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eBay’s auction business drags behind the overall growth of the U.S. e-commerce market. Since mid-2007, eBay’s gross merchandise volume, excluding vehicles, has consistently underperformed industry growth. Gross merchandise volume measures total sales dollar value of items sold, and is a better metric for comparison because eBay generates revenues off fees.
A few takeaways:
- This isn’t totally surprising because eBay is increasingly becoming a payments company, as we have discussed before.
- eBay’s auction business may be under pressure from a new model called collaborative consumption.
- All hail Jeff Bezos.
Photo: Company data, U.S. Dept Of Commerce, Citi Investment Research And Analysis
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