If Amazon is the Google of Products What is the Facebook?
Amazon is the google of products, you know what you want, you input your search query and it returns an abundance of options to choose from. It uses an algorithm to rank those products based on popularity of the product, cost and ratings it has received.
Ultimately Amazon aggregates products and offers it to the customer. It works on an individual basis with no benefit or opportunity for collective action like you see on Facebook. This means there are no products that can go ‘viral’. There is no curation of the products.
But what would the Facebook of products and services looks like?
Facebook is a platform which enables ‘stuff’ to occur on top of it instead of being a repository which is searched for specific pieces of information.
This is completely juxtaposed to Amazon.
Instead of going to Facebook with a specific thing in mind, you witness what others have placed upon the platform for you to consume, you see the virality of things which are becoming popular and you participate. Doing so ensures you spend far more time on the platform because it isn’t just a resource.
The Facebook for commerce would look similar.
It would be a platform which is navigated by an individual while feeling a part of a community.
And being part of the community would provide significant cost benefits to the users. As the size of the community grew so would the influence and power of the platform to achieve the lowest prices for participants.
Instead of going onto the service to search for a product, you would see which product were rising in popularity and in doing so would see how much cheaper this item could be purchased.
It’s effectively putting the shoe on the other foot to Amazon.
Where Amazon uses its scale to negotiate with suppliers to achieve the lowest price, enabling them to undercut other retailers while maintaining significant profit margins, the Facebook of commerce would do the opposite.
Instead of having stock in place, the community would indicate the products they want, as more people ‘like’ a product the cost would reduce significantly due to the wholesale purchasing of the item, and it would be purchased directly from the supplier.
Furthermore, there would be no profits taken from the purchase of the item. The item would be sold at cost plus expenses and that’s it. The platform would be for the people run by the people.
No referral fee’s, no biases to certain supplier, no inflated prices.
The Facebook for Commerce will be the largest group buying platform in history and it will provide the users on the platform with the cheapest prices for every product anywhere in the world.
While the world’s greatest minds tweak UX design and play with the psychology of platforms to elongate time spent in order to maximise add revenue, they could be solving real issues by creating revolutionary products and services which benefit the whole of humanity.
Who wants to build it?