Facebook’s Marketplace will appear on the Facebook app and allow people to buy and sell local goods.
Editor’s Remarks: This new tool will attempt to capture the millions of Facebook users who buy and sell goods through Facebook groups. To help facilitate people moving to the service, Facebook will not charge for the service or take a cut of the transaction. This is surely another piece of bad news for retailers and e-commerce competitors. However, this is useful for consumers who wish to offload or unload cheap goods quickly. What will be interesting is how much this hurts eBay and Amazon or if Facebook can monetise the service beyond advertising. Additionally, this service appears to potentially canibalise the likes of Craigslist and Gumtree who provide similar services.
What to watch: Facebook, eBay, Amazon, Craigslist, Gumtree