Ina Steiner EcommerceBytes Blog
News and insight focusing on ecommerce.
by Ina Steiner, Editor of EcommerceBytes.com
Mon Aug 5 2019 22:34:50

eBay CEO Devin Wenig Discusses the Future of Business

By: Ina Steiner

Sponsored Link

eBay CEO Devin Wenig has been working to raise his profile of late. He published an essay in Fortune in July on "Why We Should Teach All Students to Code," and last week, he participated in CNBC's feature, "The Future of Business."

The feature included a Q&A. Some revelations: he is a big fan of social media, and his favorite apps are eBay, Headspace (a meditation app), and news sites. He uses Apple IOS Messenger to communicate with friends, family, and coworkers.

CNBC also published video snippets, and one of the more interesting is one where Wenig shares his thoughts about advertising. He said advertising is fading into the background and said people don't want intrusive ads.

"I think people don't feel comfortable when their data is used to target them with advertising that they don't want."

"Advertising is moving from this third-party pop-up, intrusive environment to something that's more native and seamless," he said; "five years from now, advertising will look very, very different than it does today."

His thoughts on advertising are particularly relevant given eBay's own focus on growing its ad revenue by pushing sellers to advertise their listings beyond the insertion fees they pay. While eBay Promoted Listings are not in the form of the dreaded pop-ups Wenig abhors, some users are complaining that sponsored listings in search results are harming the shopping experience. 

When asked about cryptocurrency, Wenig said he was not a fan of today's crypto because of its volatility but said, "I'm a believer that crypto could play a meaningful role alongside fiat currencies."

He also said eBay was "exploring and experimenting with a lot of different things."

"I think that if we found the vehicle where we believe that we can create stability and a currency that people would value, we could move $100 billion of eBay's business in that direction. We're not quite there yet. But I'm an advocate of cryptocurrency. And I'm a believer that it will play a role in the global economy as we go forward."

Cryptocurrency is getting more attention since Facebook announced its Libra initiative.

Wenig also answered questions about data's effect on ecommerce; the on-demand economy; sustainable shopping; the evolving concept of ownership; and the future of cross-border commerce.

You can watch the video snippets of the eBay CEO on this page on CNBC, and you can read the transcript on this page. Let us know what stands out to you.

Comments (35) | Leave Comment | Permalink
Readers Comments

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: Just Plain Irritated This user has validated their user name.

Mon Aug 5 23:10:25 2019

He doesn't like ads but thinks it's OK to throw them in the middle of our PAID FOR product listings?

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: Grady This user has validated their user name.

Mon Aug 5 23:37:26 2019

He's discussing the future of someone else's business, not his

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: Lightning

Tue Aug 6 01:51:02 2019

I think Wenig saw the App ''Headspace'' and thought it said Head Case, so he signed up.

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: Snapped This user has validated their user name.

Tue Aug 6 02:28:17 2019

''His thoughts on advertising are particularly relevant ...some sellers are complaining...''

Whoa - That deserves a bit more attention.

Seems that a certain eCom news organization that might be aware of verifiably sourced stories that blatently illustrate an inexplicable dichotomy between his public 'viewpoint' (setting aside qualification to be aired in the first place) and his PRACTICE in eBay data mining for an 'enhanced buyer experience'  - and intrusive, irrelevant ad spamming and reliance on such for revenue, that such a specialty focused organization, being more 'credibly credentialed', might consider sharing all that with MSNBC.  That would also coagulate all the 'individualy dismissable squawks' into a volume even greater than any GMV or other 'noteworthy metric' Dev is upstaging.

In case they may be as interested in a 'follow up'' or two for publishing a fuller truth in this case.  There may even be some other 'visions of the future' that Dev has shaped with his 'worthy-of-feature acumen' that are just as worthy of public consumption too.

Likely more.  

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: pace306 This user has validated their user name.

Tue Aug 6 09:20:21 2019

"He said advertising is fading into the background and said people don't want intrusive ads."

