Facebook (NASDAQ:FB), with its ambitions of forever staying relevant just like fashion, which always changes, but never goes out of popularity, has made a smart move by going in for the acquisition of ‘TheFind.com‘, which is a search engine for shoppers.
Facebook announced yesterday that it has bagged the personalized search engine for shoppers in order to help improve the relevance and targeting of advertisements shown on its social networking website, ‘Facebook.com’.
TheFind.com is a search engine that provides discovery services to its online visitors who are looking for products on sale. Founded in 2006, as FlatLens Inc., the website initially offered only ticket discovery services to visitors. It was re-launched very soon in the same year as TheFind.com after the company’s honchos decided to include more product categories.
The shopping search engine allows people not only product discovery through the website’s humongous database of products and listings, it also provides customized recommendations for products based on a user’s previous buys and surfing history. The website not only aggregated online retailers on its interface for allowing its visitors to compare prices, but also pin pointed exact store locations if such a product was available in the same area as the visitor’s.
However, Facebook has not disclosed the sum for the acquisition of this shopping app. Although, Facebook did pass on the information that TheFind’s acquisition will be completed by next week. With this acquisition, it has become very clear that Facebook wants a piece of the e-commerce pie. Facebook no longer sees itself as a social networking platform that utilizes its website space for hosting ads for other businesses.
It now visualizes itself as an enabler for businesses by connecting potential shoppers to search for products through Facebook’s interface itself. Only recently Facebook had enabled business pages to add ‘product buttons’ on their pages to create products for sale. With this acquisition, it now becomes clear, that Facebook intends its own website to become the shopping search engine which TheFind.com once was.
This acquisition will result in the closing down of the website TheFind.com. Several of its employees will also shift to Facebook, though not all. This acquisition might be a sound strategy in Facebook’s attempts to gobble up its competition and suck in the entire web onto its own interface, but it remains to be seen if an acquisition driven growth as opposed to internal innovation driven growth is a sustainable strategy or not.