Facebook Marketplace

(RTTNews) - Facebook Inc. (FB), the world's largest social network, has jumped into e-commerce industry with the launch of "Marketplace," a new platform where users in a community can buy and sell goods.

Marketplace will be launched this week in the US, UK, Australia, and New Zealand. To access Marketplace, users will have just tap on the shop icon at the bottom of the Facebook app.

According to Facebook, many of its users have been using its social network platform to for buying and selling with each other. More than 450 million people visit buy and sell groups each month, Facebook reports.

For a user to post an item for sale in Marketplace he has to upload a photo of the item, enter a product name, description and price and confirm his location and select a category. Every person scanning through Marketplace nearby will find the item and can message if they want to buy it.

If a buyer finds an interesting item he can send the seller a direct message from Marketplace and make an offer. However, from there on Facebook would not be involved, the sell and buyer will have to work out the details. Facebook does not facilitate the payment or delivery of items in Marketplace.