Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Today, Facebook goes public, which means a lot of things. We now know that Facebook's going rate is $104 billion (or $38 a share), for example, and we know that no one in fashion wants to see Mark Zuckerberg wear hoodies anymore. But the acutal impact of the social media site's IPO on the fashion industry (aside from those hoodies) is a little harder to pin down. Brands still haven't quite figured out how to use it—"f-commerce" was a big let down initially—so for the moment, brands' Facebook strategy basically ends at getting as many "likes" as humanly possible. Will Facebook's IPO change all that? WWD published a heady piece this morning explaining all the reasons why they think the answer is yes. We break it down for you after the jump.
· Facebook will have a hell of a lot more money to do things: And company heads can use it to develop open-graph technology, up engagement, increase "mobile innovations to fuel brand partners' brick-and-mortar shopping experience," or "to improving client account management services for companies."
· Advertising could happen in a big way: David Duplantis, executive vice president of Facebook's global Web and digital media, said "I believe advertising will become a bigger priority, and that, coupled with continued innovation, means the opportunities are limitless for both Facebook and the fashion industry."
· Purchasing online could be a thing (for real this time): Nordstrom, which has about 1.4 million “likes,” began advertising on the platform in 2010 in support of its annual anniversary sale—and, according to the retailer, it will continue to do so. "In addition to advertising, the company will explore other approaches to social commerce, with an emphasis on finding seamless and convenient ways for its customers to purchase online."
· Facebook is going to go meta, with social media technology within technology within technology: Wade Gerten, co-founder and ceo of technology solution provider 8thBridge, speaks to how programs will make shopping a social experience online. "Companies like us are building software [such as Graphite] on top of the Facebook platform just like how 15 years ago companies were building software on top of the Microsoft platform.” See? Meta.
· Fashion World Mulls Facebook IPO’s Impact [WWD]
· So It Turns Out No One Is Into Facebook Shopping [Racked]
· New Buttons Will Replace the Like on E-commerce Sites [Racked]