The e-commerce platform eBay is embracing new modern forms of payment such as buy now and pay later. According to eBay CEO Jamie Iannone, this new forms of payment to continue attracting younger millennial and Gen Z customers.
EBay now accepts Apple Pay and Google Pay, and it’s experimenting with the “buy now, pay later” (BNPL) trend in the form of a partnership in Australia with Afterpay (which Square is in the process of buying for nearly $30 billion).”
“BNPL is bringing in a younger demographic.” This does help attract newer customers to the platform. People like to use it for high-priced items,” Iannone said.
eBay is not keen to accept payments with bitcoin yet.
But one trend eBay isn’t embracing just yet is bitcoin. Given the volatility in cryptocurrencies, Iannone said the company will not be accepting any of them as payment “for the foreseeable future.”
“We were too focused on acquiring buyers and getting them at any costs. We’re leaning in now on the enthusiasts.”
Speaking to CNN recently, Iannone said, “we were too focused on acquiring buyers and getting them at any costs. We’re leaning in now on the enthusiasts.” As a result of this new focus, eBay made more money selling trading cards in the second quarter of this year than it did in that category in all of 2020, for example.”
The company is also leveraging the power of social media and the influencer community -— including a sneaker marketing campaign on TikTok.
The company has increased efforts to authenticate the value of items like shoes, baseball cards and musical instruments. For example, eBay just acquired sneaker authentication service Sneaker Con. It’s also tracking the value of trading cards in real time like stocks. (And Iannone himself recently bought a “barely used” oboe for his daughter on eBay.)
“Ebay has been a pioneer of collectibles exchanges and re-commerce. We’re leaning into that. It’s all about regaining trust on the platform,” Iannone said.