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Tag: ebay

  • Ebay expands authentication platform to luxury jewelry

    Ebay expands authentication platform to luxury jewelry

    U.S. e-commerce giant Ebay announced plans to extend its product authentication program to cover luxury jewelry, in a bid to stem the resale of counterfeit jewels across its global marketplace. Dubbed “EbayAuthenticate”, the luxury jewelry category is the newest addition to Ebay’s new verification platform, which first launched in 2017 with the resale of luxury handbags. Following its success, Ebay went on to add luxury watches to the authentication service in early 2018.

    This month, Ebay confirmed it wants to offer “holiday shoppers more than 45,000 high-end diamond and other gemstone jewelry, verified by professional authenticators,” according to press release.

    Ahead of the busy Christmas period, Ebay customers can browse for high-end necklaces, earrings, rings, and bracelets, which are now all marked with an “Authenticity Verified” label.

    That’s in addition to engagement and wedding bands, loose diamonds and gemstones, and fine, vintage and fashion jewelry.

    Much like the verification its luxury handbags and watches already go through, all jewelry items will be approved by third-party authentication experts and sourced from more than two dozen of Ebay’s top-rated sellers.

    “Ebay is home to the largest selection of luxury goods, which includes tens of thousands of jewelry items, fine watches, and rare and designer handbags,” said James Hendy, Senior Director of Ebay Authenticate.

    “Expanding the Ebay Authenticate service provides customers an added layer of trust and confidence as they shop for fine jewelry this holiday and beyond.”

    The popularity of Ebay’s jewellery, and an industry-wide crackdown on fake goods across online marketplaces, means the authentication of goods is fast-becoming a perquisite for customer satisfaction and therefore, sales growth.

    Some 50,000 jewelry items are sold per day on Ebay (approx. 2,000 item sold per hour), with one diamond ring sold every minute, according to figures released by Ebay.

    Ebay said its most popular jewelry stone is diamonds, followed by sapphires, acquamarine, amethysts and onyx rounding out the top five precious stones sold online.

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  • Flipkart unveils Indian version of eBay for refurbished goods

    Flipkart unveils Indian version of eBay for refurbished goods

    Retail giant Walmart-owned leading e-tailer Flipkart on Wednesday unveiled a dedicated portal ‘2GUD’ for refurbished goods, including mobile phones, laptops and tablets, a week after shutting its eBay India operations.

    “The independent platform ‘2GUD’ aims to bring affordability, accessibility and availability to the refurbished market, while also addressing the problem of trust and convenience,” the company said.

    The platform offers refurbished mobile phones, tablets, laptops and other electronic accessories along with a 3-12 month warranty.”

    Through 2GUD, we aim to remove the trust deficit that exists in the refurbished goods market,” the city-based company’s Chief Executive Kalyan Krishnamurthy told reporters here.

    The platform has been launched on mobile browsers initially through the site 2gud.com, and it will soon be accessible through desktop browsers and a mobile application.

    The company’s executives, however, declined to give the investment being made in its new arm.

    “Every product that is sold on the platform goes through about 47 rounds of checks and is sold in five grades based on their physical condition — ‘Like New’, ‘Superb’, ‘Very Good’, ‘Good’ and ‘Okay’,” the company’s Vice President heading 2GUD operations Anil Goteti said.

    The prices of products on the platform will vary based on their condition.

    With the refurbished goods market remaining “highly fragmented and unorganised”, 2GUD will remove the buyer-seller interaction by performing the necessary quality checks itself, Goteti said.

    The platform also allows customers to return their products, he added.

    The company estimates the refurbished goods market in India to be worth US $20 billion in the coming five to six years.

    The launch of the independent platform for old goods, which was developed over the last 10 months, comes a week after Flipkart shut down the eBay India operations on August 14.

    Several of eBay India’s staff are now working with Flipkart’s new arm for refurbished goods, the company’s executives said, though they declined to share the specifics.

    The Bengaluru-based Flipkart in 2017 acquired eBay India’s operations in a US $1.4 billion fund-raising deal from several investors, including eBay, which invested US $500 million and received US $200 million worth stocks in Flipkart.

