eBay CEO Jamie Iannone kicked off today’s Investor Day by talking about eBay’s strategy since taking over as CEO in 2020. He covered a lot of ground, including breaking the news that eBay is launching its first digital wallet.
Iannone described three actions he took to pivot eBay: Simplify eBay’s portfolio, build a worldclass leadership team with a vision for the future, and change direction to compete in areas of the market where eBay is positioned to win. Interestingly he disclosed that over two-thirds of his leadership team is new to eBay or in a new role.
Some of the themes he covered were familiar territory – eBay’s decision to focus on high-value buyers and focused categories (aka its vertical strategy). And he said 90% of eBay GMV is derived from non-new in season goods.
Iannone spent time going over eBay’s advertising business – eBay plans to double it again in the next 4 years, he said. And he spoke about Managed Payments, which added $2 billion in incremental revenue.
“With our payments migration complete, we have an even greater ability to remove friction for sellers and buyers. One example that sellers love is the elimination of unpaid items,” he said.
“With our own payments capability, we can now offer new, compelling features. And today I’m thrilled to announce eBay’s first digital wallet where you can store cash balance.
“Customers will soon be able to easily accumulate a balance in their eBay account to spend on their next favorite item.
“Allowing customers to seamlessly turn their sales into purchases is yet another example of a unique eBay multiplier effect. With our scale, resources, and talent, the opportunities for payments are just endless.”
EcommerceBytes broke the news of the eBay Wallet on the EcommerceBytes Blog where you can leave a comment and share your thoughts.