Facebook boasts over 2.6 billion annual users, ultimately earning the title of the largest and most widely used social media platform in the world. Launching in 2004, Facebook has evolved to cater to all kinds of people with a wide array of backgrounds. This interface is utilized by all generations, whether it be to post about the milestones of a grandchild or to watch entertaining cartoon snippets. This diverse platform incorporates a wide array of content and numerous features to captivate all users.
After Facebook’s initial launch, the company implemented a buying/selling feature known as Facebook Marketplace. This article highlights the significance of utilizing this ecommerce tool for both small and big businesses. To learn more about the magnitude of Facebook as a marketing tool and how it will size up your target audience, check out the Top 10 Facebook Statistics Every Marketer Should Know in 2020.
What is Facebook Marketplace?
Think of Facebook Marketplace as a virtual garage sale. This online feature is a one-stop-shop for all things buying and selling. Using distance from the user, the marketplace promotes products that are within close proximity between the buyer and seller, furthering convenience and flexibility. Although the service focuses on local sales, it also caters to domestic and international businesses.
Another inclusive feature that comes with the platform is Facebook messenger. Through the addition of this instant messaging tool, bargaining prices and communicating with the seller can be done directly from the platform.
From a consumer point of view finding the desired product is straightforward through the filters and product categories. From the business side of things, Facebook Marketplace enables you to reach a wide array of consumers on a personal level. Not only can one sell goods through this feature, but services as well. Through habitual buying and selling, you will gain credibility within the community and develop a loyal consumer base. If you’re unsure of the content to post on Facebook, check out the tips and tricks of the experts at SEO Design Chicago.
Which Businesses Can Sell on the Marketplace?
Currently, there are three types of businesses that can sell their goods/services through Facebook Marketplace. While only three business types may seem exclusive, there is great room for flexibility within each category. The preceding categories are the types that Facebook enables to participate in these exchanges.
Ecommerce and Retail Businesses
Why Should Business Owners Like Yourself Utilize this Open Exchange Platform?
Facebook Marketplace allows your business to showcase new products, develop a sense of personalization, and increase traffic to your company overall. Using the Marketplace to test out new products, is one of the best ways to see if your target audience likes/dislikes these new ideas.This experimentation helps your customers feel wanted for their product reviews and gives your business a sense of how to tailor future products or services. Not only does this space give you the freedom for experimentation, but also to relate with customers on a deeper level.
Constant communication and fast replies through Messenger, are crucial to maintaining a sense of community and overall brand image. Although it’s been mentioned before, Facebook has the largest number of users, which in the business world translates to the largest number of potential customers. The attention your products will receive through this Facebook service are unparalleled and will lead to an increase in sales. If you need help designing your product blurbs or pages, turn to the web creators at SEO Design Chicago.
How to Use Marketplace on Facebook for Businesses
Recently, Facebook has begun the makeover of their user interface, so depending on the version you are using the instructions on how to sell something look a bit different. Below are the simple steps on how to sell or create a listing, applicable for both versions. For more information, turn to the Facebook Help Center.
Advantages & Disadvantages of Facebook Marketplace
Similar to other sites used to buy and sell goods, Facebook Marketplace has its share of advantages and disadvantages. To provide you with full transparency below is a compiled list of both the ways the platform will advance your sales as well as drawbacks to consider before moving forwards. To discover more of the benefits/drawbacks of this service, check out the Pros And Cons of Facebook Marketplace.
Completely FREE to use for both buyers and sellers.
Unparalleled customer reach with over 2 billion active users.
Since the service is based on location, finding an item nearby is a rather speedy process.
Facebook Marketplace is exceptionally user friendly, so navigating through the service is straightforward.
Easy to promote products.
Interaction with customers is more direct and personal through the use of Messenger.
Ability to report scammers or faulty sellers to the Marketplace support center.
Communicating through messenger can be tricky and inconvenient for email-focused businesses.
Decreased sense of security through unverified accounts.
Possibility of purchasing inauthentic products.
Some ecommerce platforms don’t sync with the Marketplace. Facebook only partners with certain corporations which can cause difficulties.
How does Facebook Marketplace Rank with Other Platforms?
Let’s face it, electronic shopping sites have been around for years. Choosing the leading sites for product promotion can be a tricky choice. Below is a breakdown of how Facebook Marketplace compares to some of the other dominant ecommerce players. To dive further into the comparison, check out Facebook Marketplace vs. the Competition for Business.
This ecommerce site surfaced before the early 2000s, becoming one of the most well-known marketplaces. With this early release comes the reality of an outdated consumer interface. The site hasn’t been revamped in years, which leads to aimless searching and the potential of deterring new users, but second-hand nature for regular users. Similar to Facebook Marketplace, Craigslist is built upon on a local consumer base and is free to upload products onto. Comparable to other exchange sites, Craigslist has a history of scammers, unreliable sellers, and faulty products. Doing research on the seller BEFORE purchasing the product is key to protecting yourself and your wallet. Another drawback of this site is the notion that after several days your ad will expire, meaning that the manpower of consistently reposting can become time-consuming and effort-absorbing.
Standing out from online competitors, eBay is universally known for its auctioning abilities. This bidding draws some buyers in for the “game-like” aspect and potential to purchase for a lower price. Yet, this act of bidding can also deter consumers from wanting to purchase at all if the prices drastically surge upwards. One of the most persuasive benefits is that eBay offers a money-back guarantee for faulty or undelivered products. From the side of the seller, this site includes several added costs. For example, after 50 complimentary listings, each additional listing will cost you an extra few cents. This may not seem like a lot at the moment, but after a while, these listing fees will add up and contribute to a deducted profit.
Perfect for personalized gifts and handmade items, Etsy is tailored to artists, crafters, and those craving original pieces. This niche market comes as a plus and drawback for certain types of businesses that fall outside the artistic realm. Another downside of this ecommerce site, is the listing and transaction fees. For each purchase, the website docks a certain percentage from the total profit of the sold item. Not only does owning an Etsy account entail substantial transaction fees, but the site’s restrictive rules ensure that each item is handmade. The problem with that is that handmade products result in the ultimate exhaustion of physical labor rather quickly.
Facebook Marketplace is a service designed to bring buyers and sellers together, through a platform formerly designated for social purposes. Tapping into an area where millions are already connecting with one another, is what sets this marketplace apart from other exchange sites. Fused with the communicative tool Facebook Messenger, buyers and sellers are able to directly communicate about prices, shipping, and related chatter regarding the products, without ever exiting the platform.
Similar to some of its competitors, Marketplace is free for users to engage in the act of ecommerce. Another feature that Facebook Marketplace brings to the table, are the non-anonymous transactions. With each purchase or sale, you will be able to gain knowledge of the person’s background that you are doing business with. The ability to know provides a deeper layer of security for buyers and sellers alike.
If you’re ready to dust off those ordinary exchange sites and implement Facebook Marketplace into your business strategies, look to SEO Design Chicago to help transition into the world of ecommerce.