One category continues to draw consumers to eBay Inc.: collectibles, said CEO Jamie Iannone.
On an earnings call with investors, he announced eBay revenue and gross merchandise value (GMV) grew in the marketplace’s fiscal third quarter, ended Sept. 30. EBay GMV grew to nearly $18 billion in Q3, he said. And much of its GMV in the past year has come just from collectibles.
“We generated over $10 billion in GMV from collectibles over the last 12 months, and more than one in four eBay buyers purchased at least one collectibles item over the past year,” Iannone said. “These buyers carry some of the highest conversion, repurchase, and retention rates on eBay. And they are also among the heaviest cross-category shoppers on our platform, which supports our other categories.”
In the past 12 months, eBay GMV reached about $72.8 billion, according to financials listed in its most recent earnings release. Based on those figures and Iannone’s statement, Digital Commerce 360 estimates eBay collectibles accounted for about 13% of GMV in the past 12 months.
EBay ranks No. 6 in Digital Commerce 360’s Global Online Marketplaces database. The database ranks the 100 largest such marketplaces by 2023 third-party GMV. Digital Commerce 360’s 2023 Global Online Marketplaces Report includes key insights into the biggest players in the database.
eBay capitalizes on collectibles in Q3
Iannone said eBay’s goal is to remain “the world’s most loved destination for passionate collectibles enthusiasts.” Working toward that goal, he said, eBay launched direct submissions to its vault.
“This enables any U.S. resident to send in trading cards valued at $250 or higher from their personal collections to the vault, even if they were not purchased on eBay,” he said.
Additionally, in July, eBay announced what it calls Vault Enhanced Submission. It enables eBay “to gather large amounts” of valuable trading cards in person at events. In one weekend, eBay added “tens of millions of dollars of assets under management to the eBay vault,” Iannone added. That includes a signed Jackie Robinson card valued at about $1 million.
The marketplace describes eBay vault as “a secure, climate-controlled, physical storage facility for graded trading cards available to eBay customers. In addition to best-in-class storage, the eBay vault offers opportunities for seamless buying and hassle-free selling with the confidence that comes with Authenticity Guarantee.”
eBay revamps condition grading system for trading cards
Iannone said eBay “revamped” its condition grading system for trading cards. It improves transparency for collectibles in the subcategory, he said. New listings now carry more precise details, he added. That includes whether a card has been professionally graded and the numerical grade, or one of several predefined card conditions.
EBay will also migrate existing listings to the new standard “over the coming months,” Iannone said. “Sellers have been asking us for this feature for some time, and we believe it will drive improved trust for buyers, better and more consistent price realization for sellers, as well as more robust data and insights around individual card values for eBay.”
Making the shopping experience more interactive
Although still in beta, eBay launched eBay Live last year in response to its growing community of collectors and enthusiasts, Iannone said. The interactive live-shopping feature is available within the eBay app, and the marketplace continues to expand its availability to more sellers and categories, he said.
Using eBay Live, buyers can interact with sellers and checkout in real time without leaving the livestream, Iannone added.
“Q3 marked an inflection point as we hosted over 1,000 live events, saw our millionth buyer tune in, and grew GMV from eBay Live by 4x quarter-over-quarter,” Iannone said.
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