What is a marketplace & how does it work?

A marketplace is an online store or a platform that facilitates both buyer and seller in many ways. An online marketplace is just like an e-commerce website or mobile app where sellers meet buyers and offer products and services. The website is responsible for all the transactions i.e. payments, transactions and process. Definition.

What is Facebook Marketplace?

Facebook Marketplace is a classified ads section within the Facebook platform. It was initially launched in 2007 and featured categories such as job opportunities, items for sale, and housing for rent or sale. It didn't gain traction at the time, so Facebook revamped and relaunched it in October 2016 and it has been live ever since.

What is an example of an online marketplace?

However, the owner of the online store doesn’t have the inventory of all the products that he’s presenting. The e-store is just facilitating the transaction by selling the products of other businesses to customers. Amazon, eBay, and Alibaba are very good examples of the online marketplace. Also Read: What is a Market? – Definition, Types & Examples

How do I Sell on marketplace?

You can also search Marketplace for similar items to compare. Offering fair and competitive pricing will make it easier to sell your item in less time. On Marketplace, buyers and sellers can rate each other on response time, payment speed and more. To be successful as a seller on Marketplace, be as responsive as possible with your buyers.