Facebook: The Mall of the Future

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It's already the place where people, both young and old, go to gossip and spend a large chunk of their time. Soon, says the CEO of Payvment, Christian Taylor, Facebook will also be the go-to destination for all of your shopping. Payvment recently launched a Facebook Mall with 50,000 retailers and more than one million items, where consumers can add all of their purchases to one cart. About 300 new storefronts are being added every day.

Before the mall went live on Feb. 24, about 3,000 of its 60,000 merchants were regularly selling items, or roughly five percent. "When I tell you it was night and day, I can say that [sales] quadrupled the day we flipped the switch on the mall."

Should Amazon or other e-commerce leaders be scared of Facebook's ability to garner a very large audience?

Taylor: "If they are not, they should be."

"The really scary part for the old regime should be that people return to Facebook daily and spend more time on Facebook than any other Web site on the net....We are turning Facebook into the largest shopping mall on the planet."

The threat is clearly not imminent. Today, Amazon, eBay and other retailers that have gone online, like Best Buy and Target, have large audiences themselves.

They are also experimenting with ways to make shopping more social, as we've reported before, but generally e-commerce has failed to become very social yet.

However, Payvment believes with the social graph acting as the center of the shopping experience, it can take it to another level. Visitors to the mall "like" individual items to surface them to the top. It's also much easier to shop for a birthday or Christmas.

Read the full story at All Things Digital.

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Nicholas Jackson is a former associate editor at The Atlantic.

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