In an ongoing effort to be all things to all people, Facebook has rolled out Marketplace, an online buying and selling platform that is a direct competitor Craigslist. Facebook Marketplace will be a tab on the Facebook App starting today (look for the Shop icon on the bottom of the Facebook App page to start exploring).
More than 450 million people visit buy and sell groups each month — Craigslist, the leader in this market boasts of more than 50 billion page views per month. Clearly, Facebook sees an opportunity to quickly become a major player in this market with its existing community of users.
There is one key advantage that Facebook offers in the buying and selling platform market. You need a Facebook profile to participate. By looking at a buyers Facebook profile you know a bit more about the person you are buying from before making a purchase. On Craigslist, the person selling goods or services is unknown to the buyer.
Will Facebook Marketplace be a hit or a bust? Time will tell. To learn more about Marketplace, follow this link for Facebook's announcement.