Facebook Buys Shopping Search Site TheFind

14 Mar 2015 | Author: | No comments yet »

Facebook Acquires Social Shopping App TheFind.

TheFind, based in Mountain View, Calif., “allows shoppers to search hundreds of different sites for particular products at once,” the San Jose Mercury News reported. “Key members of our team are joining the company and will be working hard to integrate our technology to make the ads you see on Facebook every day better and more relevant to you,” the company said.Facebook FB -1.11% has acquired shopping search engine TheFind.com, signaling the social networking giant’s continued aspirations in two of the Internet’s biggest money-makers: search and e-commerce .Facebook on Friday said it acquired TheFind, an app that crawls the Internet to offer consumers a personalized shopping experience based on their social profile and the way they shop.

The deal, announced by the TheFind after Friday’s closing bell, is “less about ecommerce and more about targeting advertisements” for Facebook, according to the paper. “Together, we believe we can make the Facebook ads experience even more relevant and better for consumers,” the Mercury News quoted Facebook as saying. “Our business is about connecting people with the topics, companies, brands, and increasingly products they care about and we look forward to doing that with TheFind on board.” TheFind was understandably giddy about the deal, coming as it did nearly a decade after its founding, posting “We are joining Facebook!” in big letters on its home page. “For the last nine years, we’ve worked hard to bring you a shopping experience that’s easy, efficient and fun—searching all the stores on the Web to find just the right products you’re looking to buy,” the company said. “We are now starting our next chapter by combining forces with Facebook to do even more for consumers. The acquisition comes as Facebook has begun testing “buy” buttons that lets advertisers sell products through advertisements on the social network. “TheFind’s talented team has built a successful search engine that connects people to products.

Facebook’s resources and platform give us the opportunity to scale our expertise in product sourcing to the over 1 billion people that use the platform.” TheFind said that “key members” of its team would be joining Facebook. But so far, the company has failed to gain the traction it has in connecting friends and family by letting them share posts about everyday life and photos. Users of the site won’t be able to do shopping searches through thefind.com for long, however—the company said it “will be taking our search engine offline in the next few weeks.” The nine-year-old company gained popularity as a price comparison site, emerging among a crop of mobile shopping apps that threatened to upend the big-box retail store business model by making it easy for consumers to search for the cheapest offers online.

More recently, TheFind has sought to further personalize the shopping experience by gleaning the consumer’s buying behavior and preferences exhibited on Facebook through “likes” and demographic information on their profile. Social sites are increasingly looking for ways to make commerce available on their service in an attempt to keep users interested and to dissuade them from leaving the site. More from WSJ.D: And make sure to visit WSJ.D for all of our news, personal tech coverage, analysis and more, and add our XML feed to your favorite reader. The company’s initial plan to get retailers to sell goods on their Facebook pages fell apart, with several major retailers pulling their stores in 2012.

TheFind, founded in 2006, had previously raised $26 million in venture capital from Bain Capital Ventures, Lightspeed Ventures, Redpoint Ventures, and Cambrian Ventures.

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