Last week we released eBay's Q2 earnings report with strong results, and I want to share some key takeaways:
- eBay performance exceeded estimates, and we reported $18.5 billion GMV and 138 million daily active buyers.
- The commitment to our Focus Category strategy continues to yield strong results, as investments in trust, new products and driving consumer awareness are driving growth.
- Our emphasis on best-in-class consumer experiences is leading to higher customer satisfaction, especially with enthusiasts.
In Q2, eBay exceeded estimates across every metric - fueled by the pace and positive impact of our long-term growth roadmap. Since the retail world was upended by a global pandemic, we've all been resilient in the face of ongoing macroeconomic uncertainties - and eBay will continue supporting and growing your businesses with investments in trust, innovative experiences and community engagement.
Together with you, we intend to stick to this course through 2022: setting ourselves up for continued success by identifying, expanding and capturing right-to-win categories; delivering more exceptional shopping experiences on the platform; and making eBay even more attractive and engaging to enthusiast consumer audiences. You, our sellers, are the reason for our current and future success - with your passion, remarkable customer service and truly differentiated inventory. I look forward to us continuing this journey together.
Focus categories are setting the pace
Our Focus Category strategy is fundamental to eBay's long-term growth plan, and our investments are leading to stronger performance. In these categories where we have improved the experience, customer satisfaction remains at or near best-in-class levels, and growth continues to accelerate.
More importantly, the majority of our enthusiast buyers' spending remains above $3,000 dollars per year, and we continue to see cross-category shopping activity. Simply put, our Focus Category strategy has put allof eBay in a stronger position today and will remain a key driver of our worldwide business.
More interesting takeaways:
- In our largest focus category, Parts & Accessories, customers are delivering some of eBay's highest net promoter scores (NPS) - meaning they are more likely to recommend their experience. We have rolled out new marketing campaigns like 'Let's Ride'and introduced more ways for P&A enthusiasts to discover the wide range of inventory on eBay - all showing encouraging signals of increased buyer engagement.
- Refurbishedproducts are now growing faster than new products in the same category; to meet demand we've added more trusted sellers and expanded the categories in the program to include headphones, audio, gaming consoles and smart home devices.
- Sneakersare going strong - our catalog now has the top 40 brands across our four largest markets.
- In June we announcedJewelryas our newest focus category in partnership with the Gemological Institute of America (GIA), who brings more than 90 years of experience to the eBay authentication experience. The launch is the result of listening to our community of jewelry enthusiasts and sellers and is a significant step towards drilling greater trust into fine jewelry transactions on our site.
- For Trading Cards- and soon-to-be other Collectibles- momentum continues to build off of the launch of theeBay vault(also in June), which offers a new format for sellers and buyers to trade and build their collections in real time, starting with graded, authenticated trading cards above $500 with plans to add more categories. This launch gets more exciting every day, especially for its game-changing potential around real-time transactions.
Investing in innovation and experiences
Since implementing our Focus Category strategy, it's clear that our success can be traced to delivering amazing, innovative new consumer experiences. This summer we began experimenting with the introduction ofLive Commerce. Early pilots of the live stream shopping experience saw users spending 15 minutes or more on the platform, and one in four interacting directly with sellers. This experience shows immense potential, and we will continue to experiment and optimize it in the future.
From the eBay vault to Live Commerce and even the expansion of Authenticity Guarantee to more categories, we're committed to continuing the pace of innovation we've delivered in the past few short months - and making even more progress ahead.
Inspiring with purpose
Another meaningful business driver for eBay - and an increasingly important consideration for consumers - is our commitment to community and sustainability. As mentioned in our most recent Impact report, in the US alone we support more than one million jobs, the vast majority coming from small and micro-entrepreneurs, just like so many of you selling on the platform. eBay sellers and buyers are also some of the most generous entrepreneurs; in Q2 through eBay for Charity, you raised nearly $56 million, up 52% from last year.
In closing, Q2 was another strong quarter for us. More importantly, the past two (plus) years have been extraordinary. As the resale market opportunity grows worldwide, we'll keep making more bold investments to deepen trust and show off your incredible inventory. I'm incredibly proud of what we've accomplished, but even more excited for our ambitious plans to come. The past 30 months have demonstrated what you all already know: eBay is an incredible global platform, able to connect our communities of enthusiast buyers and sellers - wherever they are and however the changing macro-environment evolves, even in the most unexpected ways.
We're more confident than ever in the opportunities ahead. So thank you for partnering with us on this journey, and as always, thank you for selling on eBay.
eBay Inc. published this content on 07 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 03:03:07 UTC.