CEO Devin Wenig, is the man behind the wheel of eBay. He became CEO in July 2015, after overseeing eBay’s Marketplaces business as its President for nearly four years. Devin joined eBay in September 2011.
Under Devin’s leadership, eBay has become one of the world’s top 30 brands and has grown annual Gross Merchandise Volume from $60.3 billion in 2011 to $84 billion in 2016. During this period, eBay added 69 million active buyers, to a total of 167 million.
We met Devin during a top rated professional seller event held by eBay Israel. As top rated sellers for more than a decade now, we were invited to interact with him in person. Devin shared his prospect on the future of e-commerce in general and eBay in particular.We would like to share with you the key insights we gained.
(From left to right: CampaignGo’s CEO Dr. Lahav Gan, Ebay’s CEO Devin Wenig, CampaignGo’s Director Naor Giat)
1. Artificial intelligence bots
EBay’s CEO sees the future of e-commerce combined with advanced AI technologies with a focus on search algorithms, upselling and marketing. AI will help capture the customer behavior when online while the change of algorithm makes it easier for the customers to toy around with different search parameters in search for the items they desire. In the strategy, he plans to enable refined search where delivery times, the condition of the goods and pricing will deliver results that are relevant to what is needed by the respective potential customers.
How can we take advantage of this insight?
It’s all about knowing your customers by investing in personalized analytics. Use the information to tune-up your listings so it matches with customer needs and behavior. You can also use the data to match the right items to the specific buyers.
More importantly, keep track of your repeat customers and the items they buy. Make contact with them and invite them to your mailing list where you promote your offers and new items – based on your personalized store analytics. Find a repeat pattern in your sales, upload more relevant listings and grow rapidly. Check out CampaighGO for more information.
2. Incredible unique brands, deals, and products
According to Devin, eBay is geared to become a one-stop shop where customers get incredible deals, products, and brands. He says his vision is to move eBay business model from an auction site to a place where unique items are sold. In fact, this has seen the rapid decline of the second-hand business to some business. When unique products are nowhere to found in many other online outputs, the customers will be willing to pay more for unique products and accept longer shipping durations.
How can we take advantage of this move?
Simply aim to unique items, elaborate description and offer interesting content. You can do it by selling products in various conditions from manufacturer refurbished up to new products. For example, there are few places where you would get a refurbished iPhone 6 or the front bumper of Chevrolet Corvette 76’ in a bargain deal! EBay aims at bringing all the customers looking for such specific and unique items on board.
3. From fragmented to structured catalog
According to Devin, eBay used to be an unmanaged marketplace. However, it is becoming highly structured as of today, enabling easier delivery with a short time-frame and being the number #1 platform when it comes to listing Promotional capabilities. According to the CEO of eBay, “sellers who start using these features in their eBay store, see a tremendous improvement in their sales. Currently, eBay has about a billion sold items by over 160 million active sellers. This has made it the world largest catalog and promotional builder for e-commerce.
The structure of the catalog has made it easier for the site to deliver the right products per search entered by the buyers. Eventually, it has increased the sales volumes for the sellers.
How can we take advantage of this move?
EBay is no longer a wild jungle for clients and your listings should no longer be a wild jungle of words. You have to play the “eBay game” in order to sell more and grow your e-business. Therefore, for you to be found, you need to follow these tips:
- Your products are listed in the right category and have predictable shipping timeframes – Aligning the products to this strategy will give you more visibility on the relevant search results.
- The customers need to see what you are offering before they make a purchase- Nice tidy pictures do all the deference when it comes to selling products online and the ability to make a “Best Offer” is always a welcoming way to integrate with your customers and make money in a more dynamic way.
- Like anything else in the e-commerce world, eBay’s search engine works on a pattern – Own the pattern and Own your selling on eBay by adding daily listings and scheduling markdown sales.
- Use promotions to drive more traffic and generate more sales.
Medium to Large Stores? CampaignGo developed a new marketing way to get your listings promoted. Schedules advanced Markdown sales per customers’ and listing’s segments with CampaignGO’s analytic technologies in order to get higher ranking on eBay’s search engine.
(Photo: Odd Andersen for AFP/Getty Images)
Best of luck and great sales,
The CampaignGO Team