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Post by somany on Feb 1, 2018 0:46:41 GMT
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Post by chapeaunoir on Feb 1, 2018 0:53:20 GMT
If it was almost anyone but eBay this wouldn't bother me. Etsy handles the money for we shop owners and it's no problem. But eBay? Ugh.
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Post by Emerald_Door on Feb 1, 2018 1:42:21 GMT
It sounds like maybe buyers will pay eBay directly and then eBay will distribute the money to sellers. I want eBay to be less involved in my business, not more. And there's this, "sellers should expect to provide eBay with some additional payments-related data..." Here's the full announcement: --- eBay to Intermediate Payments on its Marketplace Platform By: eBay News Team eBay has signed an agreement with Adyen, a leading global payments processor, to become its primary payments processing partner. eBay intends to further improve its customer experience by intermediating payments on its Marketplace platform. In doing so, eBay will manage the payments flow, simplifying the end-to-end experience for buyers and sellers. eBay has signed an agreement with Adyen, a leading global payments processor, to become its primary payments processing partner. PayPal, a long-time eBay partner, will be a payments option at checkout for eBay buyers. The transition to full payments intermediation will be a multi-year journey, and eBay will move as quickly as possible to complete this process within the parameters of the Operating Agreement with PayPal, which remains in place through mid-2020. As a leading global commerce company, eBay believes that payments intermediation is strategically important to improve the buyer and seller experience on its platform and will enable the company to further innovate on behalf of its customers. In a rapidly changing and competitive ecommerce landscape, shoppers expect to be able to both shop and checkout on the site on which they transact. As eBay intermediates payments, shoppers will be able to complete their purchases within eBay. As a global marketplace that operates in over 190 markets, eBay also must continue to provide localized payment options for buyers and sellers that are tailored to their unique needs. Over the past three years, eBay has transformed its business to drive the best choice, most relevance and most powerful selling platform. Building out eBay’s payments capabilities is the next step in the company’s strategy, with the goal of driving significant benefits and efficiencies for its buyers and sellers globally. Specific Customer Benefits For sellers: Lower Costs and More Control of Their Economics. Most sellers can expect their costs of payments processing to be reduced after they transition to eBay’s intermediated payments model, and benefit from a simplified pricing structure and more predictable access to their funds. A Central Place to Manage Their Business. eBay is working on solutions to provide sellers with information about their eBay business, inclusive of payments information, in one place so that sellers can easily track and manage all of their transactions and customer interactions on eBay. Greater Buyer Reach and Improved Conversion. By offering buyers more choice in how they pay and expanding payment options into more geographies, eBay believes sellers will be able to reach more buyers and improve conversion. For buyers: More Payment Options at Checkout. eBay is focused on providing consumers greater choice in payment options at checkout. An Integrated Checkout Experience. eBay will manage the entire checkout experience, delivering a more streamlined experience for consumers. Strategic Partners eBay has signed an agreement with Adyen to be its primary partner for payments processing globally, including in North America. Adyen powers payment processing for a number of the world’s leading global marketplaces and brings to this partnership a broad global footprint with a flexible and scalable technology platform. Adyen’s wide geographic reach and experience at scale extends to more than 150 currencies and over 200 methods of payments. Additionally, eBay and PayPal have aligned on terms to offer PayPal as a way to pay at checkout on the eBay intermediated model until July 2023. PayPal will remain an important partner to eBay. Long-Term Investments eBay has begun making significant investments across its business to build the capabilities required to intermediate payments. The company’s payments team is led by Alyssa Cutright, Vice President of Payments, and Jingming Li, Vice President of Payments Platform, to oversee the business and product development, as well as Yvette Bohanan, Vice President of Risk Management, leading the payments risk management team. Together, these leaders bring significant payments expertise from Alipay, Google, HSBC, Square and Wells Fargo. Over time, eBay expects to have a team of several hundred business, product, and risk specialists driving its payment capabilities. Timing eBay will begin payments intermediation on the Marketplace platform on a small scale in North America starting in the second half of 2018, expanding in 2019 under the terms of the Operating Agreement with PayPal. In 2021, eBay expects to have transitioned a majority of its Marketplace customers to its new payments experience. The way that sellers engage with eBay in an intermediated landscape will, for the most part, be very similar as they do today. For example, sellers will not need to change their accounts with eBay. Sellers will continue to log into eBay and manage their listings as they do today. As eBay begins to intermediate payments, sellers can expect to see new, streamlined dashboards and reports inclusive of payments – all within eBay. Specifically: As eBay transitions