Last month, Facebook and eBay unveiled a new partnership geared toward helping users identify items they "Want" and those they already "Own" in order to drive online conversations about their favorite products. Consumers win because they get to see all of the hot new items that their friends are buzzing about, and retailers win because they're provided with a new way to promote their products on a social venue.
The "social verb" additions were part of the many new changes Facebook unveiled at their F8 Developers' Conference 2011 last month. GSI Communications, which is owned by eBay, includes 180 major clients who will soon be implementing the new "Want" and "Own" button program.
"Once the new 'Want' and 'Own' buttons do go live in Magento retailers' shopping experiences, customers who click them can expect to see the activity show up in their Facebook activity," Johnna Hoff, eBay spokesperson, told ClickZ News. "Their friends will then be able to see the items they want, or even already own, and can check out the items for themselves."
These new changes are perfectly aligned with the coming holiday season. Retailers are hoping that the new buttons will help provide consumers with ideas for their holiday shopping. Rather than soliciting wish lists from their nearest and dearest, online buyers can simply log on to the social media site and find out exactly what their loved ones are looking for.
Facebook's ad-targeting system leverages "Want" and "Own" by informing the display ads that customers see on their user pages. Basically, it's a new way for consumers to be presented with ads that are most relevant to them. And because the "Want" and "Own" activity is performed by friends and family, online buyers will be more likely to click on the ads that interest them. Using this new targeting method, marketers can help their companies get the most for their advertising investments.