The social media giant acquires shopping website TheFind and then Facebook shut it down.
For people that aren’t familiar with TheFind website, it was a shopping search engine. It was growing popular and at a very fast pace when Facebook decided that they wanted to buy the website.
Today Facebook announced that they have bought the shopping website and that would help them improve their commerce ads. TheFind had already raised $26 million from Redpoint and Lightspeed. The company first started in 2005 but now it will shut down.
Some of its members will be joining Facebook. This website helped users look for products. They would get customized recommendations for products while they were searching from a big database of products.
The users were able to enter generic words in the search bar. So if you wanted to buy black shoes, you would enter that in the search bar and you would get a big array of retailers aggregated by TheFind.
There you would be able to compare prices of different black shoes. Users were also able to discover local places that sold the user’s interested products and then they could buy those products immediately rather than having to wait for delivery.
A month ago, Facebook launched a special ad unit. This ad unit was designed in a way that it would highlight specific products that some merchant is trying to sell. So this was a great move by Facebook because now TheFind will help Facebook in better matching and not just a company to a user but it will also make sure that the products that are displayed in the ads are the ones that the user is likely to buy.
Facebook said in a statement that they are going to welcome TheFind to Facebook. They also said that they have a talented that has built a successful search engine that is connecting the products with the users.
TheFind wrote on their website that they are joining Facebook. The website said that they will be starting their next chapter while combining forces with Facebook so that they could reach a wider audience.
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