“Marketplace” no longer only refers to an open space where vendors sell fresh fruits and veggies. We have Facebook to thank for that. Facebook Marketplace, first introduced in 2016, is a communal space where anyone can buy and sell items locally, similar to Craigslist. When interested in an item, individuals can message a seller to arrange the transaction.
Facebook Marketplace became a prime platform for brands in 2018, when Facebook announced that businesses could place ads in the space. With Marketplace ad placements, businesses can reach users who are already shopping around their community.
Because Facebook Marketplace continues to evolve, if you want to take advantage of the selling space, you need to know what it is and how it works.
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How Does Facebook Marketplace Work?
Facebook Marketplace is accessible on both mobile and desktop. It appears in your navigation menu as a storefront icon. Marketplace is located on the left-column menu of your desktop screen.
Marketplace is located in the far right menu of your Facebook app.
Once inside Marketplace, to find what you’re looking for, you can either type the keywords of the item in the search bar or select a category from Facebook’s long list of options. For example, you can search by Home and Garden, Clothing and Accessories, Electronics, and even Jobs. Additionally, you can filter searches by location and price. Once you’ve found an item you’re interested in, you click or tap on it to view the details. You can then message or call the buyer, save the listing, or get directions.
You can also choose to view items by all sellers or just by stores. The latter is one of the reasons Marketplace is of particular interest to businesses. Another, more significant reason, is the ability to purchase Marketplace ad placements.
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How Do Marketplace Ads Work?
Marketplace ads appear in the Marketplace feed while they’re browsing. This way, you are able to reach users when they are already in the buying mindset. As a result, your conversion rates are sure to go up.
Like all Facebook ads, with Marketplace ads, you can design and create the ad in Ads Manager, setting your own budget. The ads you published will then appear on Marketplace with the “Sponsored” label.
If you’re inexperienced with the digital ad scene, a Facebook ads agency or a social media specialist can help you navigate the advertising opportunities on the platform.
In addition to ad placements, you can also apply to list items to sell on Marketplace.
How to Apply to List Items in Marketplace
While any average user can list items in Facebook Marketplace, businesses have to apply if they want to use the space to sell products directly. Only U.S. businesses can apply at this time.
There are two different sections within Marketplace where brand listings can appear: under Shop or Daily Deals. Facebook has to approve which businesses appear under Daily Deals, because your branded products need to meet the discount rate requirements.
A nice perk of listing products in Marketplace is that Facebook does not charge you to do so. There are no fees or commission appropriations. The only cost is the small percentage that is charged for every transaction with the Facebook Checkout integration.
Additionally, Facebook’s targeting algorithm for Marketplace gives your ads and listings more visibility to users who are most likely to buy your item.
U.S. sellers and auto dealers are eligible to apply to either list items in Marketplace Shop or to be a deals partner.
You or another Page admin, to apply to list in Marketplace Shop, must submit the Marketplace eCommerce Retailer Interest Form. The eligibility requirements are as follows:
- Your business must be in the U.S.
- You must accept returns up to 30 days
- You must complete orders within three days of the purchase
- Items must be received within seven days of the order
- Listings for each product must have a name, description, additional product images, and a thumbnail image on a solid background
- Your business must sell new products to customers
To apply for the Daily Deals program, the deals you are offering must be at least 15 percent below the manufacturer’s suggested listing price.
What You Need to Do to Prepare Your Page for Marketplace
The first thing you need to do before you can add a listing to Marketplace is open a Facebook Shop on your business’s Page. This means you must have at least one item to add that must first be reviewed and approved by Facebook.
You then need to set up payments on your Shop. You can either arrange for checkout through your website or PayPal, or integrate with Facebook Checkout.
Once you have your Facebook Shop, you can create product collections, which allow you to better organize your items and make them easier for users to find. For each product, use high-quality images and well-written descriptions to give your Shop a polished look.
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Don’t miss out on the numerous benefits of Facebook Marketplace. It’s where you will find all the buying action. It can be challenging to reach users in their competitive and cluttered News Feeds that are constantly being fed new content, quickly pushing your content to the bottom. But with Marketplace, users are going there with the intention to shop, making it easier to drive conversions for your business. So bring your business to the people!