- then why plaster every listing on your site with intrusive ads???? DOPE

""I think people don't feel comfortable when their data is used to target them with advertising that they don't want."

- then why do it by manipulating listings and views????? DOPE

Why does anyone on the planet even listen to what this idiot says?? His favorite apps include eBay .... geez, and I suppose its new if Bezos's favorite app is Amazon?

Empty interview, empty suit, empty brain

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: iheartjacksparrow

Tue Aug 6 09:39:00 2019

@Grady - You win the internet for today.

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: NoMoreEbay

Tue Aug 6 10:41:39 2019

"He said advertising is fading into the background and said people don't want intrusive ads."

Wa Wa Wa What??????? The man has single handedly turned ebay into an ad driven, ad laden, ads in your face everywhere junk heap.

His mouth moves, sound comes out but I think he's been invaded by a pod or a parasite perhaps. How can anyone be such a bald-faced liar?

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: The End

Tue Aug 6 12:04:37 2019

SSOOOoooooo
What did The Dev have to say about the future of Ebay ?
That's in his wheelhouse.

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: thievesBay This user has validated their user name.

Tue Aug 6 12:55:56 2019

So Wenig doesn't like invasive and targeted advertising. BUT what about eBay? If you're not using an ad-blocker there you're pummeled by 3rd party ads and sponsored listings. They also use your data to show you what eBay wants you to buy!

He's also not a fan of crypto. BUT only if eBay can find a way to make a lot of money using crypto then he's all for it. Imagine that.

Wenig is a pathological liar and a hypocrite to boot.

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: toolguy

Tue Aug 6 13:01:20 2019

Just got this:

List More for Less
Pay no insertion fees on up to 200 additional fixed price or auction-style listings.

Now when the 30 days is over are they going to relist them for FREE?

It clearly states: NO INSERTION FEE

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: CanBrit

Tue Aug 6 13:01:25 2019

Yesterday I had a terrible day. I didn't want to look at eBay. Didn't want to hear anything that reminded me of it or that bogus figurehead at the top. Yesterday I was thoroughly nauseous the entire day.

Yes, Mr. Wenig. Because of you. Because of you I have to constantly reassess my business plans and ideas. I already know how to sell and market my business, but you constantly undermine those of us who know what we are doing. Just a short while ago I was supplying you with loads of fees from sales. BUT, because of you and your ignorance; your ignorance of your business, your ignorance of your sellers, the people who make you money, your ignorance of eCommerce in general, your thieving ways and outright lies.

Yes, Mr Wenig. You make me sick. 😷

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: toolguy

Tue Aug 6 13:04:16 2019

@thievesbay

"He's also not a fan of crypto. BUT only if eBay can find a way to make a lot of money using crypto then he's all for it. Imagine that."

I do believe his job is to make money for eBay!

Imagine that, he's doing the job he's being paid to do. . . .

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: pace306 This user has validated their user name.

Tue Aug 6 14:39:20 2019

I do believe his job is to make money for eBay!

Imagine that, he's doing the job he's being paid to do. . .

Yes, by exploiting (not working with) the sellers he needs to rely on to grow his business.

Some things eBay does - while not right - are at least understandable - but there are others that just boggle the mind - that someone who supposedly went to business school and supposedly is good and moral, would do to their partners.

You cant steal from people then claim the moral high ground. You cant cheat people (each and every glitch) and then ask them to fleshout your catalog with pics and info (cause you are too cheap to do so).

Ive said this before and Ill say it again (hat tip to Ferris Beuller) - if they would take some of the money they have that they used for the bar or any of the other crazy ideas and GIVE BACK to the sellers - the ones that got stolen from - they would do MUCH more for the company then any advertising or scheme they could come up with - but on PRINCIPLE they refuse. Sellers are always the whipping boys and it doesnt have to be this way ...

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: Freeeeeeeee This user has validated their user name.

