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Cheat Sheet: eBay works to modernize its platform to attract younger buyers

Digiday 30 Apr 2021 04:01
April 30, 2021 by Erika Wheless

In July of 2020, eBay CEO Jamie Iannone acknowledged the company was due for some updates — a “tech-led reimagination” — as he called it. With so many online marketplace options, eBay knew it needed to modernize, so it added direct deposit payments to sellers, updated the eBay app and connected with younger consumers.

Last year, eBay also started investing in sectors that were doing surprisingly well in the pandemic: sneakers and watches — categories that attract hobbyists and resonate with younger buyers.

eBay’s 2020 momentum is holding on into its first-quarter earnings, but the company is already advising that revenue will probably remain the same or fall slightly in Q2.

The key details: 

  • eBay announced first-quarter revenues of $3 billion, up 42% from the same quarter last year.
  • Marketplace Gross Merchandise Volume came in at $27.5 billion, up 29% from the first quarter of last year.
  • The company also reported 187 million annual active buyers, an increase of 7% year over year, and 20 million annual global active sellers, up 8% year over year.

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