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Facebook acquired a startup to build a live shopping feature

Fb Inc acquired a small video-shopping startup earlier this 12 months to assist construct a reside procuring function inside the corporate’s Market product, in keeping with an individual acquainted with the plans.

The social media firm purchased Packagd, a five-person firm based by Eric Feng, a former companion with Kleiner Perkins Caufield & Byers, and many of the startup’s group joined Fb in September. Packagd was constructing a procuring product for YouTube movies. “Consider it as a re-imagination of QVC or a house procuring community,” Feng mentioned in a 2017 interview with Bloomberg Tv’s Emily Chang.

The acquisition by Fb wasn’t introduced, however the small group is now engaged on a venture for Market, which might let customers make purchases whereas watching reside video broadcasts. Fb examined an analogous product a 12 months in the past in Thailand, although that effort didn’t embody a means to purchase merchandise straight from the video and has been shut down, an individual acquainted with the matter mentioned.

A Fb spokeswoman confirmed the efforts. “As we’ve shared prior to now, we’re exploring methods to let patrons simply ask questions and place orders inside a reside video broadcast,” she mentioned in an announcement.

Reside procuring is rising in reputation, particularly in China. Alibaba Group Holding Ltd made it an necessary factor of its Single’s Day this 12 months, a massively well-liked one-day occasion that generated US$38bil (RM157.32bil) in gross sales. Kim Kardashian introduced a brand new perfume by way of livestream to assist hype the occasion, for instance. Amazon.com Inc can be dabbling in reside video procuring.

Fb has tried to reap the benefits of e-commerce for years with out a lot success, although its Market product – a Craigslist-like function for getting and promoting used items – has almost 1 billion month-to-month customers and launched simply three years in the past. Fb-owned Instagram has additionally mentioned that procuring will probably be a key focus in 2020, and lately added the power for customers to purchase straight from manufacturers contained in the app.

Packagd had raised US$7.5mil (RM31.05mil) from Kleiner Perkins, Forerunner Ventures and Alphabet Inc’s GV. – Bloomberg

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