In a new Yahoo Finance presents video, eBay CEO Jamie Iannone discusses what eBay are doing to stay on top of their game during the COVID-19 pandemic. Jamie talks about what he calls the Tech-led Reimagination of eBay and how they are implementing different strategies and technologies that ensure eBay are creating the best marketplace for buyers and sellers whilst utilizing the current growth in ecommerce to ensure businesses are thriving and buyers are fulfilled.
Tech-Led Reimagination of eBay
Jamie Iannone mentions three important points that eBay are focused on during this time.
- Creating the best marketplace for buyers and sellers by defending their core business.
- Being the seller platform of choice and listening to the voices of sellers and their ideas on the tools they need for success.
- Building lifelong trusted relationships with buyers.
It is clear that eBay are focusing in on using next-gen technology like AI and machine learning to give buyers and sellers the best experience on the platform. This can be seen in how they are digitalizing local pickup through QR codes and their managed payments.
Core marketplace: Non New In-Season
Jamie discusses the untapped potential of Non-New In-Season items, a huge market that is growing fast with huge opportunities for eBay. Interestingly this part of the discussion shows how eBay are aiming to stay loyal to their roots, an auction site where people flog their used stuff and collectibles. He goes on to mention consumer sellers and how eBay offers a platform to these non-business sellers who on average have $4000 of items in their homes which they could sell, leading them to gain trust and enjoyment in buying and selling on eBay and bringing more business.
Jamie discusses how investments into programs that are helping bring small businesses online are really important to them. Tens of thousands of sellers have signed up and many are seeing success on the platform.
The transition of what people have been buying since the pandemic began is interesting, Jamie mentions how items being sold on eBay progressed from very narrow to a wide range of products. Going from essentials people needed during the pandemic, to more varied purchases from a whole range of categories.
More time has given people a lot more freedom to pick up hobbies and even in financial insecurity eBays good value and deals will continue to attract consumers and bring them to the platform.
You can listen to more of what Jamie says in the video which can be found here.