eBay CEO Jamie Iannone kicked off Investor Day today by talking about eBay’s strategy since taking over as CEO in 2020. He covered a lot of ground, including announcing eBay launches its first digital wallet.
Iannone described three actions he took to pivot eBay: simplifying eBay’s portfolio, building a world-class management team with a vision for the future, and changing direction to compete in areas of the market where eBay is positioned to win. Interestingly, he revealed that more than two-thirds of his management team are new to eBay or in a new role.
Some of the themes he touched on were familiar territory – eBay’s decision to focus on high value buyers and targeted categories (i.e. its vertical strategy). And he said 90% of eBay’s GMV comes from non-new in-season products.
Iannone spent time reviewing eBay’s advertising business – eBay plans to double it again over the next 4 years, he said. And he talked about managed payments, which added another $2 billion in revenue.
“With our payments migration complete, we have an even greater ability to eliminate friction for both sellers and buyers. One example that sellers love is the elimination of unpaid items,” he said.
“With our own payment capability, we can now offer some exciting new features. And today I’m delighted to announce eBay’s first digital wallet where you can store cash balance.
“Customers will soon be able to easily build up a balance in their eBay account to spend on their next favorite item.
“Allowing customers to seamlessly turn sales into purchases is another example of eBay’s unique multiplier effect. With our scale, resources, and talent, the payout opportunities are simply endless.
EcommerceBytes announced the eBay wallet news on the EcommerceBytes blog where you can leave a comment and share your thoughts.