EBay Abolishes Seller Charges for High-Value Sneaker Listings Above $100
In the ever-evolving world of online marketplaces, eBay continues to make waves. The company, which sells a sneaker every 1.5 seconds, according to their own estimates, has announced several significant changes recently.
Firstly, the CEO and President of eBay, Devin Wenig, has stepped down after four years in the role. Wenig took the helm after eBay split with payments processor PayPal, and during his tenure, he led the company through numerous changes.
Among these changes, eBay has announced that it is eliminating seller fees for some sneaker listings in North America. Sellers will not incur a listing fee if the starting price of the sneaker is $100 or more, and they will also be exempt from final value fees (also known as selling fees) if the selling price prior to shipping, taxes, and fees is $100 or more.
This move is part of eBay's efforts to boost its sneaker sales. Currently, there are around 1.5 million average daily live sneaker listings on the marketplace, and the company expects to sell nearly 6 million sneakers in 2019.
In collaboration with sneaker and apparel sales marketplace Stadium Goods, eBay is launching the "December Drop" series. This series will feature the "biggest styles of 2019," including four days of Adidas Yeezy 700 releases below the retail price of $215.
Meanwhile, Stadium Goods has caught the attention of investors. In late 2018, luxury fashion conglomerate LVMH Luxury Ventures invested into Stadium Goods, and earlier this year, Farfetch bought Stadium Goods for $250 million in cash and Farfetch shares. Unlike eBay, Stadium Goods has an authentication system, ensuring the authenticity of the items listed on their platform.
While Stadium Goods continues to grow, eBay's event ticket arm, StubHub, is set to change hands. eBay announced last month it will sell StubHub to Viagogo for just over $4 billion in cash. The sale is expected to close in early 2020.
However, the resale market is not without its challenges. This summer, StockX, a competitor to eBay in the resale market, stumbled due to a security breach that compromised customer information. Despite this setback, StockX recently expanded to offer apparel and accessories.
As the resale market continues to evolve, it remains to be seen how these changes will impact the landscape. One thing is certain, though—eBay is making a strong push to remain a key player in this exciting space.
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