By Archana Roche, Facebook Measurement Lead, Httpool APAC
Facebook Marketplace is an easy and convenient online marketplace for users to buy and sell new and used products locally.
Launched in October 2016, it has since gained immense popularity, with over 800 million individuals each month using Facebook Marketplace in 70 countries worldwide; making it one of the most effective online platforms for marketers. From small retailers looking to boost conversions and sales to established marketers testing out a new product, its simplicity of use makes it an easy and convenient way to start marketing instantly, even in the absence of a website.
You don’t even have to download another app or set up a new account. All you have to do is list your items and you’re good to go, directly reaching thousands of shoppers in your local community. So, If you’re a marketer who hasn’t yet started utilizing the Facebook marketplace, now is the time to do so.
Why is Facebook Marketplace good for my business?
The Marketplace, as the name suggests, allows you to reach buyers on Facebook who are already browsing products. It reduces friction in the path to purchase by providing quick answers with real-time responses through its free Messenger app. The marketplace offers unique mobile-friendly listings that are quick and easy to use, helping you target buyers on the go and deliver useful information, such as price and product description in no time at all.
With its 2.89 billion monthly active users, as of the second quarter of 2021, Facebook presents a massive market opportunity for businesses around the globe. Facebook Marketplace, in particular, has 1 Billion active members, with a significant benefit for small businesses, allowing firms to reach previously unprecedented global audiences.
What can I sell on Facebook Marketplace?
Facebook Marketplace is the perfect commerce platform for almost all categories, from clothing and accessories to electronics, entertainment, hobbies, and even real estate.
However, not all products are welcomed with open arms. Facebook adheres to strict policies and community standards, prohibiting the sale of alcohol, hazardous products, the promotion of gambling, and any form of discrimination (See the complete list here).
How can I make the most out of the Marketplace?
Facebook Marketplace gives businesses access to a wide variety of options and tools, such as the merchant selling feature. Companies can also utilize marketing automation technologies to develop automated responses to consumer queries, and chatbots to answer frequently asked questions in real-time.
One-on-one selling to prospects
Businesses can sell directly to buyers using Facebook Messenger through Facebook Marketplace. Prospective purchasers can immediately ask questions, allowing advertisers to respond in real-time. This feature provides consumers with all the information they require before they lose interest, putting your customers at ease and validating their purchasing decisions.
Choose your preferred payment processor
The only DIY aspect of Marketplace is the processing of payments; this is the one service that Facebook does not provide to its advertisers. As a result, companies can use any payment method they wish, including Paypal, bank transfers, Shopify, and BigCommerce payment processors. You can also accept cash as a payment, which is the most frequent choice for users.
Increase sales by listing products for free
All businesses can use Facebook Marketplace to list and manage products for free, with setting up practically taking minutes, streamlining the conversion process all while increasing revenue. So, if you currently have a Facebook shop, connect it to your Marketplace and watch conversions soar.
Facebook Marketplace is ideal for companies looking to market their products online. It’s large audience unlocks thousands of new customers right on your doorstep, and you don’t even have to pay for your listings. So what’s stopping you? Setup is straightforward and can instantly help you sell and promote your products to a larger audience.
What makes it even more interesting is the ability for businesses to combine Marketplace with their preferred tools, such as CRMs and autoresponders. This will increase your chances of obtaining leads, nurturing them, and most importantly, converting them into consumers. As long as you have something to sell, there is always someone searching for it on Facebook Marketplace.