The group executive of New Zealand’s online marketplace Trade Me, has told its shareholders it takes the arrival of Facebook marketplace seriously, but will try to defend its territory within the space.
TradeMe is one of the largest online classifieds sites in New Zealand and faces competition from the social media giant, who launched its online marketplace in NZ in October, after a year of trials.
The Group Chief Executive of Trade Me, Jon Macdonald, answered questions about the threat Facebook poses at a recent company AGM.
Macdonald told Shareholders Association representative Matthew Underwood: "we would be fools to not take Facebook very very seriously. The thing that they bring that is different from other potential competitors that we’ve had in our general items marketplace is that Facebook comes with its own network."