Facebook will add more products and offer a wider variety of prices to its online stores, according to a report by Bloomberg.
The social media giant plans to open more than 1,000 new online stores over the next two years and expects to make about $200 million a year in sales by 2020, the report said.
The company will also add more prices for products and service on its online channels, Bloomberg reported, citing people familiar with the matter.
Facebook has been working on a redesign of its products and services since October and plans to launch new products and software at the end of 2018.
But it hasn’t yet launched the new products or services, which are expected to launch in 2020, according the Bloomberg report.
The new pricing plans could potentially help Facebook fend off competitors that have offered products and technology that are similar to the social media company’s offerings.
Facebook currently sells about $6 billion worth of goods and services, including games, music, and apps.
It also offers some basic payment plans, which could help it survive the transition to an online store.