“Selling through Facebook (f-commerce) is set to be worth £3.1 billion for UK businesses over the next 3 years, according to new research.” That’s nearly $5 billion in US dollars if my calculations are correct. (source: Digital Strategy Consulting)

The research alluded to in the quote was carried out by global market research firm TNS on behalf of e-commerce platform provider Ecwid. TNS surveyed 2000 consumers in the UK and found that 25 percent of those polled would prefer to shop on Facebook rather than eBay due to the fact that it provides a more personalized shopping experience.

Even though a number of major retailers have abandoned their Facebook shopping carts, does this research indicate there is still hope that Facebook may become a shopping destination?

For more than two years I’ve said that Facebook has morphed from a pure-play social network to a 21st century version of AOL. People use Facebook as their go to site for pretty much everything these days, so it stands to reason that shopping would fit that behavior pattern as well. The research seems to confirm my suspicion.

At its heart Facebook is still a social network, not a shopping destination. But, where e-commerce is concerned, that does not mean Facebook can’t serve a supplementary role to amplify product discovery, drive traffic to dot com sites, build customer loyalty, and increase lifetime value. In fact, that’s exactly what it is doing.

UK digital marketing agency Valtech cited several facts that suggest investing in a Facebook commerce presence is warranted:

• Facebook has over 955m active users globally.
• In the US, users spend longer on Facebook than they do on Google.
• An average of 130 people will see a friend’s “word of mouth” recommendation.
• Each new fan equates to 20 extra visits to their website over the course of a year.
• 70% of Facebook users engage with Facebook applications.
• 20 million Facebook app installations are made every day.
• 75% of Facebook users have “liked” a brand
• 60% of people would be willing to share a product or service if given a deal/discount.
• 53% of people have used Facebook to interact with a brand.
• 36% of people liked or shared a brand page on Facebook the last 30 days.
• Each new fan equates to 20 extra visits to their website over the course of a year.
• 41% of respondents said they want to receive communications from marketers on Facebook.

But shopping on Facebook is a different experience than shopping on a traditional e-commerce site. As it pertains to f-commerce, Dr. Paul Marsden, editor of Social Commerce Today and co-author (along with me) of the soon to be released book The Social Commerce Handbook, made the following recommendations in his post “Survey Says: Facebook to Take 6.1% of E-commerce Market by 2015.” Brands should offer:

• Something new (something new, not available elsewhere yet – a fan-first offer)
• Something different (unique not available elsewhere at all – a Facebook exclusive)
• Something more (additional value – such as a free gift with purchase)
• Something for less (better pricing – fan-pricing)

As I indicated in an earlier post small businesses are the ones who seemed to have tapped the secret to successful social commerce. While some big brands have stepped back to re-evaluate how to crack the f-commerce nut, mom and pops are kicking booty.

So, f-commerce is still on the rise in spite of big brand abandonment. We’re still early in the process, but if you take into account the results of the aforementioned research, the statistics reported by Valtech, and the advice from Paul Marsden, I trust you will agree there is rational for establishing a presence there.