U.S based auction website, eBay Inc., is trying to create new avenues of income and has recently introduced its own daily deal section. The website will be taking on Groupon by offering coupons for deals from local businesses and service providers and has named the section eBay Lifestyle Deals.
The move is a major stride for eBay, which has been looking to make moves and stay relevant as e-commerce evolves. The discounted deals sector has become a multi-billion dollar market and has attracted major players like Amazon and Facebook. However, Groupon has stayed on top of the heap and is the current category leader regardless of what their share price implies.
eBay realizes that it couldn’t simply copy the Groupon model and expect to succeed. That is why the firm is offering a number of new features along with the core service. Not only will users get deep discounts they will also get a complete redesign like Facebook users experienced a while back.
Devin Wenig, president of eBay Marketplaces said that, “We have a big marketplace and a lot of people who come to eBay don’t just come for one thing – they stay and buy across categories. It makes perfect sense to experiment with new categories and services is one of these things. We’re seeing whether deals and services are attractive to our customers.”
To further strengthen their new venture eBay has signed an agreement with Signpost, a start-up that has the financial support of Google Ventures to boost this project. Signpost will develop deals with local traders and then place them on the new section of eBay. In essence the company will be doing all the heavy lifting and utilizing the heavy traffic on eBay’s website. Wenig further highlighted the relationship by saying that, “Signpost is a merchant, just like merchants selling physical goods on eBay. A merchant may sell local or even global services on eBay in the future.”
If everything goes according to plan, eBay foresees adding more deal suppliers like Signpost. However, for the time being eBay has brought in some more changes to their website, one of which will result in user eBay accounts and PayPal accounts being linked together in order to accelerate checkouts. The website will now also feature bigger and better pictures. These quiet but aggressive moves by eBay are having a solid impact on their company shares, as traders witnessed a 0.8 percent increase in share price to $46.61 on the Nasdaq to end last week.
Source: Reuters
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