Blog

Facebook Marketplace : The Rise of a New E-Commerce Titan

facebook markeplace

After receiving behemoth of response on its Instagram Stories feature, Facebook is all set to eat out the Internet again with another cherry on top, Facebook Marketplace. The new mobile-only platform is meant to be the destination to discover, buy, and sell items within your local community.

Let’s find out what the new feature holds for you, and could it be the new king of peer-to-peer selling?

Not Facebook’s first buy-sell rodeo!

Doesn’t this concept sounds eerily familiar to you? (Hint: NO! Facebook didn’t sneak this one from Snapchat!)

Facebook Marketplace is the social media giant’s second innings with peer-to-peer marketing. The Marketplace’s first iteration was launched in 2007 and unfortunately, was met with lukewarm response. Facebook replaced its Marketplace with the “For Sale Groups”, which till now have managed to get 450 million people buying and selling the goods.

Facebook marketplace

With such a huge response, the social network had the breadth and scale to transform the concept and hence, the new Facebook Marketplace!

What’s different about Facebook Marketplace 2.0?

Facebook has aggressively worked on developing a bigger and better local commerce platform for years. The Marketplace will be replacing the Messenger shortcut, taking the main spot in the navigation tab. This not only puts the new feature prominently on the map but will also encourage people to spend even more time on the social site.

What’s in there for you?

The virtual commerce place has something for everybody, whether you are a buyer, a seller, or even a bored Facebook user browsing through your timeline.

Browse To Buy

Your Marketplace opens to a tailored feed of items you can buy from your community based on your preferences. The listings are as per relevancy, thanks to Facebook’s data analysis of your profile and tags sellers add to their listings.

Filters such as item name, location, category, or price are also made available to bring ease to specific item searches. You will also get pre-made messages such as “Is this item still available?” or “What’s the condition of this item?” to make your buying experience simpler.

Facebook marketplace

Sell Your Stuff

Selling an item in Marketplace is just as easy as 1-2-3. Rather than having to set up a new profile, simply:

  1. Take a photo of the product, or upload one from your camera roll.
  2. Enter an item name, product description, and an asking price. Select a category to put your product in.
  3. Confirm your location and publish the listing. Tada!!

facebook marketplace

Facebook Marketplace is already winning the peer-to-peer market

Though the Marketplace is still in its beta mode, the feature is already making waves in the digital marketing world. Even with a limited pilot launch in US, UK, New Zealand, and Australia, Facebook might soon be ousting its competitors like eBay due to these three reasons.

#1. Transparency

The best part about Facebook Marketplace is that it is trustworthy. Having access to the buyer’s or seller’s Facebook profile makes the entire exchange process a bit more transparent and of course, a bit less creepy.

#2. Convenience  

If Facebook was a country, it would be the most populous nation on earth. It’s 1.71 billion monthly active users spend an average of 50 minutes individually on the social platform. By building a marketplace where its users already spend their time, Facebook is taking shopping convenience to a new level.

Users might sail through the platform simply because they’re bored. The built-in Messenger makes it easy for buyers and sellers to easily chat without exchanging phone numbers. Plus, Facebook also doesn’t charge a fee, so users and buyers can transact however they want without paying an extra dime.

#3. Spontaneity

Another plus that Facebook Marketplace has is its spontaneity. You don’t go to Facebook to purposely view the videos but end up viewing a few because of the platform’s intelligent algorithm. Facebook has added this casual pattern to its e-commerce space, making it more natural for the buyers.

That being said, the Marketplace has its own shortcomings.

Firstly, the e-commerce gateway isn’t prone to illegal break-ins. Even though Facebook doesn’t allow to sell guns, adult services, or other illegal things on its portal, some notorious sellers still managed to break into the system.

Facebook marketplace

Secondly, the Marketplace isn’t as safe as you would like it to be. Facebook has limited its role as a connector between buyers and sellers and isn’t willing to take the responsibility for any fraud or other issues during the transaction. This is partially the reason why it doesn’t just let you pay for items directly like e-commerce websites such as eBay.

Last but not the least is its most sorely lacking feature – no rating or review option.

The new era of virtual rummage

With the Marketplace revamp, Facebook has proved that it is smart enough to take advantage of its existing ecosystem, benefiting not only the buyers and sellers but also itself. If Facebook manages to turn all its current minus into a big plus, a domino effect will be in play, and a $5 billion in annual revenue won’t be too far off from the Marketplace

Neelabha

About Neelabha Mahajan

A programmer with writing as passion. She love shoes, nail paints and everything Harry Potter. A recently turned social butterfly, she swears by storytelling in her content. When not searching for the latest marketing stories or shopping for shoes, she likes to paint. Her big dream is to have her own venture and to figure out the mystery of a perfectly winged eye-liner.

Read More from Neelabha Mahajan

Leave a Reply:

  1. EMu_TheAngel says:

    Facebook is now trying everything to keep it from shutting.it shows their desperation. Getting into ecommerce won’t help them with anything. What say?

Leave a Comment:

Your email address will not be published. Required fields are marked *

Word on the street

Anmol & his bunch of designers at 42Works surpassed all my expectations — be it design, speed or delivery. His organisation has certainly been the best experience I have encountered with outsourcing. I will certainly recommend them again. They are now my “Go-To-Guys” for all projects.
Dan TaylorVenture CapitalistKilmacolm, United Kingdom
42works

We Love Listening to You

With whom do we have the pleasure of speaking?

Pleasure to meet you, . What business are you from?

How can we help you?

What’s on your mind? Tell us a bit about your project.

Have a current website or reference link?

Any estimate on the budget for your project/campaign?

Great, Where shall we email you?

And how about your phone number?

How did you find us?