Facebook Marketplace: Adapting to Gen Z Needs Amidst Declining Engagement
As social media dynamics evolve, Facebook’s user engagement has notably shifted. A recent 2024 survey conducted by Pew Research indicates a marked decline in Facebook’s popularity among Generation Z users, plummeting from 71% in 2014 to just 32%. Despite this decrease, a substantial portion of these users still embrace the platform, largely due to the functionalities offered by Facebook Marketplace.
The Emergence of Facebook Marketplace
Facebook Marketplace was introduced in 2016, designed to facilitate the buying and selling of both new and used items among users. With over a billion users engaging with the platform, it has emerged as a formidable competitor to established online marketplaces like eBay and Craigslist.
Appeal to Younger Consumers
Experts attribute the success of Facebook Marketplace among younger users to its ability to provide a safer buying experience. According to Yu Keen Sock, a professor at the University of Georgia’s College of Family and Consumer Sciences, maintaining a Facebook profile helps mitigate the risks associated with purchasing from anonymous sellers on other platforms.
Moreover, the Marketplace aligns with the values of Gen Z by promoting cost-effective shopping and sustainability. The platform’s features resonate with their inclination toward ethical consumption and budget-friendly options.
Strategic Partnerships and Financial Implications
In January 2024, Facebook Marketplace took a significant step forward by announcing a partnership with eBay. This collaboration aims to feature a selected list of items across the U.S., Germany, and France, potentially generating an additional $1.6 billion in eBay sales by the end of 2025, as reported by CNBC.
Entrepreneurial Opportunities within Facebook Marketplace
The platform is not only lucrative for big companies but also for individual entrepreneurs. Many users have turned to Facebook Marketplace to launch successful side hustles. For instance, Lina Pettigrew, a former database analyst from Houston, Texas, began selling plants in the fall of 2022 and has since transformed her side venture into a thriving business, earning approximately $25,000 a month.
Conclusion
As Facebook faces a decline in engagement from younger demographics, the Marketplace feature serves as a powerful tool to retain the interest of this audience. By offering a platform that addresses their needs for security, affordability, and sustainability, Facebook Marketplace is carving out a niche that may sustain its relevance in a rapidly changing digital landscape.
