The ways the world is shopping are changing fast. In addition to local marketplaces like Craigslist and social selling sites like Vestor, online marketplaces are also booming. Buyers and sellers are flocking to these sites to find one-of-a-kind items from trusted sellers.
Sites like Etsy, Letgo, Poshmark, and Mercato have become incredibly popular as a result. With all this competition in the marketplace space, it’s important for other marketplaces like Facebook to step their game up with new features and functionality if they want to remain relevant. Enter Facebook Marketplace.
In October 2018, Facebook launched a new feature called Marketplace that lets users buy and sell goods locally. Similar to other e-commerce apps like Craigslist or Letgo, the feature allows users to Discover local businesses, browse classified ads and make purchases from people they trust.
This is great news for anyone who wants a better way to sell their unwanted stuff or find rarer products on the secondary market — especially because there are some significant advantages that can help you become a power seller on this platform by following these 9 tips.
Did you know that over 70% of e-commerce sellers with more than 100 monthly visitors use Facebook to sell their products? Moreover, almost half of them consider it to be an essential tool for their business.
If the statistics aren’t enough to convince you how important Facebook is in today’s world, perhaps its new features will do the trick. Yes, Facebook continues to introduce new ways for businesses and users to connect.
Amongst its recent updates is a revamped version of the Facebook Marketplace app – now called just “Marketplace” – which finally makes it easy for anyone to buy or sell locally from other users.
To help your small business succeed on Facebook Marketplace, we’ve put together our top nine tips on how you can become a power seller on this platform and make user engagement easier than ever before.
1. Establish a Solid Brand Presence on Facebook
Before you even consider selling anything on Facebook, you need to make sure that your brand is established on this platform. That means having a verified page, using engaging content, and actively responding to comments, posts, and feedback from your followers.
To grow your page’s likes and engagement, you can run giveaways, host polls, and even ask your customers to submit photos of themselves using your product or brand. If you’re looking for ways to earn the trust of potential customers, consider setting up a Facebook Live stream.
This feature allows you to broadcast your product line directly to your followers and offer advice on how to get the most out of them.
2. Define Your Seller Strategy
Before you ever think about selling your first product on Facebook, you first need to ask yourself, “How do I want to position myself as a seller?” If you’re just getting started, it may be best to start off by selling items that you already have in your possession.
By selling used items that you no longer need, you can make extra cash to fund future business ventures and help reduce your overhead.
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You can also consider selling unwanted gift cards from stores that your friends and families may need, or reselling items that you’ve listed as a “gently used” and “authentic”. By having a few side hustles to fall back on, you can avoid getting tied up in one particular type of selling and be more flexible in your approach.
If you want to make a full-time living from Facebook Marketplace, you’ll want to consider getting all the necessary permits and licenses before you get started.
3. Launch your own branded storefront
If you’ve been selling your own products or services on Facebook for a while and you’re starting to see some significant sales figures, now could be the right time to launch your own branded storefront.
By creating a fully branded storefront and linking it to your Facebook page (more on this in a minute), you can easily onboard your customers and make it easy for them to purchase your latest product lines.
In fact, studies have shown that customers who buy products on a branded storefront spend up to 50% more than customers who make purchases on the open Facebook Marketplace.
With a branded storefront, you can choose how your products are listed, how you want to price them, and which payment options you want to offer. You can even include details like item dimensions, photos of the product, and shipping details.
By linking your storefront to your Facebook page, you can not only sell your products more easily but also drive more sales from your existing followers.
4. Leverage consumer behaviour
As a seller, it’s important to keep in mind how customers are likely to react to various marketplace scenarios. For example, when deciding on your product listing strategy, you may want to consider the “endowment effect”.
This is a psychological term that refers to the tendency people have to overvalue something once they own it. Because you are selling your product to someone who doesn’t own it yet, you need to make sure that you price your items accordingly.
You don’t want to price your items too high, as it may deter potential customers from purchasing them, and you don’t want to price them too low either. By setting your prices just right, you can make sure that your product sells quickly and for a profit.
5. Utilise Facebook Ads and Sponsored Products
If you’re looking to expand your customer base and make more sales in the process, Facebook Ads may just be the right tool for you. With this feature, you can target specific audiences, send them customised ad copy, and feature your products right in their newsfeed.
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By targeting your ads to users who are most likely to purchase your products, you can make sales quickly and easily. Moreover, you can also use this feature to acquire new likes on your page, increase your brand awareness, and create a more general sense of goodwill toward your business.
For example, if you’re a clothing retailer, you may want to target ads at users in the 18-35 age range with a focus on females. You may also want to target users who live in close proximity to your store, as these customers are likely to pick up their items quickly and leave positive reviews for your brand.
6. Utilise Facebook Events
Another great way to make use of Facebook Events is to host a giveaway where you give away one of your products as the prize. Hosting giveaways is a great way to engage with your customers and get them excited about your brand. You can also use this opportunity to drive sales by requiring entrants to purchase items before they are allowed to participate in your drawing.
By hosting regular giveaways, you can actively engage with your followers and get them excited about your brand. Moreover, you can use these giveaways to generate sales and increase your brand’s visibility. By offering a prize that is related to your product line, you can make people more likely to purchase your items and help your business grow.
7. Make use of Facebook Messenger
Finally, you should consider making use of Facebook Messenger, especially if you sell a service or product that can be delivered quickly or that doesn’t require multiple trips to and from a physical store. By creating a quick and easy way for your customers to reach you, you can make the process of receiving and returning items a lot easier for both parties involved.
Moreover, by making it easy for users to get in touch with you, you can set yourself apart from other competitors and make more sales in the process. Moreover, you can use Facebook Messenger to offer discounts and deals to your followers and drive more sales for your business.
Top it all off by offering free shipping on all of your products, and you can make your Facebook Marketplace sales soar.
8. Commit to ongoing engagement and optimisation
Finally, no matter how attractive your products are or how easy they are to purchase, they won’t sell themselves. To really bring in the sales and turn your Facebook Marketplace business into a profitable venture, you have to actively engage with your followers, respond to their questions, and deliver excellent customer service.
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By actively engaging with your followers, you can easily turn them into repeat customers. Moreover, you can earn positive reviews and help your business grow. By actively engaging with your followers, you can easily turn them into repeat customers. Moreover, you can earn positive reviews and help your business grow.
9. Plan Your Strategy Before You Start
Finally, before you start selling your products on Facebook, you should plan out your strategy. That means mapping out the products you want to sell, how you want to price them, and how you plan to ship them to your customers.
By planning out your strategy before you start, you can avoid getting overwhelmed by the process and ensure that your sales are successful from the get-go. If you want to become a power seller on Facebook Marketplace, you have to think big.
You have to be willing to sell more than your typical used item or gift card. In fact, by selling your products on this platform, you can help your small business thrive.