Tue Aug 6 15:18:13 2019

Quite a bit of "no 💩 Sherlock" here

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: Lightning

Tue Aug 6 15:45:37 2019

@toolguy

The promo listings are a potential trap.  Yes, there are zero insertion fees the first time posted, but the fixed price listings will be posted as GTC.  The auction listings are ok, as so far eBay hasn't been working any automatic re-posting into the equation for auctions.

Note that the listings are ''additional''.  That means if you have any kind of a monthly free listing allowance, they will bite into that first.  So if you have 100 free listings remaining, and you post 200 listings, you are using the rest of your regular monthly allowance, and 100 are tallied against the promo.  You could still list another 100 promo listings during the offer period.

After the promo period ends, and there is still some month left, you have no free listings of any kind to deploy.  You are now paying insertion fees.  Also, you better end those promo listings before they renew, or there goes your allowance for next month, too.

All that said, if you manage it properly, you can benefit from being able to flood a bunch of listings onto the site.  But it can blow up in your face, so be sure to step carefully.

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

This user has validated their user name. by: iheartjacksparrow

Tue Aug 6 16:22:40 2019

@toolguy - Has any of eBay's free insertions ever been in perpetuity? Answer: No! As Lightning correctly points out, you will get hammered with GTC fees for as long as your listing remains.



Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: eBay Shill Buster This user has validated their user name.

Tue Aug 6 17:11:49 2019

Devin should be interviewed by reporters who are not fearful to ask the hard questions, but all his interviews are rigged in advance like his canned eBay open speeches which are virtually worthless that hype up folly like his Seller Hub casino where sellers can gamble on Promoted Listings, eBay payments where Devin can hold all your cash, then bankrupt you when the money is removed from your bank account from scam free returns, then the machine gun NSF fees ruin you.

Devin should get a bankruptcy law firm going because the man has bankrupted millions of eBay sellers, that he is a sure expert in.

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: kilogirl78 This user has validated their user name.

Tue Aug 6 17:21:06 2019

I hate buying on amazon and ebay right now. Both sites have WAYYY too many sponsored listings.  I miss the old days when I didn't have to wade through the sponsored listings and find the item I wanted.

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: eBay Shill Buster This user has validated their user name.

Tue Aug 6 18:14:33 2019

https://www.nasdaq.com/article/5-reasons-investors-love-ebay-cm1192274


The eBay investor relation hype machine is hard at work promoting all the schemes Devin is pushing on the marketplace including Promoted Listings, the sorry Catalog Structured Data pages which have actually slowed sales down, and last but least eBay Payments which will place millions of small sellers into bankruptcy default when they can't pay seller fees and shipping on their orders since eBay will be tying us sellers cash.

These failed schemes and these abominations is what Devin is using to fool investors and what he is hanging his hat on.

Perminate Link for eBay CEO Devin Wenig Discusses the Future of Business   eBay CEO Devin Wenig Discusses the Future of Business

by: thievesBay This user has validated their user name.

Tue Aug 6 18:34:33 2019

@toolguy I take that back, Wenig wouldn't want crypto to "make money for eBay". It's more for Wenig and other top execs to cash in $Millions from insider stock shares (which almost all are gifts/no cost to them) along with their Wall Street, hedge fund, and activist investor shills to make money. If crypto becomes available on eBay it'll be to further fleece sellers with more fees and to pump the stock price short term. Everything eBay does or announces is an attempt to manipulate the stock price. Nothing is ever about any benefit to eBay's users. I wonder how long Elliott and Starboard will stick around with this POS company when the stock fails again?

Click to view more comments
1 2  [Next Page]


Login is required to post comments.
To sign in to leave a comment using your AB Verify User Name, fill in the form below. If you have not yet signed up for AB Verify, or if you'd like more information, go to the Registration Page
.

Login for AB Verify
Be sure and use your email address and password to log in.

 
Email:
Password:
 
 Forgot Your Password?
 Even though you are signed in with the AuctionBytes Blog, you will have to sign in to the EcommerceBytes blog. But you can sign in with your existing AB Verify info.