A marketplace is a virtual storefront that allows customers to buy and sell products directly to each other. The company that runs a marketplace typically handles payment and shipping, and may offer a set of tools for managing business transactions. In addition, a marketplace may offer services such as product comparison and price aggregation.
The marketplace model has evolved in recent years to include not just online stores but also physical stores and social networks. The emergence of the latter provides new opportunities to leverage the marketplace concept for companies seeking to innovate their product offerings and improve customer experience in a cost-effective way.
More than 450 million people visit local buy-and-sell groups on Facebook every month, from families in their neighborhoods to collectors around the world. With this in mind, it’s not surprising that the company recently rolled out a separate app called Marketplace, which is now integrated into the main Facebook app.
When a user opens Marketplace, they see photos of items that people near them have listed for sale. They can search for specific items or browse categories like Household and Electronics. Then, they can apply filters to narrow down the results and only view items that meet their criteria. They can even set a budget to only see items that are in their local area.
Unlike Craiglist, which makes users anonymous, Facebook Marketplace shows buyers and sellers their location and public profile pictures and cover photos, so that they can feel confident about who they are dealing with. This is important because a buyer’s satisfaction with their purchase can depend on whether or not they can communicate with the seller quickly and easily. marketplace