Facebook Marketplace – The Friendly Classifieds!

By BankBazaar | October 6, 2016

facebook-marketplace-the-friendly-classifieds

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Making room for all things new this festive season just got a little more exciting and “friendlier.” Facebook, the social network, launched Marketplace – a brand new platform where you can discover, buy, and sell stuff in your neighborhood. We’re going to tell you all about it.

What

Facebook Marketplace is just like your OLX, Quikr or Craigslist, only it’s on Facebook. This is a regular classifieds feature that allows users to discover stuff they want to buy and list stuff they want to sell. Users can haggle about the price, fix meetings, and arrange for delivery/ pick up on the messenger app.

For now, the feature is being rolled out in select locations like the UK, US, Australia, and New Zealand only. If it becomes popular, expect the feature to be available in India soon too.

How

Facebook has put a small basket-like icon at the bottom of the app that will open up the Marketplace feed.

Buying on Marketplace

What can you buy on Marketplace? Absolutely everything – right from sketch pens to hedgehogs and homes!

Psst. Given Home Loans a try yet?

Your Marketplace feed will display products according to relevance. Say, you’re searching for a pair of earphones, the feed will turn up results for products that have been posted with relevant tags and words in the product description.

Separate categories will be available for every item, just like every other e-commerce website/app. You could adjust your location settings to find the nearest seller.

Like something you see? Click on the item to check out the details of the product and the seller’s profile picture and general location. You can send the seller a direct message from the Messenger option and negotiate the price. Facebook’s AI integration enables pre-made messages like “Is this item still available” and “What condition is the item in” that makes the buying process smoother for you.

Selling on Marketplace

Want to get rid of that old table lamp? It’s even easier to sell on Facebook Marketplace. Just click a picture of your lamp, punch in some details and add some tags (just like you would on a picture/status update) and post your listing. Voila! Your product is now available for sale.

Why Facebook Marketplace will be a Game Changer

Facebook Marketplace is the social network’s first foray into e-commerce and while it may be the latest entry into the market, it already packs quite a punch when it comes to knocking out competition. ‘How?’ you ask.

  • No Transaction Fee

Facebook will not be charging a fee for any transaction on Marketplace unlike other platforms. So how will they be generating revenue? As Marketplace is just a new feature, they will be working on how to monetize on the feature as the product grows. For now, there are no fees involved.

  • Trust

One of the major problems that still hold people back from shopping online is the trust factor. Facebook Marketplace will be operating on the anti-anonymity rule where every buyer or seller will need to have a valid Facebook account to trade on Marketplace. This takes the hesitation out of the shopping experience.

  • Ease of Access

Most of us visit Facebook at least three times in a day. Why should shopping be any different than looking at a friend’s timeline or just your news feed? Facebook wants to make shopping a spontaneous experience and is using its inbuilt AI and geotagging tech to make it smoother for a shopper.

  • Speedy Shopping Experience

The entire shopping experience will become smoother with Facebook Marketplace, including payments. Especially with Facebook Messenger’s new “Buy Now” option, it would be interesting to see how Facebook will integrate the two features to leverage their position in the e-commerce market.

The idea of Facebook Marketplace came out of the success of “Buy and Sell” groups on the social media. About 450 million people engage in some form of business on Facebook in these groups, every day.

For now, the feature is only available on the app. Facebook Marketplace will soon be rolled out for desktop.

On the Flip Side

While Facebook Marketplace has managed to stir up some excitement, many are skeptical about its success. Some users have been posting stats about how people do not want to buy stuff on social media. There are also doubts about how the feature doesn’t support delivery. Questions about payment issues have also been posed.

Would you shop on Facebook Marketplace? Let us know in the comments below.

Love shopping online? Want to find out the mantra to making the most of the offers available this festive season? Do it in style with a Credit or Debit Card!

Why shop with Cards?

Shopping with Credit or Debit Cards is way easier. They are also safer and offer truckloads of advantages like:

  • Redeemable reward points
  • Free air miles!
  • Amazing cashback offers
  • Free movie tickets and more.

Shopping with a Credit Card doesn’t just give you amazing offers but also helps build up your Credit Score.

Want to boost your Credit Score? Find out more. Apply for a Credit or Debit Card.

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