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

Target Target's Lilly Pulitzer collection launch crashes website, store inventory emptied in minutes

Target thrilled fans of designer Lilly Pulitzer when they announced a collaboration back in January. But when the demand outweighed the supply, many customers were left disappointed and accused people of scooping up the merchandise to resell it on internet marketplaces like eBay.

PHOTOS: 2015 Barrett-Jackson Custom Car Auctions PHOTOS: 2015 Barrett-Jackson Custom Car Auctions

Photos from the 13th Annual Barrett-Jackson Palm Beach custom car auctions at the South Florida Fairgrounds, April 17-19, 2015.

#WishMyTeacherKnew, Kyle Schwartz: Denver teacher creates heartbreaking notes from third graders #WishMyTeacherKnew, Kyle Schwartz: Denver teacher creates heartbreaking notes from third graders

A teacher from Denver is gaining national attention for the heartbreaking notes written by third-grade students that she's has posted on social media.

VIDEO: What it VIDEO: What it's like when people hear for the first time (Tissue Alert)

This video shows people who have been deaf hearing for the first time.

Police: Man burned trying to kill bedbugs inside rental car Police: Man burned trying to kill bedbugs inside rental car

Police say a Long Island man set his rental car ablaze while trying to kill bedbugs inside the vehicle.

Hyundai displays giant message from daughter to astronaut dad in space Hyundai displays giant message from daughter to astronaut dad in space

The car manufacturer Hyundai helped a girl display a ground message to her father stationed on the International Space Station or ISS.  

VIDEO: Woman swept off Irish cliffs by huge wave VIDEO: Woman swept off Irish cliffs by huge wave

Dramatic video shows a woman being hit and swept away by a huge wave on the Irish coast.

#CherylsBirthday: Math riddle about Cheryl #CherylsBirthday: Math riddle about Cheryl's birthday stumps the Internet

A math problem intended for Singapore high school students is going viral.  It's the biggest conundrum since the black and blue dress.

James James 'Poppa' Drain: 80-year-old Alabama grandfather goes to prom for first time

An 80-year-old grandfather in northern Alabama has experienced his first high school prom after going as his granddaughter's date. 

Danielle Busby: Mom gives birth to first ever all-girl quintuplets in U.S. in Houston Danielle Busby: Mom gives birth to first ever all-girl quintuplets in U.S. in Houston

A Houston hospital says a woman has given birth to five baby girls.