Facebook has acquired shopping search engine TheFind, as announced on the latter’s website. The acquisition is a way to lift the digital advertising business of Facebook, which made $12.6 billion in annual ad sales in 2014. The amount of deal is still undisclosed.
Many of TheFind’s employees would be joining Facebook and work on improving the relevance of the social network’s advertising. The company warns that its shopping search engine will go offline in the next few weeks.
TheFind is dedicated to searching all the stores on the web, and helps in finding the right products shoppers are looking to buy. For every search, the company shows the relevant products from the better stores right on the first page of results.
The firm has launched Android and iOS apps to tie online and offline shopping experience together, show every deal available, including offers at local stores. The company claims that it has put 500 million products from 500,000 stores and 15 million shoppers use the service. It had raised $26 million in three investment rounds, according to its page on CrunchBase.
Facebook has been testing a ‘buy button’ since July 2014 that allows users to purchase goods directly. Now, with this acquisition, it would be able to add additional shopping tools to its service. To perform a faster online shopping, Twitter and Stripe have also started to work together to put a ‘Buy’ Button in tweets that lets users to enter their billing and shipping information for purchasing products on Twitter. While online businesses have been leveraging social media platforms for their promotion, they might soon start seeing them as their competitor as well.Category Business