New challenges, new priorities
Following the COVID-19 pandemic, the California-born giant experienced an increase in annual net revenue since 2019, hitting a record of 10.4 billion U.S. dollars worldwide. Twenty years of marketplace expansion, acquisitions, and brand building gives eBay a massive competitive edge that keeps them ahead of their competition.Despite these positives, the post-pandemic increase in revenue has done the opposite of continue its upward climb. In the first two quarters of 2022, eBay’s financial status has become more questionable. Besides 2022 quarterly revenue figures matching lows last seen in 2019, there has been a continuous decline in eBay’s number of active buyers, and customer satisfaction levels are also decreasing each year. Additionally, eBay reported further decline of its gross merchandise volume. It's unsurprising that the company is making moves to rethink its business model. In 2022, eBay announced a handful of new acquisitions—including the NFT marketplace KnownOrigin, the automotive software company myFitment, as well as TCGplayer, an online marketplace for trading card game collectibles.
