In the last decade, the growth of Facebook & Facebook Marketplace has been magnanimous. Facebook’s userbase now comprises 2.936 billion active monthly users worldwide. This userbase will continue to grow on the same trajectory. Initially, in 2015 Facebook came up with the idea of buying and selling groups. The idea was a huge hit, however, it had a few drawbacks such as limited control over the products which were bought or sold. Facebook evolved “buying & selling groups” and revamped the idea and came up with the “Facebook marketplace.” The idea was to facilitate and create a free market for its users. Facebook already has the userbase and community. Since 2016, the Facebook marketplace has grown and now has more than 1 billion users who are either buying or selling on it. Some of the key statistics* to consider before using Facebook Marketplace which will change your mind and sway you towards using Facebook Marketplace in 2022: Facebook is used by over 78 percent of the USA citizens 30 percent of the users admitted that they would purchase via Facebook 1 in 4 businesses has now started selling through Facebook There has been a 48 percent increase in Facebook revenue, which is around 26 billion dollars. In total market share, Facebook has a userbase of 14%, whereas popular site like Craigslist owns merely 6 percent. *These statistics have been taken from renolon & Hootsuite to create a better understanding of how significant the Facebook marketplace is. If these statistics have increased your curiosity to sell on Facebook Marketplace and how the changing dynamics can help your business grow. Let’s talk about: Benefits of selling on Facebook Marketplace 1. Facebook marketplace has not cost of listing One of the most important factors why businesses are choosing Facebook Marketplace to sell their products is because of no listing cost. Brands like Amazon and Craigslist charge a decent amount from sellers to put their products listing. However, Facebook doesn’t charge any fees from the sellers. This makes it so much easier for the sellers as well as buyers to engage. 2. One-on-one conversations Generally, most buyers choose Facebook Marketplace because they can get directly in touch with sellers using Facebook’s messaging tool “messenger”. If the buyer has any questions related to the product or if they want to negotiate the price. The buyer just has to simply drop a message and the seller can respond quickly and they can go through with the process. Engagement is an important part of growing business on Marketplace and we will discuss this further along. 3. Facebook Marketplace’s Algorithm engages users: Facebook’s Algorithm engages users so that they can become engaged prospects. Let’s suppose that you are looking for a car to buy within your location. The Algorithm based on your recent searches and the products that you have seen will start filling up your marketplace with similar suggestions. This engages the user and piques their interest. This makes it important to optimize your Ads which we will talk about later. 4. Creating Brand Awareness You can create brand awareness by using Facebook Marketplace to sell your product. As there is no listing cost you can list as many products under the correct category. The products will start getting visible to potential buyers. More products with the right description and headline along with your Brand logo and details can help create a Brand image within the user’s mind. However, make sure you have a good Facebook presence so that if anyone visits your Facebook page they can know more about you. See our guide on 10 Benefits of having a Facebook business page 5. Use your payment gateway Facebook Marketplace currently doesn’t have any in-built payment gateway. This means you can use your payment gateway of choice to complete the sale. You can use any other methods such as Bank details, cheques, or even cash however using secure Payment gateways should be preferred. 6. Leverage Facebook Ads on the Facebook Marketplace Lately, the buyers have devised a new strategy that helps them to get more conversions from Facebook Marketplace. The concept behind this is that every buyer will come to the Marketplace with an “intent of purchase”. This makes it so much easier for the brands to convert potential buyers into customers. With the right targeting methods and good Ad copy, you can generate a huge business from Facebook Ads on Marketplace. 7. Wide variety of products you can sell on Facebook Marketplace One of the major benefits you now have is that they have increased the categories which you can place your product under. Specifically in the US and Canada, you can now even sell Vehicles and property. This widens the horizon of Facebook Marketplace and makes it even more useful. You can also post Job listings to sell on Facebook Marketplace. 8. Automated product listing and chat tools You can automate the product listing on the Facebook marketplace if you are using the following tools only: Shopify CommerceHub Quipt ChannelAdvisor ShipStation BigCommerce Zentail However, it is possible that the products which are performing better on Shopify might not perform better on Facebook Marketplace. Always keep testing new products before posting on Marketplace and keep optimizing to get the best results. **Let us see some more statistics below which will help us understand why the Marketplace is such a unique concept and how it is helping businesses: **above-used image is fetched from Thrive my way site to convey how businesses are using the Facebook marketplace. Now, as you might have understood the benefits and reasons why you should choose Facebook Marketplace to sell now, let us see: Step by step on how you can create a listing on Facebook Marketplace: Setting up a listing on Marketplace will not take more than 10 minutes of your time. This is one of the benefits to sell on Facebook Marketplace. However, other sites like eBay and Craigslist will take more time to set up a listing, On Facebook… Continue reading How To Sell on Facebook Marketplace: A New 2023 Growth Channel
How To Sell on Facebook Marketplace: A New 2023 Growth Channel