May 21, 2020
Facebook Is Building An Online Shopping Empire
The company is planning to start online shopping and e-commerce integrated into its platform. The main product, called Shops, is a new version of an existing Facebook feature. These Shops will be accessible across the Facebook family products.
Facebook has 3 billion users and online shops will give retailers a huge advantage, a way to reach Facebook’s users. These services could compete with Amazon. The importance of online shops for small businesses is crucial. Physical stores were all closed during the lockdown. But businesses that were operating online continued to work. The share is climbing 5 days in a row and yesterday broke its record high.
The positive correlation between online retailers is pushing e-Bay higher as well. The share is currently at a new all-time high.
These charts and the opinions above are for educational and informational purposes only. Technical analysis does not guarantee full accuracy and it could be subject to revision over time. We do not have any liability regarding financial results based on the use of this information.