All privacy issues, the discovery of products and businesses, commerce, and non-marketing tools must be resolved.
Several updates on Facebook’s business strategy were made on Wednesday by the company’s vice president of ads and business products, Dan Levy.
One year after parts of the world reopened, businesses were facing a fundamental shift in human behaviour: a migration to e-commerce that could have taken a decade escalated to a level that would have been expected within the next decade. It has created a once-in-a-generation opportunity for our industry to innovate. Customers are responsible for understanding how their personal information is used in advertising, and businesses must innovate new ways to reach out to customers. To ensure this opportunity comes to fruition, we’re dedicated to developing fresh new ideas in four primary areas:
The first consideration is privacy, and Facebook is working on new technologies to protect privacy while still tracking ad effectiveness. He noted Facebook’s work in projects like the Partnership for Responsible Addressed Media (PRAM) and the World Federation of Privacy Organizations (FPO).
Advertisers and the World Wide Web Consortium believe that “these technologies, like the microchip, will be an essential foundation for digital advertising in the future.” These new technologies will require cooperation between businesses and other privacy standards and practices to be successful.
In addition to focusing on creating products and businesses, Levy advocated for the wide use of free tools like Facebook pages and Instagram accounts. He estimated that in total, there are around 200 million businesses that rely on these tools to disseminate information to their customers, while only 10 million use paid advertising platforms.
We learned previously that Facebook is running a pilot project in the News Feed that allows users to tap on topics like beauty, clothing, and fitness to browse content from companies.
Personalized experiences mean you have more control, choice, and transparency over your data than you ever have before
Another smart way that social networks use context is to help make more intelligent recommendations for advertisements, like recommending flights and hotels for someone who’s watching a travel video.
Additionally, Facebook is creating communities for businesses whose values align with those of their users. The test will involve using small business badges on various advertisements in the United States.
Social media, particularly Facebook, Instagram, and Messenger, are essential in commerce because only about one out of every three shoppers intends to spend less time in stores once the pandemic has ended, and 75% use it to get ideas about it where to shop. A typical example of this is Facebook and WhatsApp. As of May 2017, the number of people who visit Facebook Marketplace is nearly one billion per month, while the total for people who visit Facebook Shops and Instagram Shops is 300 million per month. This prompted the company to announce in May that it will expand Facebook Shops to Marketplace in the U.S. and WhatsApp in selected countries.
Augmented reality (A.R.) ads, similar to virtual reality (V.R.) ads, have also been implemented on social media platforms.
For the time being, Facebook and Instagram are rapidly becoming a place to buy and sell, and we are constructing a modern commerce system to meet that demand. This is about giving customers the ability to learn about, find, and buy products with as little friction as possible. Additionally, Levy announced that the company is developing additional products and tools to meet businesses’ needs while also decreasing the time they spend managing.
Businesses can use Facebook’s various apps to create cost-effective ideas for, manage, and plan ad, post, and Story campaigns while also creating time-saving tools to assist them.
Additionally, the social network is making significant improvements to its unified inbox feature, allowing businesses to send messages to customers on Instagram from a single interface.
As we meet rapidly changing customer needs, our products continue to evolve to further the mission of connecting people and businesses. Personalized experiences mean you have more control, choice, and transparency over your data than you ever have before. People, businesses, and creators will have new opportunities and ways to connect, grow, and prosper in the new era of personalized experiences.