Are you one of the 450+ million people visiting ‘buy & sell’ Facebook groups each month?
How it works:
- Marketplace opens with photos of items that people near you have listed for sale. You can search for something specific and filter your results by location, category or price.
- When you find something you like, you can simply tap on the image to see more details from the seller, including product description, the name and profile photo of the seller, and their general location.
- If you want to purchase the item, you can send the seller a direct Facebook Message and make an offer. From there, the seller and buyer work out the details – Facebook does not facilitate the payment or delivery of the item.
Selling an item in Marketplace is just as easy as browsing for one. Simply take a photo of your item, enter a product name, description, price and category… and voila!
And what does this mean for you? At Servants, we believe that Facebook Marketplace is here to stay and will help to disrupt the market by competing with auction sites like Craigslist, eBay and Gumtree. And why will Facebook’s newest release cause a stir?
Building the Marketplace into a platform where people spend around 50minutes a day makes it really easy to click through and scroll the Marketplace.
Facebook is betting big on Marketplace, placing it in a main spot in the app’s navigation tab bar, replacing the Messenger shortcut in Facebook for iOS.
A big advantage of Marketplace, over the likes of eBay, Craigslist and Gumtree is that you know more about who you’re dealing with thanks to Facebook’s profiles.
With Marketplace being positioned in the prime location, it makes it a lot easier for people to scroll through the feed when they are bored or randomly browsing. This makes the Marketplace a bit like treasure hunting through markets, where you can get excited about what you might discover and impulse buy.
So what does this mean for businesses on Facebook?
At this stage Facebook is not allowing Business Pages on Marketplace. Once they have found the best ways to monetise the community, however, we have no doubt they will use it to generate ad revenue by letting businesses and people buy News Feed ads or sponsored placements for what they’re selling.
Watch this space to find out more, or contact us to get answers to any questions you have.