eBay CEO Tells Shareholders Old Strategy Was Not Working - EcommerceBytes

Summary

eBay CEO Jamie Iannone told investors at a presentation following the company's annual shareholder meeting on June 8, 2022, that the company's previous strategy was not working.

eBay CEO Jamie Iannone told investors at a presentation following the company's annual shareholder meeting on June 8, 2022, that the company's previous strategy was not working.

Iannone returned to eBay in April of 2020 as its new CEO and shared his vision of a "tech-led reimagination" of eBay. In an interview 6 months later , he said he wanted to use next-gen technology to enable the selling of used or new-but-out-of-season items, as well as vintage and collectibles.

Two years after joining the company, he indicated he was sticking with that strategy. Here's an excerpt of his presentation to shareholders last week:

"Previously, we had strayed from our original vision of eBay as a marketplace that connects sellers and buyers of non new in-season goods. We instead focused on branded new in-season products, and this strategy wasn't working.

"So we recentered on what we do best. We sized the incredible growth potential of non new in-season products, and we estimate that our total addressable market, or TAM, in online retail across our three largest markets was approximately $1.1 trillion in 2021.

"In fact, close to 90% of eBay's GMV is derived from non new in-season items.

"Our strategic investment in our focused categories, in addition to our scale, capabilities, and unique assets, puts us in a strong position to lead in this space.

"We truly believe this is just the beginning and see a tremendous runway for growth."

The CEO said eBay was delivering a better user experience for buyers and sellers, citing videos in Stores; a new image listing tool; and a unified listing experience that has begun rolling out. Iannone also said that by taking over payment processing, eBay was reducing unpaid items.

Iannone discussed eBay's "multi-year growth initiatives" that included Focus Categories, Managed Payments, and Advertising. (Last year, he said, over 3 million sellers used Promoted Listings, its 1st-party ads product.)

You can find a link to the recording of eBay's June 8th annual meeting and CEO presentation on the eBay Investor Relations website

Let us know what you think of eBay's former and current strategies - or if you have an idea for the strategy eBay should be following.

eBay CEO Tells Shareholders Old Strategy Was Not Working - EcommerceBytes
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