Facebook 'want' button? New way to share might be on the way

NEW YORK (CNNMoney) -- Facebook's famous "like" button may be getting a new friend: a "want" button.

Reports indicate that Facebook may be in the works of developing a "want" button as a way for users to share coveted items with their friends.

In a report released Tuesday, Piper Jaffray analyst Gene Munster notes that a "want" button "could be Facebook's first true product to directly impact commerce on the site."

"Offering a 'want' button and enabling users to tell friends and Facebook what products they want would give Facebook data closer to what Google has when users type an explicit commerce related search query," Munster wrote.

The speculation started last month when Web developer Tom Waddington discovered the code for a disabled version of the button and published a mockup of it on his blog. Waddington wrote that Facebook clearly has "big plans for social commerce."

He added that it appears the purchases and wants a user submits will appear in a similar manner as other content on Facebook.

Facebook would not specifically discuss the chatter about a "want" button. "We're always testing new platform features. However, we have nothing new to announce," a company spokesperson said.

With Facebook's eagerly anticipated second-quarter earnings report Thursday, a segue into social commerce may help the company after its botched IPO. Investors are hoping for more details about how Facebook can diversify.

The "want" button would essentially function as a wish list, so Facebook could collect data and learn more about the types of products its users would like to purchase.

Laura Martin, an analyst at Needham & Co., said she was surprised by the rumor, but thinks that it's a good idea for the company. Martin says investors are curious to hear how the social network giant can generate more revenue from its 900 million users, and pointed out that commerce would be an important area to focus on.

Ken Sena, an analyst with Evercore Partners, also said the addition of a "want" button could "make a lot of sense" for Facebook since it would allow Facebook to show advertisers what its users actually intend to purchase.

But if Facebook were to make an announcement about this or any other new features, Munster says it would likely happen at the company's next developer's conference.

The company has yet to announce a date for its next conference but it is expected to take place sometime this fall Last year's F8 conference was held in September. At last year's conference, the company revealed a redesigned news feed and the Timeline feature for profile pages.

 
™ & © 2012 Cable News Network, Inc., a Time Warner Company. All rights reserved.


Comments

Read more

Nathan the bloodhound wins Best in Show at National Dog Show Nathan the bloodhound wins Best in Show at National Dog Show

A new champion made his television debut Thursday in the American Kennel Club's National Dog Show.

Brazen Los Angeles bikers swarm police, post video Brazen Los Angeles bikers swarm police, post video

A bunch of bikers in Los Angeles went wild this week as police gave chase.

Kristine Collins: Texas mom leaves sign for Christmas decoration thief Kristine Collins: Texas mom leaves sign for Christmas decoration thief

A Texas family is looking for justice in their own way after a Grinch made an early appearance.

Stray dog befriends team Stray dog befriends team 'Peak Performance' of Sweden; he makes such an impact, they adopt him

A stray dog follows an extreme sports race team as they compete in Ecuador. He makes such an impact, they adopt him.

Passengers push frozen plane in Siberia (video) Passengers push frozen plane in Siberia (video)

Yes, this really happened! A bunch of passengers left their seats to give their frozen plane a push at a snowbound airport in Siberia.

Cleaning isn Cleaning isn't a chore for 1-year-old Leighton Rue (VIDEO)

Little Leighton Rue loves to ride the vacuum while her dad, Kiki, cleans their house in Tucson, Arizona. 

Facebook adds privacy basics; the changes you need to make Facebook adds privacy basics; the changes you need to make

Have you noticed the changes on your Facebook page? The Consumer Watchdog is breaking down the changes and shows you what to look at to make sure your page is as private as you want it to be.

'Ass Hunter': Gay killing game taken down by Google

Following a backlash, Google has removed a game from the Android store that advocated killing gay men for sport.

#ThanksMichelleObama: Students criticize school lunches via social media #ThanksMichelleObama: Students criticize school lunches via social media

Students unhappy with school meals are taking it out on the first lady by sharing images on social media of lunches sarcastically tagged #ThanksMichelleObama.

Joey Chestnut eats whole turkey to win turkey-eating contest Joey Chestnut eats whole turkey to win turkey-eating contest

Competitive eater Joey Chestnut has won a turkey-eating contest in Connecticut, setting a record by devouring an entire bird.