Facebook’s foray into eCommerce seems to have paid off as its Marketplace just hit one billion in users.
According to Zuckerberg’s latest company update, the social network now also boasts over a million shops and has some 250 million users interacting across them each month.
It’s a positive outcome for the company as the COVID-19 pandemic has shown that eCommerce has grown in importance. At the same time, it’s opened up new revenue streams for the business across its main network but also its other apps like Instagram and WhatsApp.
Zuckerberg reiterated that the company was invested in its future and to expand its commerce platform.
In its latest earnings call, Facebook reported some 1.88 billion daily active users – a rise of 8% and 2.85 billion monthly users – 10% higher than last year.
It also noted that ad revenues grew 30% year-on-year during Q1 2021.
“We expect second quarter 2021 year-over-year total revenue growth to remain stable or modestly accelerate relative to the growth rate in the first quarter of 2021 as we lap slower growth related to the pandemic during the second quarter of 2020.”