Facebook Inc (NASDAQ:FB) it appears is at a major transition stage, as the status-posting social network now brings a bidding app to Facebook. Called the BuddyBid, the app will be nearly similar to eBay’s features but will be within the controlled environment of Facebook Inc.
The result is Social Commerce solution, with an edge, as only Facebook Inc can deliver.
Australia and New Zealand-based duo, Neil Campbell along with buddy Ken Brickley has made Facebook the next frontier for those willing to sell, at their price, within the social network itself. The app will allow for sellers to set the price of the goods as well as to generate leads. Typical of Facebook’s Big Data analytics penchant, the app will reveal to the seller those who bid below the fixed price. This allows sellers to eventually tap the secondary buyers with offers, promos and more.
Buddy Bid was born when Brickley who managed social media campaigns for his premium retailers in Down Under, met up with Facebook mangers to run new technologies and chanced upon the new API. Campbell on the other was excited with the new ecommerce venture on facebook Inc, but was not very keen with the ‘Like’ concept for an online auction store.
As the duo, of auctioneer and social media manger researched further, they arrived at the conclusion that Facebook environment would be ideal over external transactions as the entire process is open-end on the page. When there is bid, it visible to all, leading to ‘social conversation’ and payments handled through banks or online portal PayPal.
BuddyBid has already made its first sell with a signed baseball from Ohio. It has also seen Australian online companies in the auction domain, such as Grays Ecommerce Group gain benefit from Facebook Inc’s (NASDAQ:FB) BuddyBid with its wine selling Greys Online topping expectation. Social commerce market value is estimated to be $30 billion.