Facebook Marketplace is the latest product the social networking giant has added to the many already existing on its list. However, this new addition brings something different from what we are used to.
Apparently, users of this social networking platform will now be able to list products in Facebook Marketplace where other potential buyers can see them and eventually buy them. There is no doubt that this is an attempt by Facebook to battle it out with the likes of eBay, Craigslist, LetGo and many other companies already making it big in the classified advertising business.
There are over 1.7 billion people that interact with Facebook on a monthly basis, with more than 450 million said to be visiting buy and sell groups on the platform each month. Nonetheless, the direction Facebook has taken is already competitive, with eBay nowhere near being outclassed in the classified ad business.
However, Facebook could be having different targets. Where eBay succeeds on dealing with large-volume sellers, the new Facebook Marketplace should be targeting individuals on the platform. If this is the case, Marketplace will also be meeting another huge name in the industry – Craigslist – which has been around since the mid-1990s. Despite being an established player in the industry, you might not be impressed with the design approach of the website, including the fact that it is still struggling when it comes to mobile use.
This is where Facebook Marketplace is expected to have more success, with mobile devices accounting for a larger part of Facebook’s monthly usage. However, Facebook will not be the only one looking to take advantage of this opportunity. In fact, the likes of LetGo and OfferUp are already up and running, with each having even higher expectations in the near future.
But one thing that Facebook Marketplace should gain from is the huge audience that its mother company has when compared to any of its competitors. The potential of dealing with over a 1.7 billion people makes Marketplace a huge threat to the existing players. Still, it will heavily depend on the rate of adoption of the service.