FACEBOOK AS A MARKETPLACE

FACEBOOK AS A MARKETPLACE

News:

• Facebook on October 3rd announced a new feature called Marketplace, an e- commerce hub that will initially be available through its mobile app.

• It's designed to provide a single place for users to buy and sell goods and services through the social network.

• Marketplace is currently only available in the US, UK, Australia, and New Zealand on mobile, but the company plans to roll out to other countries and on the desktop in the coming months.

• Selling an item in Marketplace is just as easy as browsing for one. Simply:

         1.    Take a photo of your item, or add it from your camera roll

         2.    Enter a product name, description and price
         3.    Confirm your location and select a category

         4.    Post

• Now anyone looking in your area can find your item and message you if they want to buy it. You can also choose to post to Marketplace and a specific buy and sell group at the same time.

• To keep track of all of your current and past transactions in Marketplace, visit the Your Items section. There, you can view your saved items, products you’ve posted for sale, and all your messages with people.

Views:

•  Mary Ku, Director of Project Management of Facebook:

"450 million people access "buy and sell" groups on the platform monthly, a number that the social network is looking to tap into with Marketplace".

• Moor Insights & Strategy analyst Patrick Moorhead:

"Marketplace brings it with spontaneity. Users go on Craigslist and eBay to shop for products, but on Marketplace, impulse buys will be a thing. This is because browsing through the social network could allow users to see if certain items for sale would catch their eye, and so they might spend more time on the social network". 

The Muse:

• Facebook Marketplace is how different from other online e-commerce competitors? Will Marketplace grow into a service that will challenge the likes of Craigslist’s and eBay’s?