    With Walmart acquiring a majority stake (77 percent) in Flipkart in a US $16 billion (Rs 1,07,662 crore) deal in May this year, California-based eBay had announced that it would sell its stake in Flipkart back to the company for about US $1.1 billion and relaunch its India business soon.

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  • Qoo10’s acquisition is finally done

    Qoo10’s acquisition is finally done

    US-headquartered eBay has bought out its partners in the Japanese e-commerce business Qoo10.

    According to regulatory filings seen by US media, eBay has paid US$306 million in cash for Qoo10’s Singapore-headquartered parent Giosis and relinquished its existing equity holding.

    In July 2015, eBay was a partner in a founding round lead by Singapore Press Holdings, and also including Saban Capital Group, UVM 2 Venture Investments LP, Brookside Capital and Oak Investment Partners, which raised $182 million. eBay was an original founding investor.

    At the time, Qoo10 operated six online e-commerce marketplaces across Asia – in Singapore, Japan, Indonesia, Malaysia, Hong Kong and China. It had 17.6 million registered users across the region and a combined turnover of more than US$408 million in 2014.

    eBay’s investment this month would value Giosis at $573 million, given the cash paid combined with eBay’s shareholding of $266 million.

    Earlier this year, when flagging the proposed purchase, eBay CFO Scott Schenkel projected Qoo10 would generate about $1 billion in gross merchandise volume per year, a fraction of eBay’s circa $100 billion expected this year.

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  • Q2 revenue hikes for eBay

    Q2 revenue hikes for eBay

    US e-commerce platform eBay revenue rose by 9 per cent during the second quarter to June 30, to US$2.6 billion.

    Gross merchandise volume (GMV) rose 10 per cent, reaching $23.6 billion, or 7 per cent on a foreign-exchange neutral basis. Net income was $638 million.

    “In the second quarter, we continued to execute our strategy, making improvements to the core eBay experience,” said president and CEO Devin Wenig. “At the same time, we pursued significant opportunities in advertising and payments.

    “As we look ahead to the second half of 2018, we expect acceleration in our core business and continued strong growth in earnings.”

    eBay says the number of active buyers on its platforms increased by 4 per cent globally to 175 million.

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  • Ebay tops list for local marketplace e-commerce

    Ebay tops list for local marketplace e-commerce

    More Australians visit Ebay in an average four week period than do Amazon and Kogan combined, new Roy Morgan research has revealed.

    New data put together from a sample of 50,000 Australians aged 14-plus has shown that Ebay is by far the most popular local online marketplace, with 9.4 million visitors in an average month.

    Next is Gumtree, with 5.6 million visitors, followed by Amazon, which entered last December, at 4.6 million.

    “The gap between these figures shows there is a large cohort of well over 4 million Australians who visit online shopping websites led by eBay, Gumtree, Amazon, Kogan.com, Groupon, Catch, OzBargain and others who don’t follow through and make the purchase,” Roy Morgan CEO Michele Levine said.

    “These online ‘window-shoppers’ represent a huge audience of Australians who are already living in the online world but haven’t taken the final plunge to purchase through the online shopping channels they know exist.”

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  • Ebay launches free delivery with Myer, Target, Chemist Warehouse

    Ebay launches free delivery with Myer, Target, Chemist Warehouse

    Ebay Australia has officially launched its new membership program, Ebay Plus, offering free delivery and returns on 15 million products from tens of thousands of retailers, including Myer, Target and Chemist Warehouse.

    Ebay Plus members also get access to exclusive deals, such as up to 60 per cent off of popular items, early access to new products, a dedicated customer support team and collect double Flybuys points on all Ebay Plus purchases.

    The membership program, which went live last Friday, follows the introduction of Ebay’s Guaranteed Delivery, which provides faster and more precise delivery times for shoppers.

    The online marketplace now guarantees delivery in four days or less on millions of items, with the option to search for and filter items by delivery speed.

    The changes come as Amazon is reportedly gearing up to launch its own membership program, Amazon Prime, in Australia in mid-2018. With Prime, Amazon customers gain access to free shipping, including 2-day and in some cases same-day delivery, among other benefits.

    However, while Prime now costs US$119 (approximately A$160) annually, Ebay Plus costs only $49 for 12 months.

