BrainTrust Query: Why Facebook’s New ‘Timeline’ Could Change Retail Forever
Through a special arrangement, presented here for discussion is a summary of a current article from the Retail Prophet Consulting blog.
At last week’s F8 Conference in San Francisco, Facebook announced a complete overhaul to the user profile page with the advent of what it’s calling "timeline."
Fast Company’s E.B Boyd characterized timeline as "a scrapbook on steroids" of the user’s life. Events, relationships, photos and video will populate an individual’s timeline, creating a living memory of their entire life.
Moreover, within timelines, users will be able to find, share and even purchase digital content such as music, books and movies. So, for example, if a friend of yours likes a movie, the functionality will exist for you to purchase and download that same movie instantly from an Apple-esque app store that will reside within Facebook.
Although Facebook founder and CEO Mark Zuckerberg refrained from commenting on the revenue model of this service, it doesn’t take advanced math to calculate the profit potential, especially when each calculation begins with 700,000,000+ users!
This leads to the broader question: If I can buy a song via my timeline or a friend’s timeline, why not a vacation, a TV or a gym membership? If I can buy digital content, why not products and services, like house cleaning or landscaping? And all from the convenience of my profile page. In other words, rather than looking for the things I want, could the things I want find me?
I, for one, believe the simple answer to all of this is "yes". The only remaining question is when? And while the timing may be up for debate, what is certain is that the foundation for a functional, real-time and socially powered marketplace has been laid. And for all those retailers who have been questioning the value of Facebook for revenue, you may be about to get your answer.
- Why Facebook’s New "Timeline" Could Change Retail Forever – Retail Prophet
- Introducing Timeline – Facebook
Discussion Questions: Does Facebook’s “timeline” have the potential to change retail forever? How would rate its revenue potential?