Facebook shares climbed 6% and touched an all-time high.

After announcing Facebook Shop, a new e-commerce feature that could represent a multibillion dollar opportunity, company shares reached an all-time high of $230.75 on Wednesday, soaring as much as 6.4%, with Wall Street being bullish on the company’s focus on e-commerce.

According to CNBC, AllianceBernstein, a global asset management firm providing industry-leading research and investment solutions, said in a note to clients early Wednesday that Facebook Shops could unlock a $1.3 trillion market. “We have long viewed FB as the ‘rent’ to the digital economy and a core component of the online retail ecosystem,” the analysts wrote.

Deutsche Bank said it could drive as much as $30 billion in revenue, while Morgan Stanley said it could make Facebook an e-comm competitor to Amazon and Google.

How does Facebook Shop work?

Brands can register on Shops to sell products through Facebook and Instagram storefronts, Stories, and ads. Third-party partners like Shopify and Woo will do the heavy lifting handling inventory, orders, and fulfillment.

The goal of the Facebook Shop is to make shopping seamless and empower anyone from a small business owner to a global brand to use our apps to connect with customers.

This summer, Facebook is also introducing Instagram Shop, a new way to discover and buy products you love in Instagram Explore.