    According to research commissioned by Ebay in May, Australians spend over $71 on delivery each year, with 8 per cent spending in excess of $200.

    Ebay Australia & New Zealand managing director Tim MacKinnon said the introduction of Ebay Plus is a game-changer for Aussie shoppers and will address the pain-point of delivery costs.

    “We know our customers love the value and convenience of online shopping but our research shows the cost of delivery can stack up over time,” MacKinnon said.

    “Ebay Plus is the ultimate shopping membership. It’s like getting free delivery from your local shopping centre without leaving home. You sign up to Ebay Plus and receive free delivery and returns on 15 million items from tens of thousands of Aussie retailers including Myer, Target and Chemist Warehouse.

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  • Ebay brings Flybuys to platform into the Wesfarmers deal

    Ebay brings Flybuys to platform into the Wesfarmers deal

    Wesfarmers has inked a deal with Ebay Australia that will see its Flybuys loyalty program extended to purchases made on the marketplace.

    As of today, Ebay shoppers can collect and redeem Flybuys points with 40,000 Australian retailers on the marketplace, earning one point for every $2 spent on eligible items.

    The partnership is the biggest expansion in the Flybuys program since the addition of Velocity frequent flyer points in 2016, signalling the growing importance of the program to Wesfarmers in the context of the planned Coles demerger.

    For Ebay the deal is its first move into loyalty, representing a significant opportunity to strengthen its customer retention in the lead up to the launch of Amazon Prime in Australia later this year.

    The online marketplace estimates that over 60 per cent of Australian households who actively use Flybuys will now also be able to redeem points for Ebay vouchers at a rate of 2,000 points for $10, which they can use to purchase items from the e-commerce company’s 1.1 billion global listings.

    Julie Nestor, Ebay Australia’s chief marketing officer, said Ebay had originally approached Flybuys with the idea for the partnership and described the deal as a no-brainer.

    “We’re thrilled to partner with Australia’s most popular loyalty rewards program as part of our mission to continue innovating and transforming the retail industry,” Nestor told.

    The details of the partnership remain confidential and Ebay would not be drawn on the specifics, but it comes as Wesfarmers pushes to better leverage its digital and data capabilities.

    In February, Wesfarmers group managing director Rob Scott announced the creation of a new data unit within the retail conglomerate, to pursue a variety of projects across its business units, as its rival Woolworths steps up its own efforts.

    Wesfarmers will retain ownership of Flybuys in the Coles demerger, a move that was flagged by Scott in March as a strategic boon.

    Ebay said the partnership will help smaller retailers on the platform gain access to a widely recognised loyalty program, which they likely would not be able to do on an individual basis.

    Citing a survey conducted with 1,570 sellers in April, Ebay said 62 per cent of small retailers believe a rewards program would help their business compete with larger players, while 71 per cent believe a loyalty program would be too expensive to set up and run.

  • eBay tests the world’s first ‘subconscious shopping experience’

    eBay tests the world’s first ‘subconscious shopping experience’

    Online shopping giant eBay and specialist retailer Saatchi Art have created and tested an experimental retail experience they claim is the world’s first subconscious shopping experience.

    It merges art and technology to reveal shoppers’ subconscious desires.

    For just 48 hours, the two retailers invited select guests to their personalised shopping event, The Art of Shopping. Guests were first hooked up to headsets incorporating EEG technology to monitor electrical activity in the brain. They then entered a special art gallery where the “mind-tracking” technology, supplied by MyndPlay, was able to detect when they were inspired by particular works. This information was used to create personalised shopping carts.

    An algorithm to match customers with artworks was developed by behavioural psychologists and designed to be used with the billion items being sold on eBay’s virtual marketplace.

    The eBay team launched the project after commissioning a report on the neuroscience of what motivates buyers. The report investigated the difference between two types of buyers – “shop-y-cats” who impulse buy to fit in with trends, and “inspired shoppers” who prefer to discover non-mainstream  items. It found that inspired shoppers could browse longer and had a prolonged emotional high at checkout.

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  • Korean online mall sales lose traction

    Korean online mall sales lose traction

    South Korean online mall sales growth has decelerated as competition grows more fierce, government data shows.

