So what can Facebook Marketplace Expansion offer Startups?
Facebook announced that it is expanding Facebook Marketplace.
The Facebook buy and sell section ‘Marketplace’ has been expanding in the past few months and is enticing Advertisers, SME’s and Startups with its new features.
From their initial beginnings as a typical buy and sell provider to offering professional services, targeting local search, and now to their latest addition the “boost” ad feature.
Image Source: Facebook
The GIF displays Ads by Thread Wallets.
When Markeplace was initially launched in 2016 the service offered a place for people to buy and sell locally, now Facebook is offering Ads In Marketplace. This new expansion could be used by startups to target potential customers where they are shopping.
Markeplace only launched in Ireland by August 2017 and allowed users to sell directly to one another in a specified area of the social network, which users could identify by the ‘shop icon’.
The process was simplified by the fact that the user simply had only to upload a photo of the item, add a description and price. The interested parties would then contact the seller directly to negotiate price and payments.
At that time the Vice President Deborah Liu commented on the service:
"Marketplace opens with photos of items that people near you have listed for sale. To find something specific, search at the top and filter your results by location, category or price. You can also browse what’s available in a variety of categories such as electronics, home & garden, and clothing and accessories. Use the built-in location tool to adjust the region you’re looking in or switch to a different area."
“When you find something interesting, tap on the image to see more details from the seller, including a product description, the name and profile photo of the seller, and their city. You can also save the item to find it later."
Deborah Liu, Vice President of Facebook Marketplace
So what’s new with Marketplace?
Well, the big difference is that Facebook is now testing a “Boost” feature for Marketplace Ads in the U.S. If this takes off we can only surmise that the rollout will continue to businesses in Europe.
Businesses will be able to select Automatic Placements, by doing so your ads will automatically appear in options such as the News Feeds, Messenger, Instagram, and Marketplace.
Are you considering Video Ads?
Optimized Targeting on Marketplace
Startups have a lot to contend with when trying to establish their business on Facebook. Firstly, Facebook has already 65 million business pages. As an SME with products to sell you are probably already tapping into Facebook for the 2 billion monthly active users.
The report chart from Statista displays a steady incline in Global Ad revenue since the site introduced ads in 2004. Facebook ad revenues now account for 20% of the $203 billion online Global Market Advertising.
Image Source: Statista
It has been reported that the ads will be optimized for clicks, meaning that as soon as people start to click on your ad Facebook will automatically show them to other people living in the same demographic.
As an Irish Startup it’s important to recognize the steady rising growth of Irish Facebook users, Statista has forecasted that the number of Irish users will grow from 2.67 million to 2.92 million by 2022.
Mobile commerce is on the rise as more and more Irish people are joining Facebook. Up to 70% of Irish Businesses are on Facebook.
Do You Need Digital Marketing Skills?
The ads will be extremely easy for people to set-up requiring no skills other than having to set your budget and selecting how long your ad will run for, however in comparison to Facebook Page ads targeting options are currently limited to age 18+ and users within your Eircode/ZIP code.
Are Facebook Marketplace Ads Successful?
According to Facebook- ads on Marketplace have already brought great returns for companies such as FabFitFun and Thread Wallets. The accessories company Thread Wallets reported that it has generated more than 300 purchases since adding Marketplace as a placement for its campaigns.
Is Facebook Marketplace Good For Service Providers?
In order to compete with its biggest rival Craigslist, Facebook Marketplace has already rolled out a Services Section for service suppliers. So, whether you’re a Mobile Therapist or Landscaper the social network has begun populating its service provider list in the U.S.
The listings will provide potential consumers with ratings, reviews and location making it easier than ever for SME’s to get found in local search.
Ready to get started on Marketplace?
Check out:The Top 5 Tips for Selling on Facebook’s Marketplace.