Comprehensive Guide for Marketers on Facebook Marketplace – In 2016, Facebook Marketplace was launched as a forum for people to buy and sell products in their local communities. Consider Craigslist with Messenger.
However, plans to add more labels to the site indicate that significant improvements are in the works. Facebook revealed in June 2018 that companies will be able to position advertisements in Marketplace. Shortly, Facebook will expand its C2C platform to include more B2C options.
To put it another way, imagine Amazon paired with a hyper-targeting algorithm.
So, how exactly does Facebook Marketplace work? What will companies do to get ready? Continue reading to find out which features are currently available and how to prepare for the future.
What is Facebook Marketplace and how does it work?
Facebook Marketplace is a forum for online shopping. It’s a marketplace where Facebook users can buy and sell locally.
The marketplace is used by over 800 million users per month in over 70 different countries as of May 2018.
Facebook Marketplace is available in the Facebook app and on the desktop:
On iOS, click the white storefront symbol at the bottom of the app; on Android, click the white storefront symbol at the top of the app.
Click the red and white storefront icon in the left margin of a desktop web browser.
Facebook Marketplace organizes listings into categories such as Entertainment, Vehicles, Housing, and Hobbies. Shoppers can customize their searches based on price and location, as well as save listings for later use.
Each listing will include up to 10 images as well as a product description.
Interested customers can ask questions directly to sellers via Messenger.
Advertisements on Facebook Marketplace
When anyone browses Facebook Marketplace, advertisements appear in the feed.
These placements benefit from the fact that they meet people when they are out shopping. When opposed to News Feed placements, advertisers have seen a significant rise in conversion rates.
Shop listings on Facebook Marketplace
For the time being, only companies based in the United States are eligible to apply to list and sell goods on Facebook Marketplace. In certain regions, car dealerships are also authorized to list vehicles through inventory partners.
Read also: Facebook’s Latest Dating App Has Failed Miserably – I Played With It For a Week To See Why.
Brand listings are currently available on Marketplace in two places: the Shop category and the Daily Deals category. (As of January 2019, this content was only available to consumers in the United States.) The deals program is only open to hand-picked companies that sell brand-name brands at a discount.
Facebook doesn’t take a share of commissions or charge list fees. The marketplace is an open, organic distribution platform for brands that have been allowed to list products. However, Marketplace listings necessitate the use of Facebook Checkout, which charges a $.30 and 2.9 percent fee for each transaction.
The deal-making software
The deals program is divided into three tiers: Daily Deals, Featured Deals, and Exclusive Deals.
The Lighthouse Software and the Contract
Better offers are assigned to higher levels, which have more visibility. Brands that participate in the Lighthouse Program and deliver exclusive offers can benefit from top placement, customer subsidies, on- and off-site marketing, and influencer outreach, for example.
Ads and shop listings benefit from Facebook’s targeting algorithm, which exposes your content to the people who are most likely to purchase it.
Who will sell on the Facebook Marketplace?
For businesses interested in selling on Marketplace, there are currently two options.
You may either apply to be a deals partner or apply to list in the Facebook Marketplace Store. Note that applications are only available to US retailers and automakers.
How do I sign up to be a vendor on the Facebook Marketplace Shop?
Page administrators must fill out the Marketplace eCommerce Retailer Interest Form to apply to sell on Facebook Marketplace. Working with one of Facebook’s listing partners, such as BigCommerce, Shopify, or Zentail, is a distinct advantage since Marketplace access is restricted.
Retailers must be able to meet the following criteria to apply:
Consumers should be sold new items.
a business based in the United States
Orders must be filled in three days and shipped in seven days.
Returns are accepted for up to 30 days.
A name, definition, additional product images, and a thumbnail image on a solid background are all required for product listings. There should be no graphic overlays, text, icons, or badges on pictures.
Beauty, apparel and accessories, bags and luggage, baby and kids, and home décor are among the industries that have been prioritized for sale on Marketplace.
How to Become a Deals Partner on Facebook Marketplace
Businesses that meet the requirements for listing on Facebook could be eligible for the deals program as well. Deals must be priced at least 15% below the manufacturer’s suggested list price to be eligible (MSRP).
Consumer electronics, home, gift cards, gaming, toys and games, intimates and hosiery, clothing, sports and outdoors, fashion, jewelry and watches, and apparel and accessories are among the categories prioritized for Daily Offers.
For companies in the automotive and housing rental sectors, Facebook has introduced a beta collaboration program. You can apply here if your business qualifies.
If not, keep an eye out for future updates on this blog.
How to have your Facebook business page ready for the Marketplace
Build a Facebook Shop Page
On their business page, and Facebook Marketplace listing must have a Facebook Store. Additionally, when the Marketplace rollout unfolds, there’s a risk that businesses with shops may have items featured in Marketplace for a limited time.
Shops are the online storefronts that you can build on Facebook. A shop can be added to any business page, but the features available may vary depending on your venue.
Payments on your Facebook Shop can be set up for checkout on your website (or another platform, such as PayPal), or for payment directly on Facebook through Facebook Checkout integration.
Your shop’s content can be shared, saved, used in ads, and moved to Marketplace. To open a store, you must first apply at least one product for review and approval.
Here’s how to open a store.
Introduce a product line.
Collections can be made from the things you sell in your store. Customers would have an easier time finding and purchasing items if the collections are well-organized.
You can make special collections for Facebook or mirror your collections to fit the organization scheme on your website. You can add and delete items from collections at any time, and you can have up to 50 of them.
The higher the quality of the photos and the more detail you provide in each product description, the better. Follow Facebook’s product image and description guidelines for maximum effectiveness, particularly because this will align you with requirements for future Marketplace integration.
Items featured in your shop can be distributed in the marketplace feed if your company is accepted for Facebook Marketplace. Make sure the photographs and text meet the Marketplace’s requirements ahead of time. (Remember, no overlays and a solid background.)