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What Facebook's 'Want' button means for retailers
Facebook is adding a WANT button in addition to other interface changes. Knowing what shoppers want before they buy it is a big deal for everyone.
It means more relevant delivery of ads (over time of course, none of this will happen overnight), higher response rates, and fewer "wasted" ad buys. The media buying mentality may (eventually) shift from "make sure you cover your bases" toward "Why market to someone who isn't already interested in what you're selling."
The WANT button may also translate to a better online retail experiences for users. Imagine fewer improperly targeted ads to trudge through, more exposure to what truly interests them, and less wasted time.
Knowing a shopper's purchase intent will become, in my opinion, a very hot area in market research. Being able to extrapolate the interests of a few to the needs of the many may mean smarter decisions at the buyers office, faster runway-to-store-floor times, and fewer fire sales of over-purchased and under-wanted merchandise.
While some consumers may fear an invasion of privacy when they click Facebook's WANT button, many more may be willing to explore the benefits of trading their information about future purchases for better offers, better prices, and fewer ads.
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