The American social network, Facebook, tries to capture the e-commerce market by allowing buying, selling, and trading.
Facebook is entering the ecommerce sector. It is channeling eBay in its most recent attempt to provide an online trading service, informs Facebook news. The social platform is helping 1,490,000,000 users to purchase, sell, and trade products ranging from vehicles to waffle irons through a Facebook group. The company stated more than 850,000,000 people utilized its Groups feature every month, exploring shared interests, which range from politics to particular diseases.
Facebook news today revealed that the social enterprise introduced ‘For Sale Groups’ in the later part of last year, and has been adding tools in a steady manner. On Thursday, it eliminated a requirement that the company approves the creation of such groups. This step represents the platform’s latest advancement into e-trade.
Previous month, it claimed that it was examining a method for enterprises to supply products through its pages. In March, it stated that it would allow the users to track online orders through its Messenger application.
Findings of a recent survey conducted by R.W. Baird analysts suggest that more than 50% of American users visit Facebook regularly, but less than 5% view it as a initial point for buying. For now, the company does not generate revenue from For Sale Groups. It has not charged either transaction or listing fees.
Facebook breaking news informed that the company’s step pushes it against Craigslist and eBay, which are known for bridging a gap between sellers and purchasers. eBay claims that it has succeeded in listing 800,000,000 products.
eBay’s official, Vincent Payen, believes that eBay is one of the simplest, safest, and efficient methods to supply online. The social media has refused to state how many transactions or listings it had, but it stated that cars, clothing, books, sports equipment are some of its demanded categories.
The number of Facebook’s users is approximately 10 times greater than that of the online trader, which informed that it has 157,000,000 such users at the end of June. Mr. Zuckerberg’s platform previously tried to enter the online market when it launched an update known as Marketplace, which never succeeded because it failed to search based on location and the suppliers were interested in reaching an audience beyond a platform used by their friends.
Market analysts believe that social giant’s attempt to enter the online market would threaten its rivals. Its officials should plan to launch and promote its trading network in an effective manner to attain a significant position in the e-commerce sector.
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