Over the past few years, businesses have invested in tools for luxury collectors and consumers, such as guaranteeing the authenticity of shoes and handbags.
EBay recently launched a collectibles storage facility called eBay Vault. It allows users to store products such as trading cards in a secure, temperature-controlled warehouse from which they can sell them through the eBay platform.
Ramadge has been with eBay Australia for 5 years and has worked in Silicon Valley for 10 years before becoming Senior Director of Product and Shipping.
He agrees that there is a lot of “darkness” in the debate about rising interest rates and inflation, but says it’s time for companies like eBay to do what they do best.
“If you have stuff around your house, you can sell it and free up some cash,” he said.
“And it’s a place for you to go and get those lovely luxuries and lovely hobby items that can keep you happy during tough economic times.”
Australia is a small part of eBay’s overall business, but documents filed with the company’s regulator show the company has increased profits in the face of the nationwide COVID lockdown.
The retail giant’s local operations will post a profit of $13.6 million in 2021, up 47% from 2020.
When lockdown started in 2020, the platform saw a surge in customers logging on for the first time to sell second-hand goods. Ramadge said the trend is happening again now that many households are looking at rising mortgage payments.
We are just four months away from the start of the holiday shopping season.
“I think the macro environment means it’s going to be a challenging shopping season,” said Ramadge.
“The fact that everyone is out, combined with a tighter economic environment, means that this year will be a little more difficult.
There is hope, however, that the current situation will help spur Australians’ passion for a ‘circular economy’, where shoppers don’t go to big department stores to buy gifts, but second-hand goods.
This trend gives eBay strength.
“There is a lot of activity and interest in buying and selling beloved items, especially with younger consumers like Gen Z and in areas like fashion,” said Ramadge.
“So I think we’re going to see some trends within the category and very strong year-over-year growth.”
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Luxury bargain hunters embrace eBay
Source link Luxury bargain hunters embrace eBay