    There was a 3.6 per cent increase in the combined revenue of 26 offline and online retailers to 10.22 trillion won (US$9 billion) in July, according to the Ministry of Trade, Industry and Energy. This gain marks a deceleration from 7.2, 6.3 and 7.2 per cent growth posted in April, May and June respectively.

    The slowdown is attributed largely to fewer sales on online open markets such as eBay and 11st.

    Sales at 13 major online shopping malls rose 4.4 per cent last month, following double-digit growth for five straight months since February. Meanwhile, the sales of the 13 offline retailers, including department stores, discount chains and convenience stores, rose 3.2 per cent on-year on the back of strong performance by convenience stores.

    Convenience stores saw their sales rise 11.1 per cent last month, with hypermarket chains posting 1.7 per cent growth and department stores having a 1.3 per cent revenue slide.

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  • Macy’s taps Ebay exec with strong digital background

    Macy’s taps Ebay exec with strong digital background

    US department store retailer Macy’s has named Hal Lawton, formerly senior vice president of Ebay North America, as president.

    Effective September 8, Lawton will be responsible for all aspects of the Macy’s brand, including merchandising, marketing, stores, operations, technology, and consumer insights and analytics, and will report to Macy’s CEO Jeff Gennette.

    Lawton brings strong retail and digital expertise from his time at Ebay and Home Depot, where he was responsible for jump-starting the hardware store’s e-commerce site and building it into a nearly $2 billion business.

    After reporting a fall in sales and earnings per share last quarter, though the fall wasn’t as bad as analysts were estimating, Macy’s is banking on Lawton’s tech background and track record of successfully driving change to turn the business around.

    “This is a key step as we look to further transform the business and work through the volatility of today’s retail landscape,” said Gennette in a statement.

    “Macy’s already has one of the strongest omnichannel businesses in the industry, and with Hal on the team, we will accelerate the integration of digital both online and in our stores to deliver the world-class experience our customers demand.”

    In addition to Lawton’s hiring, Macy’s has also announced the creation of a single simplified merchandising organisation and an enhanced focus on the company’s data analytics capabilities.

    The restructuring will consolidate three functions – merchandising, planning and private brands – into a single function organised around five ‘families-of-business’ (ready-to-wear, center core, beauty, men’s and kid’s, and home).

    The restructure will be supported by strengthened customer insights and data analytics, including new inventory replenishment and pricing capabilities.

    While the primary objective is growth, Macy’s anticipates it will save approximately US$30 million on an annual basis, some of which may be used for reinvestment in the business. It expects one-time costs of approximately $20-25 million to be booked primarily in the third quarter of 2017 and a headcount reduction of approximately 100.

    Lawton said he is excited to play a part in transforming the iconic retailer for the future of retail.

    “At a time when there is both dramatic change and great potential in retail, I’m excited to be part of the team that will shape the future of the Macy’s brand and, along with it, consumer expectations of what a great omnichannel experience can be,” he said.

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  • Ebay names new leads for 3 regional teams

    Ebay names new leads for 3 regional teams

    Ebay announced it has promoted Scott Cutler, Jay Lee and Jooman Park to lead Ebay’s regional teams. Cutler will lead the Americas, Park will lead APAC and Lee will lead EMEA. Cutler has been with Ebay since 2015. Prior to Ebay he was the Executive Vice President of the New York Stock Exchange for nine years.

    He got his law degree from the University of California Hastings College of Law and began his career as a securities attorney.

    Cutler’s new title will be Senior Vice President of the Americas. He will lead both the Ebay Marketplace in the region as well as continue to lead StubHub until a new leader is found for that role.

    Lee has been with Ebay for fifteen years. His work with the company focused on building market share in Korea. He did that through developing the company’s Gmarket and Auction platforms in Asia. He also helped open up international exporting opportunities for Chinese sellers.

    Lee received his MBA from Harvard’s Graduate School of Business Administration. He will become the Senior Vice President for EMEA.

    Park has also been with Ebay for fifteen years. He spent eight years leading Ebay’s Korean business. He then transitioned to Australia where he focused on growing partnerships with the local retail industry.

