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.
Digital transformation
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.
Coronavirus
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.
4 Responses
This is the identical pitch Iannone has been serving since the most recent earnings call, as well as the September Goldman Sachs and KeyBanc virtual conferences.
I like the idea behind “tech-led reimagination,” but I hope we don’t hear this phrase for the next several years without its tangible implementation.
I do think that refocusing eBay on non-new products could bring about some potentially excellent results, as condition plays a significant and unique role in determining the strength of any product market on eBay. Many verticals, such as industrial equipment, still highly favor items in used condition — while others, like Funko Pop! figures, favor sales for new products.
In spite of eBay’s push for products in new condition under the leadership of John Donahoe (and by connection, Devin Wenig), a return to eBay’s roots could reap major benefits. But it will need to be done cohesively, as a true unit.
A great start would be for all seller-facing eBay employees to be required to read the eBay tech blog on a weekly basis. It’s time for everyone to get up to speed, and quickly.
How about a fully functioning re-imagining of Ebay, Mr Iannone?
Tech is only fit for the trash can if it doesn’t work!
Get the site working, the glitches are getting worse, not better.
I tried, really i tried, but after nearly choking on the first paragraph, I got to point 2 on the second and had to stop. Nothing worse than choking to death on someones complete tosh.
Serious, are ebay so deluded that they actually believe that sellers want to read such rubbish?
Every major change is littered with issues and glitches.
The issue with chinese sellers posing as UK ones is still as bad and obvious as every.
The issue with people using private accounts to avoid fees etc when they should be business accounts is ignored, and in many cases now reporting them is not only pointless, but not possible!
Fraud is still at levels far higher than any other marketplace.
The rule on picture standards etc is completely ignored and pointless
Customer service is a pot luck of action… one person will say no, another yes, and the third won’t know so will answer what must be a completely different question or even cut you off.
The list goes on and on…. yet not once have i seen ebay not only promise action but actually really get to grips with it. How can a seller on a private account be selling new mobile phones, ltablets etc, lots and lots of them, constantly for several months and be reported on several of them for not being business regsitered, every month for several months…and still be trading! This is just an example.
Then there are the scammers who open up a case, and then completely ignore you, knowing that so long as they stay quiet you will have to refund or else ebay will punish YOU for not acting! Yet decent sellers are hammered at the slightest thing.
Sorry Chris, but why you allow ebay to peddle their drivel here i do not know? It is a complete insult to the many decent sellers who choke on their words.
Thank god we are out of ebay next year, i literally count down the days with joy. Onwards to sites that actaully atleast try to deal with issues rather than keep blowing their own trumpet.
A Tech-Led Reimagination of eBay? Please start by fixing the tech-mess that is sold items.
Since managed payments came in (August for me) the paypal item sold email notifications have had to replaced with ebay’s item sold email notifications, which would be OK, if they worked properly. But they don’t.
They never tell you when an item sells via GSP. I guess this is because the payment made by the buyer is getting split into money to seller and money to Pitney Bowes (ebay GSP) but if Paypal could handle this task and send an item sold email to sellers with the correct amount, why can’t ebay?
Following a tech tweak last Friday, these item sold emails now give you an incorrect item paid total, if there are multibuy discounts applied. They don’t take off the discount. eg. “Your eBay item sold: Paid: £44.00” No, ebay. It was actually £41.80, because there was 2 of them, so 5% off. This was working previously, now it is not. It needs putting back to how it was. Maybe they’ll fix it on the weekly update this Friday?