The social network giant, Facebook a midst high speculations of its shares going progressively down since the much publicized IPO earlier this year is leaving no stone unturned to get back to its position of significant profit making company. Launching a new gift service that lets users buy real gifts for their friends through the virtual world, the company is aiming to turn its 900+ million users group into a good flow of cash.
The gifts include cupcakes from Magnolia bakery, Stuffed goodies from Gund, and Digital cards from Starbucks can be deployed from a user’s birthday notes or from a friends’ timeline (new profile display-a feature recently rolled out). Other gifts include fresh flowers, a bacon of the month club, Uber cab ride, various clubs memberships etc picked from more than 100 of retail partners of the company.
The move is also expected to soothe the mobile woes of the company. Among various acquisitions made over the last few months, this new scheme comes out after the purchase of the social gifting app, Karma in May. So, basically not only this will fill Facebook’s revenue books but will let the company gain on the growing smartphone and mobile market through its mobile functionality.
To purchase a gift using this brand new feature, a user can hit the gift button on a friend’s timeline or click on any of the birthday reminder that is displayed on the profile. After selecting a gift, the person can review and send. Regarding the payment, the company said that the user can pay right at that time or add it to be paid later. When the friend gets the gift, he or she can review it and then enter a delivery address for the shipment. The above features also boast of the option of exchanging gifts with friends.
Though the company has not revealed how much sales are taking place both sides but stated that “we have a sliding scale that varies based on the product and partner.” The service likely to be available on Android devices, mobile web technologies first will be launched in US. It will be arriving on iOS devices in a few weeks, a representative commented.
The step may provide some relief to the falling stocks of the company which came down to $20.32 today from $45 earlier this year. However, the competition for other gifting services on Facebook like Wrapp and Boomerang may increase to a great extent, even resulting into demise of these ill-fated utilities.