Why it matters: To date, most Facebook commerce has taken place between users via its Marketplace tab, a Craigslist-like feature, but Facebook Shops is at the center of its push to create an e-commerce platform for businesses.
The big picture: The move comes as more people are increasingly migrating to e-commerce during the coronavirus pandemic.
The state of play: Facebook Shops launches Tuesday in the U.S. It'll be free for businesses across Facebook and Instagram, allowing them to choose the products they want to feature and customize the look and feel of their shop with a cover image and accent colors.
Quite a lot has been going on:
Missouri Launches PPE Marketplace
In April, Missouri launched a PPE Marketplace that was built using a Google Cloud Platform, in partnership with Quantifi. The public/private initiative matches companies that manufacture and sell personal protective equipment (PPE) with Missouri companies that need to purchase PPE.
Expanding reserves of PPE by opening public and private supply chains is one of the four essential pillars of the "Show Me Strong Recovery" plan introduced by Governor Mike Parson.
Home improvement, animation are up; commercial rent, down - Marketplace
Experience marketplace Pollen lays off 69 North America staff, furloughs 34 in UK –
As the coronavirus pandemic continues, throwing countries into lockdown and recession, two of the hardest-hit sectors have been travel and events. And startups operating in the space that have recently raised significant funding aren’t immune to the crisis.
Pollen , the U.K.-based influencer marketplace for travel and events that closed $60 million in funding in October, has axed about 31% of its staff, nearly 70 people, across the US and Canada, TechCrunch has learned. In addition, multiple sources, who spoke on the condition of anonymity, say that around three dozen staff in the U.K. have been put on furlough and that up to 10 U.K. contractors have been let go.
Quite a lot has been going on:
Entoro and LandGate Form Alliance for Oil and Gas Minerals Marketplace · Reported Times
Houston-based investment banking and advisory firm Entoro Capital, LLC (Entoro) and Denver-based Land G ate , a marketplace leader in monetizing assets related to land ownership, have formed an alliance to expand the marketplace to facilitate the successful sale of oil and gas mineral rights.
With the current oil shock, today's entry point for buying oil and gas minerals is perhaps generational in nature. Within the industry, there is high confidence that oil prices and subsequent drilling will recover with time. As liquidity has dried up, prices for minerals that just a few years ago sold for over $100,000 per acre, have dropped precipitously.
Facebook's new AI tool will automatically identify items you put up for sale - The Verge
Facebook is launching what it's calling a "universal product recognition model" that uses artificial intelligence to identify consumer goods, from furniture to fast fashion to fast cars.
It's the first step toward a future where the products in every image on its site can be identified and potentially shopped for. "We want to make anything and everything on the platform shoppable, whenever the experience feels right," Manohar Paluri, head of Applied Computer Vision at Facebook, told The Verge . "It's a grand vision."
Interactive Brokers Launches Largest No-Load Mutual Fund Marketplace* | Business Wire
"The Interactive Brokers Mutual Fund Marketplace is now the largest, single source of no-load mutual funds," said Steve Sanders, EVP of marketing and product development. "Our marketplace also has lower costs, if not the lowest, on our massive inventory of mutual funds."
US clients have access to over 10,000 no load and load-waived funds and more than 4,300 no transaction fee funds with thousands more funds available for $14.95 per trade.
Sanders also noted that, unlike many competitors, Interactive Brokers never charges a custody fee. Moreover, Interactive Brokers' Mutual Funds Marketplace includes products exclusively from outside companies.
Guild Education Makes First, $80 Million Acquisition To Build Out Job Marketplace Amid Covid-19
Guild Education's cofounder and CEO Rachel Carlson photographed at the company's Denver ... [+] headquarters.
Today the company announced it has completed a partial acquisition of edtech venture consultancy Entangled Group. The nontraditional acquisition is an all-stock deal valued upwards of $80 million, according to Entangled cofounder Nick Hammerschlag. All 90 Entangled Group employees will join Guild, but Guild will not acquire Entangled's previous investments in startups like Course Hero and Andela.
Happening on Twitter
Today we're introducing Facebook Shops, which will make it easy for businesses to set up a single online store on b… https://t.co/MZBldN2gUl Facebook (from Menlo Park, California) Tue May 19 17:09:35 +0000 2020
Zuckerberg announces Facebook Shops, which allows people to set up online storefronts on FB Shopify stock price in… https://t.co/shO5AYuHOJ MikeIsaac (from San Francisco) Tue May 19 17:14:04 +0000 2020
Announcing a new way for @Shopify merchants to sell on @Facebook: Facebook Shops! A native, customizable storefront… https://t.co/PPyJAYxbZf skanwar (from Toronto, Canada) Tue May 19 17:26:24 +0000 2020
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