Facebook (NASDAQ: FB) Shops, the new online shopping platform just launched by the social media giant, has been a long time coming.
The company has experimented with e-commerce on Instagram for over a year and offers a number of tools for businesses to connect with customers such as chat through Messenger and WhatsApp, but it's never synthesized its apps before into one cohesive shopping experience open to all businesses.
Management had dropped a number of hints on the last earnings call about a new online shopping platform. As COVID-19 forced a number of businesses to close their brick-and-mortar doors, Facebook has set up tools for them to sell gift cards, allowed them to hold fundraisers, and set up a Business Resource Hub to help them with online sales and other needs.
Source Fool.com