eBay has announced it will be
freezing top executives’ salaries in 2009 and will not be awarding
bonuses to senior staff in the light of the company’s poor
performance compared to its main online competitors which include
Amazon and Etsy.
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They’re blaming the global
economic downturn for reduced profits and they’re seeking ways to
grow their profits to levels enjoyed in 2007 and earlier.
I’m not at all convinced this has anything to do with a global
economic downturn, I rather think lots of 2008’s seller-friendly
policies, might be partially to blame.
And I also think an economic downturn, where high street shops are
going out of business, is more likely to grow eBay’s profits, not
reduce them, as more and more offline traders look to eBay to
protect their income.
My feeling that eBay’s profit drops have nothing to do with the
economic climate is backed by a big growth in profits by two of
the company’s main competitors, Amazon and Etsy. Their success
means eBay might soon have to look at treating its sellers with
greater respect than of late and also looking to reduce selling
fees to something comparable with Etsy and Amazon.
Amazon is reporting profits are still growing after its best
Christmas ever, with a 9% year-on-year increase during the last
quarter of 2008, while Etsy reports sales up by a massive 113% in
February 2009 compared to February 2008.
I’m not knocking eBay, I love eBay, but I am suggesting we all at
least look to spread our efforts to other profitable online
marketplaces, beginning with Amazon and Etsy where selling fees
are little compared to the hefty chunk eBay’s takes from sellers’
profits.
Etsy sells mainly hand-made art and craftwork goods, also
materials for artists and craftworkers, alongside a growing area
for promoting second hand items such as antiques and collectibles.
Amazon, by comparison, is renowned for selling many different
product types, such as books and CDs, household products and
clothing, with very few people realising antiques and collectibles
can also be sold at the site.
All this means no one need continuously complain about declining
profits at eBay, certainly not with two or many other potentially
more profitable options sited just a few clicks away.
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