart choice:
With Facebook running ads (even on competitor networks) about discovery commerce, we know they are really serious about the topic. The considerable push we can expect for social commerce in general will be great for everyone! We are excited to see what they are able to accomplish!
Stay cmmrcl.ly impactful!
Sources: 1.) https://www.facebook.com/business/c/discovery-commerce 2.) Turn on discovery commerce - Driving demand through shopping serendipity
Welcome to our blog! We are happy you found your way to us. Within this space we are covering all things social commerce: From current trends to new features, talking about everything that excites us!