Social media giant Facebook Inc. (NASDAQ:FB) has unveiled a Marketplace feature to allow its users buy and sell items locally, in an attempt to rival online companies like eBay and Craigslist.
Facebook said in a statement that the latest feature will kick off in the US, the UK, Australia and New Zealand.
It also said that a smartphone app will be made available in the next few days with a desktop version planned to be launched in a few months’ time.
With the launch of this latest feature Facebook will become in direct competition with very famous local online selling platforms. Facebook is already being used for selling and buying via Facebook groups.
Mary Ku, who is a director of product management said in a statement that “In recent years more people have been using Facebook to connect in another way: buying and selling with each other. This activity started in Facebook Groups and has grown substantially. More than 450 million people visit buy and sell groups each month.”
In the meantime, Facebook also said it will not be involved in the payment process and will not charge anything for putting items up for sale.
Facebook Inc (NASDAQ:FB) stock in the premarket was up 0.10% to reach 128.90 on Tuesday morning in the US meanwhile shares in eBay Inc (NASDAQ:EBAY) also rose 0.25% to reach $32.63. Facebook have market capitalization of 370.30 billion, however market cap of eBay is stood at 37.43 billion.
That is not the very first attempt made by the social media giant to grow into the second-hand market. In the past it has also launched a desktop-only classifieds marketplace in 2007.