New features for communication

Facebook on Wednesday held an "F8 Refresh" conference for software developers at which it unveiled new features for sharing business messages on Instagram and WhatsApp. Facebook aims to make its services a convenient place to conduct e-commerce.

Facebook (FB) on Wednesday unveiled a number of new tools for developers, including several business-to-consumer messaging features, at its virtual software developer conference 'F8 Refresh'.

Facebook aims to improve monetisation of its apps through the addition of tools and features that will allow firms to conveniently communicate and serve their customers with shopping transactions without leaving the app.

At the end of March 2021, the number of monthly active users of Facebook platforms (MAU) was 2.85 billion, a 10% increase over the same period last year.

Announcement of an Instagram business chat development tool

Facebook has released a public version of the Messenger API for Instagram, a tool for software developers that has been in beta testing since October. The company said 30 developers and 700 brands took part in the beta testing. Any brand or company can now use the Messenger API tool, which gives the ability to configure automated responses to typical customer questions.

These business messaging features already exist in WhatsApp and Messenger.

The company said 90% of Instagram users follow at least one business.

Also, WhatsApp's new features allow firms to offer consumers a menu of up to 10 options during communications.

A spokesperson for cosmetics brand L'Oréal Luxury, which is participating in the beta testing of the Messenger API for Instagram in an interview with Bloomberg said the tool helped automate the customer experience as the company received a large number of direct messages.

The business saw a 30 per cent increase in leads compared to other channels, she said, with a 20 per cent increase in conversion rates from consultations to actual purchases.

Facebook shares, up 20.5% since the start of 2021 and 41.4% in the past 12 months, were little changed at the close of trading on Wednesday.