Facebook Marketplace – A Comprehensive Guide For Marketers: In 2016, the Facebook Marketplace was launched as a place for individuals within their groups to buy and sell. Think of Craigslist, with Messenger, though.
Yet plans to bring more products into the network mean that significant changes are going on. In June 2018, Facebook revealed the Marketplace alternative for corporations to position advertisements. And Facebook is going to bring more B2C options to the C2C platform soon. In other words, with a hyper-targeting algorithm, consider Amazon.
So, how exactly does the Facebook Marketplace function? And what should organizations do to prepare for that? Read on to find out what features are available at the moment and how to prepare for what is in store.
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What is Facebook Marketplace?
Facebook Marketplace is a shopping channel online. It’s a location for Facebook users to purchase and sell locally from each other.
As of May 2018, more than 800 million individuals use the Marketplace every month in more than 70 different nations.
In the Facebook app and on the desktop, you can access the Facebook marketplace:
- On mobile, click the white storefront symbol at the bottom of the app on iOS and the Android app.
- On a desktop web browser, click the red and white storefront symbol in the left margin.
Facebook Marketplace listings are grouped by categories, such as entertainment, cars, lodging, and hobbies. For future reference, shoppers can filter searches by price and place and save listings.
Each listing can include up to 10 images along with a product description.
To ask questions, interested clients can directly message sellers on Messenger.
Facebook Marketplace ads
Facebook Marketplace ads appear in-feed while someone is browsing.
These placements have the benefit of meeting individuals when they are shopping. Compared with News Feed placements, advertisers have seen a marked rise in conversion rates.
Facebook Marketplace Shop listings
In the Facebook Marketplace, only companies in the US can apply to list and sell goods. Car dealerships are also permitted to list vehicles through inventory partners in some locations.
Brand listings appear in two sections of the Marketplace: in the category of shops and the variety of regular offers. (This content is only visible to US users as of January 2019.) Only hand-selected companies selling brand-name goods at reduced rates are eligible for the deal program.
Facebook doesn’t charge or take a share of commissions for list fees. So, Marketplace is an open, organic distribution platform for brands allowed to list goods. But marketplace listings include integrating a Facebook Checkout, which charges a fee of $.30 and 2.9 percent for each transaction.
The deals program
The deal software has three levels: the Daily Deal, the Featured Deal. The contract and the program at the Lighthouse.
Better offers are placed at higher prices, giving greater visibility. Brands that offer exclusive offers in the Lighthouse Program, for instance, can benefit from top placement, customer subsidies, ads on and off-site, and outreach to influencers.
The benefit of Facebook’s targeting algorithm is advertising and shop listings, which will surface your content to the most likely clients.
Who is eligible to sell on Facebook Marketplace?
There are two significant outlets right now for companies interested in selling on the market.
You may either apply to the Facebook Marketplace Shop list or apply to be a partner in the offers. Note, only US merchants and automotive companies are currently open to applications.
How to apply to list in the Facebook Marketplace Shop
Page administrators need to complete the Marketplace eCommerce Retailer Interest Form to register for sale on the Facebook Marketplace. Because access to the Marketplace is limited, it is a definite benefit to work with one of Facebook’s listing partners, such as BigCommerce, Shopify, or Zentail.
Retailers must be able to fulfill these conditions to apply:
- Sell new products to consumers.
- Business based in the US
- Orders must be fulfilled within three days and received within seven days.
- Accept returns up to 30 days.
- Product listings must include a name, description, additional product images, and a thumbnail image on a solid background. No graphic overlays, text, icons, or badges should be on images.
Companies were prioritized to sell on the Marketplace from the following industries: beauty, clothes, and accessories, bags and luggage, baby and kids, home decor.
How to apply to become a Facebook Marketplace deals partner
Companies that meet the requirements for listing on Facebook may also be eligible for the deal scheme. Pricing for offers must be at least 15 percent below the retailer’s recommended list price to be eligible (MSRP).
Consumer electronics, home, gift cards, gaming, toys and games, intimate and hosiery, clothing, sports and outdoors, beauty, jewelry and watches, and apparel and accessories are categories prioritized for Regular Offers.
For businesses in the automotive and housing rental sectors, Facebook has introduced a beta collaboration program. You can apply here if your company is qualified.
If not, watch for future updates in this room.
How to prepare your business page for Facebook Marketplace
Open a Facebook Page Shop
Both listings in the Facebook Marketplace must have a Facebook store on their business page. Plus, for a limited period, as the launch unfurls, there is a risk that companies with shops will have goods featured in the Marketplace.
Shops are your storefront for Facebook. Any business page may have a store, but depending on your venue, the availability of various features will rely on.
You can set up payments in your Facebook shop for checkout on your website (or another like Paypal) or directly on Facebook through Facebook Checkout integration.
