Last month there were reports that Facebook could be considering rolling out a ‘Want’ button, which could have significant implications for brands and businesses using the social network.

The ‘Want’ button would be the first step on the road to introducing social commerce within Facebook and would be a welcome addition to the humble ‘Like’ button”.

A ‘Want’ button could potentially give brands and advertisers access to a great deal of data regarding purchases as it would be a far more active indication of intent to purchase than clicking the ’Like’, which could if you scrape beneath the surface describe anything from a casual interest to a much deeper expression of social media desire.

Blogger Tom Waddington who discovered the code for the button told Mashable last month that “It’s definitely been worked on. This shows that it’s still under active development, rather than being a ditched project. The fact the code contains references to ‘social commerce’ is a sign that they’re taking it seriously. In the same way music, news and videos are shared on the site, Facebook is planning to allow users to share both Wants and Purchases, from items bought within games to donations.”

The introduction of a ‘Want’ button could also change the dynamic of Facebook and answer criticisms about the effectiveness of advertising on the social network levelled at it by the likes of General Motors as well as other marketers who also voiced their doubts.

It would be the next step towards social shopping, just add a ‘Purchase’ button, and Facebook could be a very different place. It would be one where Facebook users could go from wanting to buying.

According to the AmExOpen Forum a ‘Want’ button could boost average retailer’s previous Facebook traffic by as much 200% based on those using third party want buttons.

It has come up with three benefits of what a ‘Want’ button could mean brands and businesses on Facebook:

 1) Increases Exposure: A want button could act like be an ad for your business. For example, if you’re offering an item and someone clicks the ‘want’ button corresponding your product, it will appear on that person’s timeline. This increases the visibility of your product, as friends of that person may see it and ‘want’ it as well.

The same could also be true for services. It could easily be connected to Facebook deals for shops offering local services. If people notice their friends wanting, or even purchasing, a cut price offer that could quickly spread through the various networks of interconnected friends.

2) Gives Businesses Insight: A ‘want’ button scratches beneath the surface of the ‘like’ button because it indicates the intent to purchase.

This crucial information would help advertisers understand the needs of the customers and find out what’s working and what isn’t.

Obviously having a purchasing button and a shopping cart would round things off nicely.

3) Spreads Awareness: Unless you’re spending a lots of money on Facebook advertising it can be tough to get the word out. A ‘Want’ button on the other hand could be very cost effective in helping to spread the word virally across Facebook. Potentially “great for businesses that are recently launched or for new products on the market”.