Facebook Marketplace: 5 advantages of using it for your business

Compared to other platforms dedicated to selling and buying products and services online, this one is relatively new (its first appearance was in 2016). However, year by year, its reach has been increasing exponentially. This has led more and more people, especially entrepreneurs and SMEs, to use it to increase their sales.

If you still don’t know if it’s worth using Facebook Marketplace, read on…

Facebook Marketplace: a field of opportunity for your business
Online marketplaces have experienced accelerated growth in recent years. The COVID-19 pandemic has triggered a true digital transformation globally, with more and more consumers opting for online shopping, and this will only continue to increase. There will be supply where there is demand, so there are now many Marketplaces (some better than others) catering to different needs.

What is a fact is that it is a convenient place for a business to start in the world of online sales, as it allows to reduce costs, risks, and time. On many occasions, entrepreneurs do not have enough capital to invest in developing their commercial website initially, or they cannot afford the expenses involved in maintaining it.

In this article, we will talk about the Facebook Marketplace. Specifically some of the benefits you can take advantage of for your business. Many people think that only used items are sold on the platform, but this is not the case, and more and more new products are being offered there.

Facebook Marketplace 5 advantages of using it for your business

How does Facebook Marketplace work?
Let’s take a brief overview. This Facebook-integrated platform connects sellers with buyers – it’s as simple as that. Within Facebook Marketplace, there are different categories and subcategories where interested people can search, buy and sell a specific product.

If you are a business or want to start selling products or services, you should have a Personal or Business Facebook Page and link it to the Marketplace. If you don’t already have a Facebook Page for your business, check out our guide on setting one up in 7 easy steps. If you already have one or are just about to launch one, meet Facebook’s business requirements. This is vital as otherwise, your account could be disabled. Accessing Facebook Marketplace is simple; you can log in from a web browser or the Facebook app.

The Facebook team has resources (which they update frequently) to help you understand how to get the most out of a platform like Facebook Marketplace for your business and use its many tools. These include helping you understand how to manage your inventory effectively, interact with customers and improve your chances of success as a seller.

So, is Facebook Marketplace worth using today, and what benefits can it bring to your business?

1) Reach

The primary challenge for any business is to attract customers… and Facebook can help you with that. During Q3 2021, the platform reported approximately 1930 million daily active users and, if that wasn’t enough, 1 in 3 people in the US use Marketplace each month to buy and sell items. Getting this kind of traffic from your website or social media could take years.

In addition to the reach you get, people who visit Facebook Marketplace are already coming to make a purchase. When you promote something in the Facebook News Feed, for example, users are not necessarily interested in purchasing a product. They are likely to ignore the content or have reservations from the start. The exposure time or lifecycle of the publication in the Feed is often not long enough to get the necessary exposure. In Facebook Marketplace, you have the freedom to decide how long you want your post to appear for interested people to see it. Another advantage is that it allows you to select an option to publish it in various Facebook Groups and reach a more targeted audience. The only requirement to do this is that you need to join them.

How does the traffic generated by the platform translate into a success story for a business? Let’s look at the example of Imovelweb, a Latin American real estate company that Marketplace helped expand its reach to places where it was just starting to grow.

By integrating its catalog with the platform, Imovelweb increased the number of qualified leads and ensured that more people interested in renting visited its properties. Within six months, the integration of properties registered on Imovelweb’s website with Marketplace generated qualified leads for the brand and expanded the company’s reach, and impacted potential renters who were Facebook users. The result was 40% more leads and 0.75 leads per post.

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2) Established brand support

Buying and selling products or services online is based on trust. Having a company like Facebook behind the Marketplace gives many users peace of mind when using the platform from the start, and that trust transfers to the products or services you’re offering.

One of the most common concerns for any buyer when purchasing products online is providing personal or payment details and having them used in a fraud or scam. Trust takes time to build, and when you are a start-up business, this can be tricky. This is where Facebook Marketplace users can take advantage of the benefits and backing of an established brand.

Facebook takes the issue of quality seriously, which is why every time you list a new product, it has to go through a review period before being published to make sure it meets the requirements set by the platform. For example, these include the various trade policies. It is important to emphasize that Facebook makes it easy for users to report sellers and buyers who try to commit fraud or display inappropriate behavior.

Using a platform with these resources, where buyers feel supported, makes them want to share personal information with you. How can that trust be reflected in your business? For example, in an innovative partnership, LatAm (Latin America’s leading online platform for the automotive industry) used Facebook Marketplace to present its car catalog, generating more completed contact forms and increasing sales.
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3) No cost

This is still one of the most significant advantages of using Facebook Marketplace compared to other platforms. Here you can list your products and start selling without mediators, in a short time and without having to pay for it.

In the same way, you can use SEO strategies to appear in the first search results. Repeat those keywords you included in the title in the article’s description. Please always use the correct categories and subcategories when listing your stuff; this will help it reach the right people. Consider that Facebook Marketplace’s algorithm shows shoppers items similar to what they have previously searched for. Getting your business to rank is not something that will happen by magic. It takes time, consistency, and slowly becoming familiar with the platform and your audience.

Unfortunately, the option to ship products from Marketplace (unfortunately) is not yet available in Latin America. But here is a summary of how it works. If an order requires shipping, the seller is charged 5% of the sale price. Previously, not having this option limited both sellers and buyers, as they had to organize the logistics of delivery, either in person or send the packages themselves, and not be able to go far from the stipulated geographical area. If you are interested in the shipping option, make sure it is available in your location.

Facebook Marketplace 5 advantages of using it for your business

4) Opportunity to generate better interaction with buyers.

If selling is the number one priority for a business, having a good relationship with the customer is next on the list because it will depend on it that they return to make a new purchase.

One of the advantages of Facebook Marketplace is that it allows direct, real-time communication between seller and buyer via Facebook Messenger. This is attractive to buyers, as they get quick responses, unlike other platforms where waiting times are long, causing them to lose interest.

You can make a selection of the messages you consider most important and answer them personally. For example, genuine questions that seek more specific information about the product.

The common problem is that many potential buyers don’t know how to check out on Facebook and get stuck at that step, so you can give them simple instructions and help them complete the purchase.

Consider that people are looking for the most information about the products they want to buy, so be specific.

A crucial detail to guide the buying journey of your potential customers is to use compelling images of your product to encourage people to learn more about it or an attractive photo that represents the personality of your brand. You can include actual photos of the items and pictures posted by existing customers.

Facebook Marketplace 5 advantages of using it for your business
  1. As a place to promote your business

Promotion is a fundamental part of any marketing strategy. Even if you take advantage of the traffic that a platform like Facebook Marketplace generates, a paid ad helps your products reach the right people, most likely to purchase. If you decide to advertise on Marketplace, you can use the platform’s ad manager and choose the amount you want to spend, audience targeting, campaign duration, and placement. Users will be able to see the ad when they use the Facebook app on their phones to make purchases on Marketplace. It can also appear on Instagram and Messenger and in the Facebook News Feed.

Thread Wallets, an accessories company, attributes its rapid growth to Facebook ads. The company tested Marketplace for a campaign promoting its latest autumn-winter collection and for another immediately afterward, facilitating its two new groups.

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