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

Los Angeles Woman who stabbed pencils in eyes sues over photo Los Angeles Woman who stabbed pencils in eyes sues over photo

A woman who stabbed pencils in her eyes during a suicide attempt is suing Los Angeles County, claiming her photo was snapped at a hospital and went viral online.

Isis Lawson: Woman says her name is causing problems because of ISIS, Islamic State of Iraq & Syria Isis Lawson: Woman says her name is causing problems because of ISIS, Islamic State of Iraq & Syria

Woman named "Isis" says her name is causing problems following the rise of the militants fighting to take over Iraq and Syria.

Maryville, Tennessee, toddler climbs into toy machine, gets stuck Maryville, Tennessee, toddler climbs into toy machine, gets stuck

A toddler is safe after getting stuck in a toy machine this week in Tennessee.

Bear cub wanders into Oregon store Bear cub wanders into Oregon store

A black bear cub found wandering the aisles of an Oregon drugstore will be raised with the goal of releasing him into the wild next year.

Alan Knight: UK man faked coma for 2 years to avoid court Alan Knight: UK man faked coma for 2 years to avoid court

A fraudster who pretended to be quadriplegic and sometimes comatose for two years to avoid prosecution has been convicted after police caught him on camera driving and strolling around supermarkets.

Elaborate marriage proposal takes 17 months to organize Elaborate marriage proposal takes 17 months to organize

A marriage proposal that took 17 months to organize, and included 18 round trip tickets with a finish in the Rose Bowl, went perfectly according to plan.

Thomas Artiaga: Good Samaritan who rescued a man from a burning home steps forward Thomas Artiaga: Good Samaritan who rescued a man from a burning home steps forward

Good Samaritan who vanished after rescuing an elderly California man from a burning home returns to meet the man he saved.

Puppy Puppy 'drops dead' after chasing tail

It's no surprise to learn puppies can go from super energetic to very tired in a matter of moments, but it never gets old when it's caught on camera.

Touchdown of a lifetime Touchdown of a lifetime

Two Wisconsin high school teams work together to give one very special fan a moment of a lifetime.

Genoveva Nunez-Figueroa: Woman rescued from chimney in Thousand Oaks, California Genoveva Nunez-Figueroa: Woman rescued from chimney in Thousand Oaks, California

A woman stuck in a chimney was rescued by firefighters in Thousand Oaks, Calif., early Sunday morning.