to a fully intermediated platform, it will work closely with its sellers to ensure that its new payment capabilities reflect their needs and deliver value to them. To enable payments in their eBay accounts, sellers should expect to provide eBay with some additional payments-related data and transition to a new relationship with eBay that includes integrated payments capabilities. Sellers will be required to complete these steps in order to continue selling on eBay, and it is anticipated that this transition for sellers will occur no later than one year after the expiration of eBay’s Operating Agreement with PayPal, i.e., by July 2021. As eBay gets closer to the initial phase of its intermediation efforts, it will share more details about this process and next steps for its sellers. In the meantime, sellers can contact eBay now at paymentsinfo@ebay.com to stay up-to-date on eBay’s payments efforts and timing, share feedback and ask questions. eBay’s payments initiative is expected to deliver value to customers through an improved shopping experience, enhanced selling tools and streamlined costs. The company is committed to working closely with its seller community to address the features and benefits that are most important to them and to ensure a smooth payments transition. Forward Looking Statements This announcement contains forward-looking statements relating to, among other things, the future events and future performance of the company and reflect, among other things, eBay’s expectation regarding the anticipated benefits of the company’s initiative to intermediate payments on its Marketplace platform. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. Factors that could cause or contribute to such differences include, but are not limited to: changes in political, business and economic conditions, any regional or general economic downturn or crisis and any conditions that affect ecommerce growth or cross-border trade; the timing and possible outcome of this initiative; the possibility that the initiative may be delayed or abandoned; and the possibility that it may take the company longer than expected to fully realize any anticipated benefits of the initiative, and those benefits may ultimately be smaller than anticipated or may not be realized at all. More information about factors that could affect the company's operating results is included under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations website at investors.ebayinc.com or the SEC's website at www.sec.gov. All information in this release is as of January 31, 2018. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements. www.ebayinc.com/stories/news/ebay-to-intermediate-payments-on-its-marketplace-platform/?utm_source=301Redirect&utm_medium=301Redirect&utm_campaign=301Redirect
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Post by SA on Feb 1, 2018 1:57:40 GMT
I'm sure there will be growing pains, but just like the implementation of Paypal - it'll work itself out I'm sure. HOWEVER As a buyer, I'll use nothing but Paypal until that day comes. And I have a feeling a lot of buyers aren't up to trusting a new payment system. Unless you can pay Ayden using your PP account
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Post by SA on Feb 1, 2018 1:59:37 GMT
Things that were of interest to me in that article and other things I've read:
They will start in N. America the end of this year. Rolled out until 2021. Paypal is still an option. It could reduce our costs.
Here's something I read in a post from an eBay rep:
Most sellers can expect their costs of payments processing to be reduced after they transition to eBay’s intermediated payments model, and benefit from a simplified pricing structure and more predictable access to their funds. And, by offering buyers more choice in how they pay and expanding payment options into more geographies, eBay believes sellers will be able to reach more buyers and improve conversion.
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Post by SA on Feb 1, 2018 2:04:10 GMT
OK. Reading this article made it make a little more sense to me. Interesting article about Adyen: www.cnbc.com/2016/05/27/inside-adyen-the-2-billion-start-up-backed-by-mark-zuckerberg-silicon-valley-elite.htmlAlso read this: Who is Adyen? Adyen is a technology company that provides businesses with a single solution to accept payments anywhere in the world. The only provider of a modern end-to-end infrastructure connecting merchants directly to Visa, MasterCard, and 250 other payment methods globally, Adyen delivers frictionless payments across online, mobile, and in-store. Headquartered in Amsterdam and San Francisco, with offices across North America, South America, Europe, Asia and Australia, Adyen serves more than 4,500 businesses, including 7 of the 10 largest U.S. Internet companies. Customers include Facebook, Uber, Netflix, Spotify, Dropbox, Evernote, Booking.com, Yelp, Vodafone, Superdry, Mango, Crocs, O’Neill, SoundCloud, KLM and JustFab.
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val2525
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Post by val2525 on Feb 1, 2018 2:25:45 GMT
I think it just means ebay will be offering us another choice besides PayPal. www.adyen.com/I like the idea. Donohoe is breaking things that worked at PP just like he did at eBay. I like the idea of another processing service. PayPal's shares dropped by 30+ % today when eBay announced this. Take THAT, Donohoe.
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Post by Pantlandia on Feb 1, 2018 2:45:18 GMT
I guess (as usual) I'm in the minority and think that this will be a good thing. It's not like eBay is doing this. They are hiring a company with a lot of experience and who have very big name clients. More options for payments from my buyers can't be a bad thing.