You can share, save, use your store content in ads, and switch to the Marketplace. You would need to add at least one product to be tested and accepted to open up the store.
Launch a product collection
It is possible to arrange the items you sell from your shop into collections. The more your collections are arranged, the easier it is for clients to find and purchase items.
You can create Facebook-only special collections or mirror your groups to fit the organizational scheme of your website. It is possible to add and delete items from collections at any time, and you can have up to 50 collections open.
As a general rule, the higher the quality of the images and the more data you include in each product summary, the better. Follow the product image and description guidelines of Facebook for maximum effectiveness, especially because this will later align you with requirements for potential marketplace integration.
If your company is accepted for the Facebook Marketplace, in the marketplace feed, items featured in your shop can be distributed. Make sure that the photographs and text comply with the requirements of the Marketplace in advance. (Please remember: solid history, no overlays.)
Integrate with Facebook Checkout
Without Facebook Checkout, you can run a store, but online retailers that want to use Marketplace can connect it to the shop on their website. This functionality is only open to retailers in the US for the time being.
The payment mechanism of Facebook allows users to purchase goods directly on Facebook without having to leave the website’s app. Payment solutions with less pressure boost conversions automatically.
Another benefit of Facebook Checkout is that it pre-populates client forms, making the checkout process even smoother.
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Six (6) ways to use Facebook Marketplace for your business
There are many ways for companies to profit from the Marketplace platform, whether it is listing goods or running advertisements.
1. Test with Facebook Marketplace ads
whether or not you should list goods on the Marketplace; Marketplace placement ads are a good way to test the waters for your company.
BarkBox agreed to run a split-test campaign to promote its monthly dog treat and toy subscription service to expand its business. They split the audience equally between News Feed alone and Marketplace and News Feed placement for their advertising.
When advertisements were served in both feeds, the campaign performed markedly better, with a 49 percent greater scope and a 16 percent higher conversion rate.
Go to Ads Manager to create an ad in the Marketplace and choose your target as reach, traffic, conversions, catalog sales, or video views. The Marketplace itself is not available as a placement. That means that to include the News Feed and Marketplace in your campaign, you can select Automatic placements or edit placements.
The suggested specs for both spots are the same.
2. Maximize your budget
Marketplace listings are a budget-friendly way of supporting product sales, as there is no cost to list and no cut on commissions. But even if you do not yet have access to the Marketplace list, advertising on the shopping channel has reduced brand conversion costs.
Apartment Guide, a rental listing site, set up a two-week trial, for example, to test Marketplace’s effect on cost-per-conversions. The study found that marketplace advertising led to a 200% rise in conversions and a 45% decrease in cost per incremental conversion.
3. Offer daily deals and promotions.
For more than a year, Facebook has been experimenting with a Daily Deals feature, and an essential piece of the Marketplace channel is likely to remain.
As an early Facebook Marketplace offer partner, e-commerce company Daily Steals ran a sale for Playstation 4 controllers in August.
Compared with similar offers elsewhere, placement in the deals category translated into five times faster sales for Daily Steals. As compared to completing the purchase on its website, the company also saw a two-fold higher conversion rate when shoppers used Facebook Checkout.
4. Launch a new product
There is a reason why Buzz and awareness promotions are multi-platform. And if one of your priorities is to receive pre-orders or early enrollment, the Marketplace is the right place for early consideration to be calculated.
Ubisoft unveiled a Marketplace advertisement campaign to promote the forthcoming release of Tom Clancy’s The Division 2 Phoenix Shield Collector’s Edition and to facilitate pre-orders. Based on individuals who had recently purchased at the Ubisoft store and individuals who had visited its website, the advertising targeted lookalike audiences.
The business could unleash a thrill-worthy amount of buzz in two weeks, reaching up to 3.4 million people.
5. Boost your sales
If you run a small or medium-sized business with less-than-perfect online retail setups, Marketplace can be a good alternative. But even the largest companies with the slickest sales features can boost sales by adding another distribution channel to their online retail portfolios.
Beach-themed retailer Tropical Breeze Décor turned to Facebook Marketplace to offset expensive customer acquisition methods and streamline operations. The company now generates 72 percent of its revenue from the platform.
6. Think beyond sales
Thanks to its audience of inspired buyers, the Marketplace excels at conversions. But sales are not the only thing on the channel that you can do.
For example, Marketplace ads were used by the apartment-rental company Apartment List to increase registrations on its platform. The ad copy targeted the mindsets of shoppers with taglines like: “Moving Soon??” We’re able to help you find your next home.
The advertisements for the Marketplace contributed to a 17.5 percent greater scope than advertisements for News Feed alone. They also created a decrease in cost per website registration of 16 percent.
More significantly, Apartment List was able to forge a longer-lasting relationship with potential clients.
Ensure your marketplace activities match your overall priorities as you formulate your next online retail and social media marketing campaign.
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