Last week, Facebook began testing their new “Want” button. Currently in beta (see various Collections posted live on Pottery Barn, Fab.com, and Victoria’s Secret brand pages), clicking the Want button allows Facebook users to curate and publish social wish lists in their news feeds. Wish-granting friends can click on a coveted item to purchase immediately from the retailer site.

Here’s an example Collection from Neiman Marcus. The Collection appears as a post on the news feed:

Smoking Slipper

Clicking the Collection title pops up a lightbox with all of the images in the Collection. Each image includes a Want button. Similar to the Like button, clicking Want publishes a notification to the user’s news feed; there is also an option to add your own comments:

Back on my news feed, I’ve declared to my Facebook brethren that these shiny loafers must be mine:

Pinterest has already proven the value of visual wish lists to drive retail traffic, and Collections sends would-be buyers directly to the coveted items. (Lack of reliable source URLs are a frequent Pinterest gripe.)

But will gift-givers click? Shopping is a new behavior for Facebook users, many of whom only Like brand pages in order to score a freebie or discount. Will subjecting friends to a barrage of durable goods be the last straw for users already weary of check-ins, playlists, and other TMI updates that clutter the ticker? With a billion users and counting, it’s a gamble that Facebook seems willing to take.

Here are a few ways brands can use the new Want button:

  • Exclusivity: Offering Facebook-exclusive products would give fans (and would-be fans) a true reason to Like a brand. Think limited-edition colors or styles that can only be purchased via the social network link.
  • Tap into Amazon’s “Universal Wishlist”: Amazon’s “Add to Wishlist” button is already out there. What if Facebook integrated this into the functionality of the Want button? 30% of all online purchases start with research on Amazon; getting in on the action is another way for brands to monetize Wants.
  • Most Wanted: Brands can leverage Facebook data to curate collections of their “Most Wanted” items. This would drive awareness (and traffic) to the Facebook Collections from the brand website, while also adding social commerce mechanisms to the experience.

Will people be willing to buy via Facebook? Or is F-commerce f-ed up? Time will tell. Collections could be a nifty way for Facebook to squeeze some juice out of the Instragram acquisition. With the holidays rapidly approaching, Collections could play a big role in hint-dropping and gifting. Combined with offers and local targeting, Collections just might become a formidable e-commerce play. Don’t sell those shares just yet. (And hey – I really don’t like those shoes, but thanks anyway.)

What do you think of the “Want” button?