Facebook Marketplace finally Launches

Facebook Marketplace finally Launches

Move over eBay and Craigslist. Facebook Marketplace has it sights set on you, and it isn’t looking good.

Facebook Marketplace Launches on Monday, October 3rd, 2016

Back in ’07, Facebook first tried its hand at blending e-commerce into their social media site. They failed miserably. Since then, though, they have gotten more successful by enacting buy-and-sell Facebook groups. Now, however, they’re revealing their new project: Facebook Marketplace mobile.

Marketplace is Facebook’s answer to websites like Craigslist and eBay. The plan is to encourage the 1.71 billion users to take part of their worldwide garage sale. Users can search locally for the items of their dreams, or unload that guitar they never learned to play all from the comfort of their own home.

eBay shares have fallen nearly 3% after the unveiling of the new Marketplace and its details.

Facebook Marketplace Opening

As of today, Facebook has only opened Marketplace to four countries. The United States, The United Kingdom, Facebook Marketplace feedAustralia, and New Zealand are, currently, the only countries that have full access to the new Facebook Marketplace. Facebook promises to roll out the new mobile feature to more countries, as well as theFacebook desktop.

Spend Even More Time on Facebook

Facebook has already allowed buying and selling on their site, though it’s been through private groups in the past. More that 450million people browse through buy-and-sell groups each month, so why wouldn’t Facebook take advantage of its huge user base?

“Facebook is coming close to saturating time spent on the kinds of things people use Facebook for, but opening up new categories of social activity means you open up new segments of time to tap into as well,” said Jan Dawson, chief analyst with Jackdaw Research. “So it increases time spent, increases loyalty, and gives people more reasons to visit the service in the first place.”

Currently, Facebook Marketplace is only open to users, but they hope to add businesses in the future.

How does the Marketplace Work

Facebook Marketplace allows you to filter your search in a number of ways. You can narrow your search by category, price, and even location. If you find something you like, you simply tap the image so you can see more details about the item like product description, and the profile and general location of the person selling the item. You do have to be at least 18 years of age to buy and sell using the Facebook Marketplace.

The payment is handled more like Craigslist, in the fact that Facebook has no part of the handling the sale. No money is exchanged from buyer to seller through the Marketplace, but from buyer to seller directly.

As with the buy-and-sell Facebook Groups, weapons, ammunitions, and other illicit items are not allowed to be sold, or purchased.