In the past, Facebook has been known for adapting features like endless videos (Vine) or being able to video chat and call your friends (Skype). Now Facebook has slithered its way into adapting a marketplace.
In Facebook’s Marketplace, users are able to buy and sell items in a more social and convenient way. Having this features allows trades to be more instant, like an instant conversation.
According to Standard Digital, “What really sets Marketplace apart from competitors, though, is its ability to let users conduct sales in instantaneously and review profile information throughout the transaction.”
Felim Mcgrath, a trends manager at GlobalWebIndex, social commerce could be a major revenue generator.
Now what does this mean small brands?
It means that small brands are able to sell their products to their local audiences. A great example could be a coffee shop in a small town. If a coffee shop wants to be able to use social platforms in order to promote and monetize their efforts, now they are able to put up for sale mugs and coffee for their local shoppers.
But, is a big social commerce like eBay worried about Facebook’s latest update?
According to Shivani Suri, director of marketing for eBay, the reason her company is not worried is because Facebook does not make transactions.
I guess the social commerce that should be worried is Craigslist… yikes!
For now, Facebook’s Marketplace is a costumer to costumer space competing with craigslist and other social commerce platforms. If it does develop secure payment methods, then the biggest social media platform can also be one of the biggest competitors in social commerce platforms.