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Post by Deleted on Feb 1, 2018 3:19:59 GMT
Can someone please explain to me in simple English what does it mean? Ebay will have their own payment processor or something? Or another company that's similar to paypal? I don't underrated what's going on (English as a second language here), but somehow I don't like it.
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Post by Deleted on Feb 1, 2018 4:19:11 GMT
Ebay is going to have their own payment processing system. It appears it will accept the usual - paypal, debit, transfer, and credit cards. It's a new way of collecting revenue. They need something since they lost Paypal in the split.
They're going to collect funds from the buyers and then disburse the funds to the sellers. I believe this means there may not be any more instant funds in your Paypal account - or whatever account you use. I don't know if there will be instant transfers within this new account.
The big question: How long will it take to get the money.
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Post by chapeaunoir on Feb 1, 2018 4:38:20 GMT
As long as eBay does NOT participate in the processessing and is merely a channel, then it's good. My only difficulty is eBay doing any money handling or putting provisions on the company doing the money handling. eBay simply is not competent enough to do this IMHO. If Adyen is doing everything, then that's different.
Etsy does this kind of thing and I actually prefer it - I can take all major credit cards, plus paypal.
What may happen to eBay sellers is we have to provide documentation of who we are and some financials - this is so that Adyen has the tools to process the money.
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Post by chapeaunoir on Feb 1, 2018 4:43:08 GMT
We have two threads going here on this - maybe they can be joined?
I mentioned on the other one that Etsy works as a payment processor and it expands the options one can use for payments. For Etsy, your money is banked and a disbursal is made once a week, but you can always request it sooner. I just let it collect up and then have it automatically transferred to my checking account. We can also take Paypal through this payment processor. I signed up for it immediately I opened my store when one could still be paypal only because I liked the idea of expanded payments - it's worked just fine.
If Adyen truly does all the money handling, with eBay simply being a channel, it may very well reduce costs and expand options.
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val2525
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Post by val2525 on Feb 1, 2018 5:13:50 GMT
I guess (as usual) I'm in the minority and think that this will be a good thing. It's not like eBay is doing this. They are hiring a company with a lot of experience and who have very big name clients. More options for payments from my buyers can't be a bad thing. ITA. It's no different than if eBay had announced they were going to partner with Stripe or Square and integrate that service into the checkout, but with PP as another option. It's like right now. If you take PP, the checkout is embedded and it's smooth. If you ALSO take credit cards directly, you have to use one of the approved gateway partners. The buyer still checks out from eBay, but there are a few more steps to go thru. I think this will be similar, but the smooth process will be via eBay checkout using Adyen. PP will become second choice and there may be a couple of steps involved (mainly done this way to encourage sellers to use the easier option). It's entirely possible that eBay was able to work a better deal with Adyen as well. It may or may not benefit us in terms of lower fees, but it should at least be competitive with PP and other gateway processor fees. Another good thing that may come from this is no longer having to log in to pay. My guess is Adyen will be embedded so that checkout is seamless, much like it is at major retailers when you pay there (using a method other than Paypal that is). I think the announcement was poorly worded (as usual) and folks are reading too much in to it. That's my take, anyway.
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val2525
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Post by val2525 on Feb 1, 2018 5:18:44 GMT
I merged the two threads.
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Post by val2525 on Feb 1, 2018 5:37:03 GMT
www.ecommercebytes.com/C/blog/blog.pl?/comments/2018/2/1517449312.html/2/20#1517463264A little more detail from eCommerceBytes. It does look like eBay may be the middle man. Even so, I have no problem with that depending on how long it will take eBay to give me my $. If it takes more than 2 business days, I'm outta here. I say 2 biz days because that's the longest of any processor I can think of. Most have been trying to cut down the time from payment received to payment processed to seller.
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Post by chapeaunoir on Feb 1, 2018 9:16:52 GMT
I'm not comfortable with eBay handling anything beyond being a simple gateway - they're simply too sloppy. Security alone could be an issue. They can't even keep listings running, one half doesn't seem to know what the other half is doing, and they can't even write a coherent press release. They have a lot to prove.
The fuss about Etsy payments is all hogwash, though - they do NOT 'hold' payments for 'weeks' - they have a once a week disbursal. If one wants the funds the next day, they can be transferred the next day to their bank account with the press of a button. To me it's just like a weekly paycheck, but it does not have to be weekly.
So, I guess I'll stay tuned.
