Rumours are circulating that Facebook is set to launch an e-commerce festival in India, a move that would pit the social media powerhouse up against Google India.
India’s Economic Times has reported that Facebook has entered into a partnership agreement with media consultancy firm GroupM.
The festival is named ‘Tied Together’ and if the rumours are true will take place between 12th – 29th August. The festival would finish on Raksha Bandhan, a popular Hindu festival.
Facebook is looking to take a piece of India’s growing e-commerce market. According to a PWC report, the Indian e-commerce industry is worth $12.6bn. The market is currently dominated by Snapdeal, Amazon and Flipkart.
Google India is also trying to increase its stake in the e-commerce market. In October 2014, the technology giant hosted the Grand Diwali Mela festival, offering shoppers items at heavily discounted prices.
In previous years Google India has also hosted the Great Online Shopping Festival, meaning that Facebook has work to do if it’s going to overtake the search engine firm.
‘‘Online shopping festivals have become a popular trend in India, especially with the rise in the number of ecommerce companies, which are driving the growth of online shopping in the country,’’ stated an unnamed source to Economic Times.
‘‘Facebook should be viewed as another media vehicle which has a huge database that can be utilised for commercial purposes.’’
Both Facebook and GroupM have not commented on the situation.
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