In our last blog, we talked about Facebook Marketplace – the next big competitor of your multi-vendor store. Every business takes time to flourish but marketplace from Facebook is challenging the myth making the e-commerce sector more competitive. We tried our heart and soul to understand the muscle and catalyst behind their success and promised you to decipher deep to unveil their weakness.
Yes, Facebook Marketplace is yet to be a juggernaut. Limitation inside the multi-vendor store from the social media powerhouse can give your marketplace maximum advantages. Know them here-
Loopholes in Facebook Marketplace:
1. No inbuilt payment and shipping system:
Facebook Marketplace is just a platform for sellers and buyers devoid of any additional facilities. That might be their initial strategy but the absence of payment and shipping features inside a marketplace is a hassle for the users.
Sellers and buyers have to look for external resources to deliver the products and complete their payment procedure.
Takeaway:
This is where your multi-vendor store can and should make a difference to the user-base. Vendors and sellers will have the convenience to shop and buy on your platform when you will provide them shipping and payment facilities straight from your store.
2. Small Customer base:
Facebook Marketplace has gained massive popularity among the local customers and that’s a dilemma for them. It’s good for the sellers who have a target audience in their neighborhood but not for the ambitious sellers who want to go beyond their backyard.
Till date, Facebook Marketplace is limited to fewer nations where it has influenced the local market and do not have any cross-country success to showcase.
Takeaway:
Where your target audience reside? Decide that first. It would be better if you gather all the information before developing a marketplace and starting to run it aimlessly.
3. Available only in the Mobile app:
Till date, one can access the Facebook Marketplace only through their Mobile app. It’s impossible to run a full-fledged store from mobile. Even uploading products in bulk is a hassle for them. Whereas a desktop user has both the freedom and facility to upload products, edit them at will and sell to their large user base.
Takeaway:
Will your marketplace be available on the app or is there any need to catch the desktop users? Know your customer and sit with your developer team first.
Facebook might have a strategy to target the app users and small merchants. Do you have an identical marketplace strategy like Facebook? Then stick with your app but all bigger marketplace are targeting desktop and mobile users without leaning on the app users.
4. Future Roadmap:
Well, you can’t put a finger to someone like the Facebook. Right? But, a marketplace must show the promise of scalability which has been less so far from an organization as big as the Facebook.
The platform is not giving any setback to sellers’ pocket but soon the comfort will be over-
“We will look at how we could potentially monetize the surface.”, said Bowen Pan, Facebook.
Will Facebook’s different stance influence their seller base? Keep your eyes on our blog for more on this.
Takeaway:
You have to take shots when your marketplace is scaled up or when it does not meet your expectation. However, they must be aligned with your targeted sellers and buyers.
What if one big monetization plan gets thumbs down from the vendors. Save yourself from the debacle and plan accordingly and inform the vendors to allow them to take an early stance.
Learn, adapt and grow:
One cliche truth for you. Marketplace industry is evolving. Marketplace from Facebook has been a noted addition to the multi-vendor industry. Before they disrupt the sector more, it’s better you study them and restrategize. Take a We hope our blog helps you here.
Take a plunge. Explore new business verticals. Target niche markets with new products.
What’s your take on Facebook Marketplace? Do you consider it as a threat? Give us your feedback.
