Facebook plans to take on Amazon with new shopping app

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After making inroads into Indias payment sector via Whatsapp, Facebook is eyeing a larger piece of the country fast growing e-commerce market where the worlds largest retailers Amazon and Walmart are gearing up for a direct faceoff. Facebook closely-held Instagram is claimed be working on a new Shopping App of its own.

Along with this user will also be able to purchase those items from within the App. The company has not yet revealed the launch timeline of the app. The report claims that app is still development phase.

The social media giant is in talks with several brand and business to list on Facebook Marketplace, according to two people familiar with the discussion. It will begin testing business to consumer transaction on the marketplace this month ahead of soft launch planned for june.

Facebook will build more tools for business to upload products and manage inventory and orders and will also add payments to it by the end of this year, the other person said. For now, Facebook will start with directing consumers to seller pages or websites. 

Also Read: Chinese internet giant Tencent to invest big on Swiggy 

Presently Instagram has more than 25 billion business account and out of this 2 billion are advertisers. By making a standalone app the company aims to offer a dedicated position to the popular activity on Instagram.India online retail sector is expected to grow dollar 27 billion this year after registering sales worth dollar 19.6 billion in 2017.

While Walmart is getting closer to acquiring a majority stake in Indias largest online marketplace Flipkart, Amazon has committed to invest dollar 5 billion in its India operations.
Therefore, Facebook Marketplace is available in 70 countries and has more than 800 million people visiting each month to buy and sell goods.
Location: India

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