Launched in 2016 by Facebook, the Facebook Marketplace initially was considered as another lackluster effort by Facebook to clone someone else’s app. But now, the feature has got more than 1 billion visitors each month. The Marketplace was Facebook’s first push towards the e-commerce feature and today, Facebook holds around 1 million stores on its Marketplace that attracts over 250 million shoppers every month.
The information was shared by Mark Zuckerberg in an update during the company’s latest earnings call. While announcing the company’s Q1 earnings call on Wednesday, Zuckerberg also revealed that how e-commerce is growing on the platform.
Pandemic has a major role:
Speaking to investors and other attendees of the earnings call, Zuckerberg said, “Commerce has been growing on our services, but it has become a lot more important as the pandemic has accelerated a broader shift towards businesses moving online.”
“In the last year, we’ve seen online storefronts stay open even when physical stores closed and going forward online commerce will continue to offer an increasingly personalized and convenient experience.”
Facebook to invest more:
In order to create better tools for commerce and improve on it, Facebook will invest more in building better customer support for their products. The company is planning to build a full-featured commerce platform across services as the company believes that e-commerce has become a lot more important during the coronavirus pandemic.
So far, though, the company is doing fine. It reported just over $26 billion in revenue, an increase of 48 percent from last year. It has also increased its user base to 1.88 billion daily active users. Facebook’s other revenue too grew 146 percent.