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If Facebook doesn't already consume the majority of your day, it just might now. Facebook is amping up their efforts to turn themselves into an online shopping giant. Where would be a better place to shop then somewhere that already taps into your biggest circle of influence, your friends? E-commerce and m-commerce are the future and retailers are finally adapting to the ever growing demand from consumers. Currently there are several start-up companies that help companies setup shop on Facebook, but shopping on the social network is still relatively unpopular. David Fisch, head of a newly formed commerce partnerships group at Facebook stated that managers at Facebook have met with more than 20 companies last week with the intent to help retailers turn their pages into extensions of their existing stores and build tools that let Web users interact while buying. an An article by businessweek.com mentioned:
In three to five years, 10 percent to 15 percent of total consumer spending in developed countries may go through sites such as Facebook, said Mike Fauscette, an analyst at research firm IDC in Framingham, Mass. He says: "There's money in this for all of the players involved."
read the rest of the article at businessweek.com: Facebook Ramps Up Big E-Commerce Drive
Facebook, can change the online shopping experience forever, essentially changing the stores "pages" into storefronts. I believe that Facebook's e-commerce has unlimited potential, if they are able to successfully integrate e-commerce with social networking. The ability to get opinions from and interacting with your peers while shopping will allow for much greater online shopping experience. Although Facebook already has millions of users, it will be interesting to see how companies plan to reach consumers to get them to their page. One company that you can check out who has already setup shop on Facebook is JC Penney. If Facebook's efforts are successful we can look forward to many more pages like this.