eBay CEO Jamie Iannone wants to use next-gen technology to sell used or new-but-out-of-season items, as well as vintage and collectibles, he told Yahoo Finance’s Julia La Roche in an interview today.
For most of its verticals or categories, eBay has low double-digit or high single-digit penetration, Iannone said, “and that business is growing double-digits.”
He said eBay is going vertical-by-vertical and saying, “how do we really win in that market?”
Part of his tactic is to introduce authentication services, as eBay recently launched in the Watches and Sneakers categories. That really helps build trust in the platform, he said.
Another thing unique to eBay is consumer sellers who bring unique items to the site, he told La Roche. And when people come to sell things around the house, they become twice as valuable as a buyer. “We see lots of untapped potential,” Iannone said.
La Roche started the interview by pointing out that Iannone came back to work at eBay in the middle of the pandemic in April, “with quite a bit of attention on the activist side, and some issues on the PR side as of late,” while going through its own transition of late – “walk us through your CEO playbook,” she asked.
Iannone said when he rejoined the company, he went on a “listening tour” to talk to employees and customers – sellers and buyers – as well as “visiting” different offices around the world (through Zoom).
He sees next generation technology, including artificial intelligence and machine learning, to change the experience on eBay. Managed payments is one example of his “tech-led reimagination” strategy that makes it seamless for sellers.
You can see the full interview on Yahoo Money.