Facebook Inc (NASDAQ:FB), the leading social media network, recently launched Facebook Marketplace. With approximately 450 million people on average to visit “buy and sell” Facebook groups every month, it is not surprising that the $378 billion market cap company would want to go into e-commerce.
Facebook Marketplace is an e-commerce platform that allows users to buy and sell products within a community. This functionality is already pre-added in Facebook apps for iOS and Android, available to users in the United States, the United Kingdom, Australia, and New Zealand, and will be released to other countries soon.
How To Access Facebook Marketplace?
Anyone with a Facebook account can access this feature. Facebook Marketplace has a shopping bag icon, which has replaced the Messenger. To access this feature, tap the button. Then, the app will display a webpage with a wide array of items for sale within an area. The items shown on the home page vary since Facebook has an algorithm on its own that chooses what items are shown on each user’s page.
How To Start Selling?
Putting an item up for sale in Facebook Marketplace is fairly easy. Simply take a photo of the product or upload it from the Camera Roll (iOS) or Gallery (Android), enter the product name, add the description, specify the price, include your location, and choose a category, then hit post. Anyone shopping in the area can find the items and contact sellers should they have inquiries. It is good to note, however, that Facebook does not facilitate payment and delivery of the products.
Facebook Marketplace has a system that records current and past transactions. Users may see this by tapping on ‘Your Items’ section in the main screen. The saved products, products for sale, and messages can also be found here.
Features of Facebook Marketplace
Facebook Marketplace features a filtered homepage that shows items to buy within a community. Facebook’s algorithm including text analysis, previous page visits, and posts you like ensures that the listings seen in the home page are relevant.
Existing FB users do not have to sign up a new account to sell on Marketplace. Selling is made easier with its simple interface. Sellers can specify an asking price while buyers can make an offer.
With its geo-specific feature, Facebook Marketplace makes it possible for users to search for specific categories in the app within a certain location. Seller’s exact address will still be kept private, unless they disclose it themselves.
Downsides of Facebook Marketplace
Buyers can’t place orders in the platform. Meaning, payment and delivery details will be arranged between the buyer and the seller.
False buyers will be common. Because Marketplace is open to ALL Facebook users, sellers are sure to encounter time-wasters, asking questions, making reservations, but not having any money at the time.
Facebook Marketplace requires a Facebook account which buyers and sellers alike can view each other’s profiles. While it is a safer alternative to Craigslist, it is still peer-to-peer transaction. For your safety, meet in an open, public, and well-lit place to avoid getting into dodgy transactions that will be hard to get out of.