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Apparently, the announcement that Facebook plans to launch a new "GlobalCoin" currency in 2020 is just another milestone in the ongoing expansion of the social media giant. But beyond the obvious opportunities it can offer, the announcement reveals something else about the focus of these platforms.
The new currency is not just about giving Facebook a share of the growing cryptocurrency market. It is much more likely that GlobalCoin is part of what is sometimes called "social commerce". Social commerce seeks to allow purchases to be made directly on a social media platform, without having to leave this platform. In addition to targeted advertising and other content, this means we would also have access to purchase options and immediate transactions.
According to the GlobalWebIndex report on social media trends, it would be interesting to be able to buy directly via content promoted on social media only represent about 12%. Privacy has inevitably been raised as a major concern. Despite the results of this survey, global trends seem to indicate the expansion of social commerce. Other transformations of the technology are also likely to affect these reserves. Indeed, the fact that Facebook has its own currency is likely to smooth the expansion of social commerce by tackling trust issues and making it more convenient for purchases to remain in its fields.
In China, WeChat's social media platform, which has been around since one billion active users, integrates a range of functions, including an online payment system, and already hosts social commerce facilities widely used. You can not only buy directly from other retailers via the WeChat platform, but you can also use it to make offline purchases. The social commerce model is much more established on WeChat, and one has to wonder if it is becoming an archetypal model for other social media platforms. WeChat's variety of features and purchase options means that even if you do not leave it online, it also becomes a much more active part of what we thought were offline spaces. WeChat has the advantage of creating a platform that fully takes into account everyday life, including transactions, transactions and updates.
Given this global context, I would suggest that we attend the development of GlobalCoin in terms of the business model that underpins Facebook: its search for ever more detailed and expansive data about people and their lives, their tastes, preferences, interactions and behaviors, with the overall goal of monetizing these data. In addition to generating revenue, if GlobalCoin becomes popular, it will contribute in two respects to Facebook's ambitions.
First, the currency will allow Facebook to collect data on transactions that have already occurred outside its ever-expanding walls, including new transactions that will occur through social commerce. Secondly, it also means that people will come out of Facebook's boundaries less often and the result will be more and more trace data captured.
In addition to this, as with WeChat, shopping opportunities will appear offline via Facebook. currency, opening access to all an 'Internet of Things' in Facebook's ever-growing data collection machine
The ambition is to turn Facebook into a platform that people n & # 39; Never need to leave and create the conditions under which Facebook is Internet for as many people as possible
Nothing is more effective in data badysis than platform that records everything about us. It combines a wide variety of data sources to create insights, build forecasts, develop profiles, and infer preferences. The announcement of Facebook's motto must be seen in these terms.
The question to ask is this: do we want to allow Facebook's walls to continue to expand?
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