    Park has an MBA from the Wharton School of Business. In his new role as Senior Vice President for APAC, Park will lead Ebay’s Marketplace.

    Devin Wenig, President and CEO of Ebay Inc. said the new appointees will “focus on accelerating core business and driving Ebay’s competitive advantages as a global commerce leader.”

    Ebay is based in San Jose, CA. Its main commerce platforms are the Marketplace, StubHub and Classifieds. It enabled $84 billion of gross merchandise volume in 2016.

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  • Microsoft expands local presence

    Microsoft expands local presence

    Microsoft is looking to extend its local retail footprint, yesterday launching a virtual store on Ebay.

    The tech giant said it is looking to tap into the 11.3 million monthly visitors that visit the online marketplace, with one in two online shoppers visiting the site.

    It represents a three-fold tilt at Aussie consumers with the Ebay store joining its own e-commerce platform and flagship store at Pitt Street mall in the Sydney CBD.

    “With the launch of the Microsoft store on Ebay, we’re making it easy for the millions of Australian Ebay users to discover and purchase their favourite Microsoft products with the assurance of the same safe online shopping experience, return policy and free shipping that they have come to expect from microsoft.com,” said Fiona Sims, online store manager, Microsoft Store ANZ.

    Operated by Microsoft Australia, the Ebay store will feature Surface, Xbox, a full range of PCs, accessories, software and similar deals and promotions to those found at the flagship Pitt St location, where there are over 178 digital panels throughout the store with 38 different video feeds, and two large external screens.

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  • Korea to launch virtual reality shopping mall

    Korea to launch virtual reality shopping mall

    A virtual reality shopping mall is set to be launched in Korea, backed by the government.

    The Ministry of Trade, Industry & Energy says it will be rolling out the mall during this year’s Korea Sale Festa – Korean Black Friday – in October.

    The ministry hopes that consumers will be able to use to shop and place orders and have the goods delivered to their doorstep.

    This video gives an idea of what shoppers can expect when the design is complete.

    According to the ministry, although the global retail industry recognises VR or AR shopping as the industry’s future, key players such as eBay and Alibaba are still in the testing phase.

    Korean VR technology 2

    The ministry is inviting retailers to join its initiative starting this week to establish virtual outlets on the upcoming platform. The deadline for applications is April 10.

    “We’re hoping for our project to provide new business opportunities and create a whole new market,” a ministry official said.

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  • Flipkart to acquire eBay India

    Flipkart to acquire eBay India

    Three days after closing a funding round of US$1 billion, Flipkart is taking steps to acquire eBay India.

    Insiders say eBay India will be folded into Flipkart, reports start-up specialist publication E27.

    After Flipkart, Amazon, Shopclues, PayTM and Snapdeal, eBay is India’s six-largest e-commerce company.
    Flipkart’s latest funding round involved eBay, Microsoft and Tencent Holdings, setting its value at US$10 billion, up from US$5.39 billion last month.

    Launched in 2007, Flipkart is battling against Amazon to dominate the e-commerce market in India. Amazon arrived in India in 2012, ending Flipkart’s five years of supremacy.

    In 2014, Flipkart raised US$1 billion, a record for an Indian company, from such investors as Accel Partners, Russia’s DST Global and Tiger Global.

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  • India’s Flipkart closes $1 billion funding round

    India’s Flipkart closes $1 billion funding round

    Indian e-commerce giant Flipkart has closed a US$1 billion funding round, with plans to raise an equal amount over the next few months.

    Investors who have contributed to this round include eBay, Microsoft and Tencent Holdings, Bloomberg reports.
    The funding comes at a valuation of $10 billion, up from $5.39 billion when its minority investor and the mutual fund managed by Morgan Stanley slashed Flipkart valuation by 3 per cent last month. Its peak valuation was $15.5 billion in 2015.

    Launched in 2007, Flipkart was one of the first Indian tech companies to enter the global Unicorn startups club. It had an invincible run until Amazon entered India in 2012.

    In 2014, Flipkart raised $1 billion, a record amount for an Indian company, from investors including Accel Partners, Russia-based DST Global and Tiger Global, whose former MD Kalyan Krishnamurthy has joined Flipkart as CEO.

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