Product Management interview question [Strategy]: Facebook wants to enter the fashion space. What will you build?

Facebook should get into the fashion space with an immersive shopping experience product. I think there are mainly two broad reasons to say that -

1. There are handful of companies, if any, out there who are bringing an immersive shopping experience
2. Facebook already has all the products and services to do this.
3. Facebook has the ecosystem like Facebook Marketplace and Instagram Shopping to roll this out easily.

Pain Points in current online fashion shopping -

1. No way to experience the store in the digital world like we do in shopping malls.
2. No way to see how the dresses look on us, we have to see the fittest models on planet earth wearing those.
3. Many-a-times the sizes differ from brand to brand, e.g. two shirts can be size ‘L’ but might end up fitting differently.

How Facebook can solve these pain points -

1. Facebook can bring all the shops to the Metaverse making it easier for users to experience physical stores. It is as close as we can get to physical shopping in covid-era.
2. Bring shopping on Oculus to create an in-shop shopping experience.
3. Bring VR to shopping, so that users can see in real time how a piece of cloth looks on them rather than the skinny 6ft tall engineered models.
4. Collaborate with E-commerce websites like Amazon, Flipkart, Myntra and bring them onboard to increase conversion on both the platforms.
5. Collaborate with companies as well like Gucci, Prada, Nike, Adidas and other brands as well who have been operating traditionally offline and bring them aboard to increase sales and getting visits on platform too and ultimately generating revenues from it.
6. Implementing these features on Facebook platform means leveraging their power on Facebook Marketplace as well to make sales more impressive.
7. Extending the product from Facebook to the Facebook ecosystem makes this even better by extending this to Instagram and using its power on Instagram shopping.
8. Taking this one step further to WhatsApp business makes it possible for users to shop while they are on a group chat with their friends on the Metaverse.

Success Metrics -

1. Daily volume traded on the platform.
2. Average daily traffic on the platform
3. Sales conversion
4. Number of daily sign ups