“Sellers want velocity. Sellers want protection. Sellers want a place that they feel comfortable selling,” is what Devin Wenig says are three eBay seller-focused strategies.
Speaking at eBay shareholder meeting, Devin Wenig, chief executive officer of eBay, discussed the development of the marketplace as a hub for sellers. He attributed the future success of the three targets to “inventory,” “relevance” and “striving to be the most powerful selling platform.”
‘Highlights from the last year’
Devin said that last year’s changes to the marketplace saw improvements in the buyer experience. These developments include:
- The way eBay use machine learning and artificial intelligence to drive relevance for merchants’ consumers.
- Seller experience.
- The tools and data that eBay provide to sellers so that they can make informed choices about how to sell their inventory more effectively on our marketplace.
‘Very exciting 2019 plan’
Devin said that eBay have a “very exciting 2019 plan” for sellers. The comprehensive strategy focuses on improving customer experiences so sellers would benefit from higher conversion rates. These enhancements are linked to the three seller-focused strategies:
- Website browsing
- Discovery of inventory
- Product relevance
‘Focus on retail standards’
Devin said that retail standards are vital to eBay. He explained these as a set of standards customers expect from their shopping experience. Consumers want their package cheaply. They want fast delivery. They want confidence that they’re going to receive it and can return it if something goes wrong. He said that eBay have been “making a lot of strides to guarantee delivery, to shrink delivery times and delivery cost, and to give consumers confidence when they shop in our market place.”
Relevant data for sellers
Devin described the relevance of data as the sellers’ world class tool. This year, eBay focused on improving the data and tools that sellers have at their disposal. He says that one of the most powerful aspects of the marketplace is the data that resides in it. It helps eBay determine what’s selling and know what consumers want. He said that eBay know when an item becomes in demand. The data allows sellers to make informed choices about inventory and about pricing that inventory.
He promised that: “Sellers can expect us to provide more data, more analytics to put the power in their hands.”
‘Sellers want protection in the marketplace’
Devin pointed to the importance of sellers feeling protected in the marketplace. He says that eBay have improved protection fo the marketplace sellers. He said that sellers can also expect more progress in this area.
Devin said that this year will take the US payments intermediation from what they’re allowed to do under their operating agreement with PayPal, which is 5% until July. In August, eBay will move that 5% progressively up towards 10%. He said that eBay also hope to launch their payments initiative in Germany.
Speaking about eBay advertising business, he points to the unprecedented seller satisfaction with the programme. He said that first-party advertising business enables sellers to trade-off a bit of margin for a bit of velocity.
Devin concluded by saying that “these are the core initiatives that are in our marketplace that [eBay] tend to speak more about this year.”