Facebook took another step into the retail market yesterday with the introduction of gift cards that consumers can use at Target and a handful of other businesses.
Consumers in the U.S. can buy the cards for their Facebook friends and choose from Target, LVMH Moet Hennessy, Louis Vitton, Jamba Juice and Olive Garden, according to a Reuters report. The cards are able to hold multiple gift balances, each dedicated to a specific retailer.
David Ebersman, Facebook finance chief, toughened expectations about the gift card venture in a quarterly earnings conference call with analysts on Wednesday, saying that while online commerce has "long-term potential," revenues will remain small throughout the year.
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