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Post by thekloset on Feb 1, 2018 12:55:20 GMT
i signed up for ebay business on facebook as liz suggested and this was the first post of any substance i've seen (i was getting just contest posts for some reason and thought i signed up for the wrong thing)
all i can say we will see.
but i actually lol'd and clapped at a person who had the cohones to ask....
what is intermediating?
i thought the exact same thing. they used the word multiple times before they really said anything. it reminded me of the old baffle them with bullshit technique--its really not the kind of word that is prevalent in mainstream conversation and just sounds impressive to people---it did remind me of when we all learned the Phd level term "disruptive innovation"....it became a buzzword before the general public knew what it meant. remember that the average reading level in the usa is around an 8th grade level--way too many people at that 4th grade level---so i would say to their press people...Remember your audience---save the million dollar words for the boardroom and just covey your point clearly and plainly.
after reading it late last night, i felt that bulletin itself said very little.
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Post by thekloset on Feb 1, 2018 12:55:53 GMT
i signed up for ebay business on facebook as liz suggested and this was the first post of any substance i've seen (i was getting just contest posts for some reason and thought i signed up for the wrong thing)
all i can say we will see.
but i actually lol'd and clapped at a person who had the cohones to ask....
what is intermediating?
i thought the exact same thing. they used the word multiple times before they really said anything. it reminded me of the old baffle them with bullshit technique--its really not the kind of word that is prevalent in mainstream conversation and just sounds impressive to people---it did remind me of when we all learned the Phd level term "disruptive innovation"....it became a buzzword before the general public knew what it meant. remember that the average reading level in the usa is around an 8th grade level--way too many people at that 4th grade level---so i would say to their press people...Remember your audience---save the million dollar words for the boardroom and just covey your point clearly and plainly.
after reading it late last night, i felt that bulletin itself said very little.
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Post by labbypaws on Feb 1, 2018 14:32:05 GMT
I want my money immediately after my buyer pays. No holds. That is my fear. As soon as they buyer pays in PayPal, I pay my eBay fee and transfer my funds into my bank. I usually have it that afternoon or the next day.
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Post by blissfullymiserable on Feb 1, 2018 15:53:32 GMT
I want my money immediately after my buyer pays. No holds. That is my fear. As soon as they buyer pays in PayPal, I pay my eBay fee and transfer my funds into my bank. I usually have it that afternoon or the next day. That's my main concern too
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Post by chapeaunoir on Feb 1, 2018 17:58:27 GMT
According to the reading I've done, everything is rolled into one vertical payment system, so there is no separate accounting. It's the same with Etsy - they take care of everything and I just take the money - all fees, shipping (the shipping may not be something eBay does) and payments are all bundled into one. It's so much easier, and it's cheaper. I think it's one reason Etsy has been able to keep its fees down, and probably why they axed the Paypal stand-alone. They just do a once a week deposit, same as if I were being paid once a week, no mess no fuss. I pay my eBay fees once a month with automatic debit - I like to keep things as simple as possible when it comes to finances. With ebay it's dribs and drabs - revenue, fees, paypal fees, paypal, etc. thekloset - I'm hoping that "intermediation" is kind of a misnomer - as Anyeh is solely a back-end payment system. If eBay starts 'intermediating' it may come out more like intermeddling. Again, my only concern about all of this. ETA: As for daily disbursements - under this system (again if it's like Etsy Payments), you would just do a single daily transfer - all fees, etc., would already be settled.
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Post by zoesam on Feb 1, 2018 18:09:25 GMT
i signed up for ebay business on facebook as liz suggested and this was the first post of any substance i've seen (i was getting just contest posts for some reason and thought i signed up for the wrong thing) all i can say we will see. but i actually lol'd and clapped at a person who had the cohones to ask.... what is intermediating?
i thought the exact same thing. they used the word multiple times before they really said anything. it reminded me of the old baffle them with bullshit technique--its really not the kind of word that is prevalent in mainstream conversation and just sounds impressive to people---it did remind me of when we all learned the Phd level term "disruptive innovation"....it became a buzzword before the general public knew what it meant. remember that the average reading level in the usa is around an 8th grade level--way too many people at that 4th grade level---so i would say to their press people...Remember your audience---save the million dollar words for the boardroom and just covey your point clearly and plainly. after reading it late last night, i felt that bulletin itself said very little. Who knows, but Ebay clearly means it as a verb, not as an adjective as it appears in the thread title. The thread title is confusing to me, maybe the word "to" was inadvertently left out. I think it should read: Ebay to begin to intermediate payments. What it really means is anyone's guess at this point. But, why would the word mediate not suffice? Isn't that what PP does, mediate payments? With the choice of the word I took it to mean it would be like an escrow service & by the thread title, I took it to mean they would pay us partially, in the middle of a tx, (adjective intermediate). We'll have to wait n see, as usual.
