Going back to its roots as an online auction marketplace, this month eBay is promoting second-hand or refurbished deals as part of its Black Friday campaign.
The once dominant online marketplace said it is seeking to offer a different approach to shopping ahead of this month’s Black Friday event, taking place on 24th November. It is a major retail event ahead of the Christmas rush.
Having long accepted that competitor Amazon has won the race, eBay is turning back to its roots by placing a focus on second-hand items at a time when people are struggling through a cost of living crisis, and when the climate emergency necessitates a more sustainable approach to shopping.
eBay said its new strategy is about moving towards “thoughtful consumption”.
The company’s market value fell from an all-time high of $53 billion (around €53 billion) last year to €21 billion (around €21 billion) in 2022 following a commerce-boom during the pandemic.
Chief executive at eBay Jamie Iannone insists the company “has a right to win” in the areas of e-commerce it is more traditionally associated with since the site began as an auction platform in 1995.
As part of the company’s strategy, it is seeking to tap into the luxury clothing resale market, one that is popular among Gen-Z and millennials who are conscious of the environment.
A return to the parts of the business which saw eBay rise to dominance appears to make smart business sense, especially since it follows the spending habits of the younger generations, however it will have to compete with trendier competitors.
Indeed, Instagram alone and the thousands of thrift store accounts will be competition enough, however start-up marketplaces such as StockX and Goat, which sell second-hand collectable sneakers, means that eBay has its work cut out for it.
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