As you may have seen on the news, the world’s largest social network Facebook moved into the eCommerce arena this week by launching its new feature – Facebook Marketplace.
At the moment Facebook has over 1.71 billion active users with over 450 million of them using it to sell various goods.
So what does this move mean for the overall eCommerce world? Will it overtake well known leaders like eBay or Craigslist?
Based on their experience and expertise, our Customer Success Managers shared their thoughts:
“I believe that at least in the beginning, Facebook’s Marketplace will have a similar format to Asos or Etsy. It will be easier to get used items. Instead of joining different groups, users will have it all in one place. I think it presents an interesting potential for small businesses and start-ups, which are not ready to move into paid active ad campaigns but want to be present on Facebook”, says Kristina Osobina.
While Mathew Ferguson comments, “Facebook’s approach with the Facebook Marketplace feature is very similar to the Asian model which has merged social media with online retail for years.
“They might have come a little late to the party, but they have the muscle and name to make it work; especially if they offer pricing and a user experience that rivals the big players, and avoid getting too greedy or needy too fast.
“Through this strategy, Facebook is also looking for long term ways to retain their core base audience and potentially attract new users currently outside social media paradigms. I think Facebook understands that it has to grow into something different if it’s going to remain relevant for the next few decades.”
Dan Burnham, Head of Customer Success adds:
“The more marketplaces we have available for our customers to expand and grow their businesses, the better. Facebook’s Marketplace is not yet ready for big merchants that own large stock and a wide range of products, but considering its huge available audience with the right tools in place it could become a serious competitor for the big household names.
“Of course, there are still many aspects to consider like listing tools and analytics, payment methods and anti-fraud measures, but with the right tools and approach, Facebook Marketplace could shake-up the eCommerce market and become an interesting avenue for many retailers.”
This week Facebook has been rolling Marketplace out in the US, UK, Australia, and New Zealand on the Facebook app for iPhone and Android (with a desktop version available soon). If you are outside of these countries, you can expect it be hit your region in the coming months.