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Post by Deleted on Feb 1, 2018 18:46:50 GMT
The word isn't really common in everyday language, but it does seem correct.
They are going to intermediate rather than mediate. I'm guessing their legal department chose this terminology.
I'm more interested in how disputes will be handled. So if ebay rules for or against a buyer, can the buyer then go to Adyen for a second opinion. Or is this one and the same? This alone could be really beneficial to sellers. Eventually it could cut disputes down to just Ebay and the Credit Card. Remove Paypal from the whole equation ( eventually ).
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Post by chapeaunoir on Feb 1, 2018 20:48:48 GMT
Dang - I just realized that Adyen (I keep spelling it wrong) does the payment processing for Etsy! It works fine.
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Post by sunsetpainter on Feb 1, 2018 22:10:24 GMT
I've never had a problem with Etsy payment system. When I make a sale, I just transfer the money as soon as it's available. Goes right to my bank account withing a day or 2.
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Post by SA on Feb 1, 2018 22:20:20 GMT
The word isn't really common in everyday language, but it does seem correct. They are going to intermediate rather than mediate. I'm guessing their legal department chose this terminology. I'm more interested in how disputes will be handled. So if ebay rules for or against a buyer, can the buyer then go to Adyen for a second opinion. Or is this one and the same? This alone could be really beneficial to sellers. Eventually it could cut disputes down to just Ebay and the Credit Card. Remove Paypal from the whole equation ( eventually ). I think that might be another "who knows". BUT From what I'm reading and understanding, NO. eBay holds the Adyen payment processing and our sales. It's not a separate banking system. Adyen will work behind eBay. From what I'm understanding, it will be just like your last two sentences. Cut PayPal and only deal with eBay/credit cards.
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val2525
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Post by val2525 on Feb 2, 2018 0:27:46 GMT
I'm ok with the whole concept except any possibly hold by eBay. I won't be happy if they hold funds and distribute weekly. That's part of why I haven't spent any time setting up an etsy store. Right now, I need the payment money fast rather than slow.
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Post by Deleted on Feb 2, 2018 0:46:37 GMT
This is going to be huge in the long run for Ebay. Once they completely ditch Paypal, then they can start getting some real growth.
I wonder how the financial holds and transfers will work.
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Post by chapeaunoir on Feb 2, 2018 3:29:40 GMT
They won't be ditching paypal, though - it'll be one option processed by Adyen. What's great about this is paypal will still be available for those who use it (I use mine as a debit system, and it makes it easy to track things for taxes), but other payment options will be available, too. On Etsy you can pay with any number of methods including paypal, and it opens up sales to countries whose banking rules don't accept Paypal (Turkey was the latest example).
ETA: Not being tied to Paypal exclusively will help eBay, I'm sure, but I'm a little skeptical of it making any real large difference - most sellers on Etsy that I talked to didn't see a difference in revenue or sales beyond the usual market fluctuations; a big component of the profit Etsy is finally turning has to do with Etsy Payments as a seller service rather than increase in sales themselves - that's one reason Josh was brought on board - the site needed a new direction. I don't see eBay actually improving market share much until they do something about their actual core concepts and get some focus - they've gone from an etailer leader to very much just a follower, which is why Amazon and Walmart have blown past them. When eBay started, Amazon was just a warehouse on a street down from where I lived and had a lot of books - one step away from Bezos selling stuff out of his garage, and look what has happened. eBay need to figure out who they are and build out from that, and I actually don't have faith that the current CEO and admin have the vision to forge a new direction - that's a BIG job. This change was basically forced on them by their ending contract with Paypal.
So, I agree it will help, but I'm in a wait and see pattern that it will make a big difference. 99 times out 100, it's management and vision that makes or breaks a company, rather than revenue.
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Post by Deleted on Feb 2, 2018 4:31:40 GMT
They're not ditching them completely, but they will eventually have them in second place. I should have worded that different. There's really not a clear avenue for revenue growth other than payment processing.
This: I don't see eBay actually improving market share much until they do something about their actual core concepts and get some focus - they've gone from an etailer leader to very much just a follower, which is why Amazon and Walmart have blown past them. When eBay started, Amazon was just a warehouse on a street down from where I lived and had a lot of books - one step away from Bezos selling stuff out of his garage, and look what has happened.
100% agree. I don't know how Ebay can shake their auction house / cheap place image. Amazon started with auctions and Bezos could see they were not the future. There was an article that said Ebay's unique visitor percentage is dropping. So not only are they losing new visitors, they're struggling to keep the ones that do buy on ebay.
Reordering supplies. Amazon makes it so easy to reorder stuff I use on a regular basis.
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