One of the partnerships announced at Facebook’s news conference last week was a partnership with Amazon. Currently users can make a list of their favorite books and music. Imagine what will happen when users will not only see their friends that like the same music but will also be able to view the current price on their favorite products. This will be the first major introduction of commerce into social networking. Strong relationships have always been a source of referral sales, and now much of that can take place online. Soon enough we will see add-ons that allow you to:
- Make custom wardrobes (e.g. “My Closet”) with links directly to a purchase page
- Make recommendations on books
- Recommend songs
- General wish lists with links to products
This is truly a revolution in online marketing. I am willing to bet that as a result of this integration of e-commerce and social networking, Facebook will account for a major percentage of all online transactions by the end of next year. Imagine when they decide to take a cut of all sales. They are looking at some serious revenue potential. This is only the forefront.