Facebook Marketplace, the social media giant's attempt to compete with sites like Craigslist and Kijiji as an online bartering zone, formalizes what has already been happening on the social site for years. The new section of Facebook is being billed as "a convenient destination to discover, buy and sell items with people in your community," according to the Facebook blog.
The concept of an online community marketplace isn't new, with Craigslist being the first major example, but even Facebook itself has served as a de facto marketplace. There has been buying, selling, and trading in Facebook Groups for years, but the new Facebook Marketplace is designed to make those actions more efficient. The app is searchable, featuring pictures of items right up front, and it allows users to see the approximate location of the seller or buyer and to chat with them, too.
Social Media Marketplaces
'Facebook Marketplace' is the Social Media Giant's Version of Craigslist
Trend Themes
1. Increased Community Marketplace Integration - Opportunities for businesses to develop software solutions that seamlessly integrate community marketplaces within social media platforms.
2. Centralization of Online Trading - Disruptive innovation opportunities to create centralized online trading platforms that allow for buying, selling, and trading across different social media sites.
3. Visual Product Strategy - Development of marketplaces that prioritize use of visual imagery to showcase items and create a more seamless buying experience.
Industry Implications
1. E-commerce - Opportunities for e-commerce businesses to expand their reach by creating an online presence on social media marketplaces.
2. Social Media - Companies in the social media industry can create value by developing or acquiring online marketplaces which could boost user engagement.
3. Software Development - A surge in demand for software engineers and developers to create innovative tools and software solutions that enhance user experience and bring more convenience to social media marketplaces.