After splitting with PayPal last year, the company has launched its live auction page for Sothebys in order to keep its business running.
EBay is known as the pioneer when it comes to web page auctioning. The company has been doing online auctions on its websites for a very long time now and companies like Amazon are now copying this idea. From apparels to sporting goods and mobile devices etc. all are auctioned and then sold to consumers within or outside United States through EBay.
The company partnered with Sotheby, a multinational corporation engaged as the largest brokers of real estate, jewelry, fine art, decorative art, and collectibles. Both parties have planned together to launch a “live” auction page for Sothebys on its own platform. Hence this means that Sothebys will do business through EBay’s (EBAY) platform and will assist the company in taking the live auction technology for EBay to a whole new level.
As Venture Beat reports: “The auctions themselves happen in the real world, in a Sotheby’s location, but with real-time integration with the eBay-Sotheby’s site.” EBay is one of the giants in the e-commerce market. EBay store is a vast and diversified platform for businessmen (buyers and sellers) who can give a real boost to their businesses with this online auctioning platform.
It is believed that currently the company is accountable for selling more than a million products and items to consumers throughout the world daily and it has no intentions of stopping. EBay wants to do more business hence the collaboration with Sothebys will fulfill its wish. The director of Live Auctions of the company, Megan Ford says: “We’re seeing appetite for high purchase points across the site. We went into the bullion category at this high price point and we went into the vehicles category, and every time we move up market our buyers come with us.”
For a one whole year, the company was working to build its live auction platform and offer a different experience to consumers who already use EBay’s platform on regular basis. Both parties have managed to develop good understanding between them. “We believe that EBay store live auctions is a billion-dollar-plus business at scale, so we’re going to be investing in this business for the long term,” she added.
With Sothebys, the company will be bringing high end sale items on its platform. The pressure was very much on for the company due to its recent separation with PayPal. Analysts believed that it will have to do something unique and different in order to keep the revenues coming. The launch of a live auction page along with Sothebys is one of the terms for a forward looking strategy.
No comments:
Post a Comment