Facebook founder Mark Zuckerberg recently laid out his vision of how the social media channel will develop in the future — and once again, data is king.

The basic idea is to transform Facebook from a sharing platform into a multi-functional tool which will help people to manage their busy lifestyles. Zuckerberg’s blue sky thinking may appear far-fetched, but such technology is already a reality for people in China—and it’s called WeChat.

Now considered one of the world's most popular mobile apps, WeChat emerged in China nearly 10 years ago as a simple messaging tool. Through continuous development, WeChat has come to dominate modern life in China. Young and old use the app to message friends, post on social media, buy coffee or split bills at a restaurant — basically, life is much easier with WeChat.

The game changer is the ability to pay for goods or services through WeChat, which means consumers no longer need to carry cash or cards, they simply send payments by scanning their phones or using QR codes. This also makes buying goods online quicker and easier.

Having witnessed WeChat’s meteoric rise, Zuckerberg wants to replicate WeChat’s success in the west by building on Facebook’s dominance to squeeze out all the other apps which currently fill the market. Why use half a dozen apps on your phone, when they can do everything via Facebook?

Facebook already owns WhatsApp, so don’t be surprised if more apps give in and join the stable. For example, food delivery apps could cease being standalone, and simply become a function available in Facebook which would handle both the food ordering and payments.

There is another crucial reason why Facebook is going down the WeChat route. By offering greater levels of functionality and versatility, Facebook will be able to collect data on every part of our lives. Although issues such as third-party access and fake advertising have caused some bad press, make no mistake, data is still king for social media companies.

Being a portal for payments means Facebook would gain access to an untapped gold mine of new information, which in turn will allow advertisers to target and reach their audiences with advertising messages sent through Facebook. The potential to increase revenue is enormous.

Of course, there is no guarantee that Facebook will succeed, but they are certainly in the best position to further dominate the marketplace — if anyone can, Mark Zuckerberg can.

If you require help with managing your social media, WordSmart Communications would be more than happy to help.