Facebook Marketplace is a digital marketplace platform integrated within the Facebook app and website, allowing users to buy, sell, and trade items locally. Launched in October 2016, it connects individuals and businesses with potential buyers and sellers in their communities. With over 1 billion monthly active users, Marketplace has become a dominant force in social commerce.
Facebook Marketplace was conceived in 2009 but launched in 2016 by Deb Liu, who is now the CEO of Ancestry. The platform boasts a commanding 51.19% share of the social commerce market. It provides a space for virtual garage sales and clearing out items, with approximately 250 million sellers active on the platform globally. Although Facebook Marketplace is free to use, the platform generates revenue through advertising and fees on shipped orders. Nick Lovrien, Global Security Officer at Meta (Facebook Marketplace), has implemented AI-driven safety measures on the platform.
Recent news indicates a rise in scams and robberies linked to Facebook Marketplace transactions. Despite these issues, Facebook Marketplace continues to be a popular platform for online shopping and sales, with an estimated $10 billion+ in annual gross merchandise value.
