Facebook Inc (NASDAQ:FB) Craigslist competitor has officially launched and it is called Facebook Marketplace. The social media giant has designed its marketplace as a peer-to-peer e-commerce platform. In a way, Facebook Marketplace is also a scary development for eBay because of its online auction flavor.
Facebook has been testing the Marketplace feature for months among a small group of users. But on Monday the company launched the platform for everyone, though it is only initially available on mobile and to users in certain regions. The countries in which Facebook Marketplace is available at launch are the U.S., the U.K., New Zealand and Australia.
If the service proves to be popular, Facebook’s Craigslist competitor will no doubt roll out in more regions and perhaps launch on desktop.
“I think the prevalence of Craigslist shows there’s a great need for a local commerce product,” said Bowen Pan, Facebook Marketplace product manager.
— uBreakiFix (@uBreakiFix) October 3, 2016
Facebook’s Craigslist competitor attracts weird listings at launch
Facebook Marketplace seems to have launched to a warm reception going by how quickly users took advantage of the feature to offer their items for sale on the platform. All sorts of item got listed on Marketplace immediately the service was made available for everyone. Some of the items that were seen on Facebook Marketplace included animals (snake), drugs and even adult services, with many listings running afoul of Facebook’s user policies.
A Facebook spokesperson hinted that the company’s employees will be actively looking for offensive listing and take them out. The company also hopes to get tipoff from users about listing that shouldn’t be on the platform.
Local buying and selling
Facebook’s Craigslist competitor is designed to foster local shopping. You can use the feature to discover items that people nearby are offering for sale and you can also pitch your items for sale to the people near you.
One reason Facebook Marketplace could be a serious threat to Craigslist is that you are dealing with the people you know. Sellers and buyers on the Marketplace already have a profile on Facebook and most likely one of your friends or friend’s friend knows someone you intend to buy from. As such, Facebook has built trust in its Marketplace. But on Craigslist, you are dealing with people you do not know because of the anonymous nature of the site.
However, one of the glaring downsides to Facebook’s Craigslist competitor is that it lacks a way to rate sellers or buyers.
Facebook stock rose 0.39% to $128.77 in the last session.
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