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Facebook Marketplace, the Craigslist-like service becomes popular

Photo by Erik Mclean on Unsplash

Facebook Marketplace, the Craigslist-like service becomes popular

The CEO of Facebook, Mark Zuckerberg has announced in the latest earning reports that Facebook Marketplace, the Craiglist like service becomes popular. According to him, there are more than a million Shops, with more than 250 million users interacting on the Marketplace of Facebook. As a reminder, Facebook Marketplace is a Craigslist-like service where users buy and sell with each other around the globe. Facebook Marketplace became popular after the e-commerce feature had one billion users globally, according to the CEO of Facebook.

Keeping in mind the importance of e-commerce in today’s era, the CEO of Facebook, Mark Zuckerberg has initiated many steps for making e-commerce easy and more important in his app(s).  According to him, they are investing in building the future of e-commerce. Mark Zuckerberg observed that e-commerce has become a lot more important thing, especially during the pandemic. E-commerce also allows Facebook users to find new ways to make money off their services.  For instance, the CEO said the company could allow business owners or sellers to buy Facebook ads that open directly in simple WhatsApp from the WhatsApp Business app.  Moreover, Instagram also plans to run the shops on the app likewise other apps.

So far, the company is doing just fine in terms of its investment in e-commerce. Reportedly, Facebook has generated over $26 billion in terms of revenue from e-commerce. This revenue is an increase of 48 per cent from last year’s profit. Additionally, Marketplace also grew its user base to over 1.88 billion daily active users. Unfortunately, the growth of Marketplace in the U.S — the most lucrative ad market in the world remained flat. However, Facebook’s other revenue grew by about 146 per cent.  Furthermore, Facebook aims to build out a full-featured e-commerce platform across its all services.

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