Facebook Marketplace Computer
A Comprehensive Guide for Marketers on Facebook Marketplace
In 2016, Facebook Marketplace was launched as a platform for people to purchase and sell items in their local areas. Consider Craigslist with Messenger.
However, efforts to add additional businesses to the platform indicate that significant changes are in the works. Facebook announced in June 2018 that businesses would be able to place advertising in Marketplace. Shortly, Facebook will expand its C2C platform to include more B2C possibilities.
To put it another way, imagine Amazon combined with a hyper-targeting algorithm.
So, how exactly does Facebook Marketplace work? What can companies do to get ready? Continue reading to find out which features are now available and how to prepare for the future.
What is Facebook Marketplace and how does it work?
Facebook Marketplace is a platform for online buying. It’s a marketplace where Facebook members can buy and trade locally.
The marketplace is utilized by over 800 million individuals each 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 sign at the top of the app.
Click the red and white storefront symbol in the left margin of a desktop web browser.
Facebook Marketplace organizes listings into categories such as Entertainment, Vehicles, Housing, and Hobbies. Shoppers may refine their searches based on price and location, as well as save listings for later use.
Each listing can include up to 10 photographs as well as a product description.
Interested customers can ask questions directly to merchants via Messenger.
Advertisements on Facebook Marketplace
When someone browses Facebook Marketplace, ads display in the feed.
These locations benefit from the fact that they reach consumers when they are out shopping. When compared to News Feed advertisements, advertisers have observed 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 products on Facebook Marketplace. In some areas, auto dealerships are also permitted to list vehicles through inventory partners.
Brand listings are now available on Marketplace in two places: the Shop category and the Daily Deals category. (As of January 2019, this content was only available to users in the United States.) The discounts program is only open to hand-picked firms that sell brand-name products at a discount.
Facebook doesn’t take a percentage of commissions or charge list fees. The marketplace is essentially a free, organic distribution platform for firms that have been permitted to offer products. However, Marketplace listings necessitate the use of Facebook Checkout, which costs a $.30 and 2.9 percent fee for each transaction.
The deal-making program
The Everyday Deal, Featured Deal, and Lighthouse Program are the three tiers of the deals program.
Better bargains are assigned to higher tiers, which provide more exposure. Brands that participate in the Lighthouse Program and offer exclusive discounts may benefit from top placement, consumer subsidies, on- and off-site promotion, and influencer outreach, for example.
Ads and store listings benefit from Facebook’s targeting system, which shows your content to the people who are most likely to buy it.
Who can sell on the Facebook Marketplace?
For businesses interested in selling on Marketplace, there are now two options.
You may either apply to be a deals partner or apply to the list in the Facebook Marketplace Shop. Remember that applications are presently only available to US retailers and automakers.
How can I sign up to be a vendor on the Facebook Marketplace Shop?
Page admins must fill out the Marketplace eCommerce Retailer Interest Form to apply to sell on Facebook Marketplace. Working with one of Facebook’s listed partners, such as BigCommerce, Shopify, or Zentail, is a distinct advantage because Marketplace access is limited.
Retailers must be able to meet the following criteria to apply:
Consumers should be sold new things.
a company based in the United States
Orders must be filled in three days and delivered in seven days.
Returns are accepted for up to 30 days.
A name, description, further product photos, and a thumbnail image on a solid backdrop are all required for product listings. There should be no visual overlays, text, icons, or badges on photos.
Beauty, fashion and accessories, bags and luggage, babies and kids, and home décor are among the industries that have been emphasized for selling on Marketplace.
How to Become a Deals Partner on Facebook Marketplace
Businesses that meet the requirements for listing on Facebook may be eligible for the offers 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, footwear, sports and outdoors, beauty, jewelry and watches, and apparel and accessories are among the categories favored for Daily Deals.
For organizations in the automobile and housing rental industries, Facebook has introduced a beta cooperation program. You can apply here if your firm qualifies.
If not, keep an eye out for future changes on this page.
How to get your Facebook business page ready for the Marketplace
Create a Facebook Shop Page
On their business profile, every Facebook Marketplace listing must include a Facebook Shop. Additionally, as the Marketplace deployment unfolds, there’s a chance that businesses with shops will have products listed in Marketplace for a brief time.
Shops are the online storefronts that you can create on Facebook. A shop can be added to any company page, however, the options available will vary depending on your region.
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 with Facebook Checkout integration.
Your shop’s content can be shared, saved, used in ads, and moved to Marketplace. To start a business, you must first submit at least one product for inspection and approval.
Here’s how to open a store.
Introduce a product line.
Collections can be created from the items you sell in your shop. Customers will have an easier time finding and purchasing things if your collections are well-organized.
You can make special collections for Facebook or mirror your collections to match the organization scheme on your website. You can add and remove products from collections at any moment, and you can have up to 50 of them.
The greater the quality of the photographs and the more information you include in each product description, the better. Follow Facebook’s product image and description rules for maximum efficacy, especially as this will align you with needs for future Marketplace integration.
Products listed in your shop can be disseminated in the marketplace feed if your business is approved for Facebook Marketplace. Make sure your graphics and text meet the Marketplace’s requirements ahead of time. (Remember, no overlays and a solid background.)
Use Facebook Checkout as a payment option.
You can establish a store without using Facebook Checkout, however, online merchants that want to use Marketplace should include it in their page’s shop. This feature is currently only available to retailers in the United States.
People may buy things directly on Facebook without having to leave the app or website, thanks to Facebook’s payment tool. Conversions are automatically improved when payment methods have less friction.
Another benefit of Facebook Checkout is that customer forms are pre-populated, speeding up the checkout process.
6 strategies to make the most of Facebook Marketplace for your company
Businesses can benefit from the Marketplace channel in a variety of ways, including listing products and running ads.
1. Experiment with Facebook Marketplace advertisements.
Whether or not you can offer products on Marketplace, ads with Marketplace placement are a great method for your company to get a feel for the platform.
BarkBox chose to undertake a split-test campaign to advertise its monthly dog treat and toy subscription service to develop its business. They split their audience evenly between News Feed alone and Marketplace and News Feed placement for their ads.
When ads were displayed in both feeds, the campaign saw a 49 percent increase in reach and a 16 percent increase in conversion rate.
To create a Marketplace ad, click on Ads Manager and set your goal to reach, traffic, conversions, catalog sales, or video views. The marketplace is now unavailable as a standalone placement. To include the News Feed and Marketplace in your campaign, you either select Automatic placements or modify placements.
For both locations, the recommended specifications are the same.
2. Make the most of your budget
Marketplace listings are a cost-effective strategy to boost product sales because there is no cost to list and no commission cut. Even if you don’t have access to sell on Marketplace just yet, adverts in the shopping channel have helped brands lower their conversion costs.
Apartment Guide, a rental listing service, set up a two-week study to examine Marketplace’s influence on cost-per-conversions. According to the research, Marketplace advertisements resulted in a 200 percent increase in conversions and a 45 percent reduction in cost per incremental conversion.
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