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Business Technology

Job Cuts at eBay

Despite registering a profit of $1.3 billion last quarter, eBay said that there is a “need for change.”..reports Asian Lite News

E-commerce platform eBay is sacking around 1,000 employees, or 9 per cent of its full-time workforce, and the company will also lay off an unspecified number of contractors “over the coming months.”

Despite registering a profit of $1.3 billion last quarter, eBay said that there is a “need for change.”

“Our strategy is the right one, but there is more we can do to ensure our success. We need to better organise our teams for speed – allowing us to be more nimble, bring like-work together, and help us make decisions more quickly,” said Jamie Iannone, President and CEO, eBay.

He announced to reduce the current workforce by approximately 1,000 roles or an estimated 9 per cent of full-time employees.

“Additionally, we plan to scale back the number of contracts we have within our alternate workforce over the coming months,” the CEO said in an internal memo late on Tuesday.

The company is implementing organisational changes that align and consolidate certain teams to improve the end-to-end experience, and “better meet the needs of our customers around the world”.

“Leaders will communicate the news (of layoffs) directly via Zoom, and your VP or eLT member will send an email once the notifications in their group have been completed,” the company informed.

eBay asked all US employees to work from home on January 24 “to provide some space and privacy for these conversations”.

“We’re committed to treating everyone with respect and empathy through this transition and providing impacted employees with support and resources,” said the CEO.

eBay said it hired too quickly. “While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business,” said Iannone.

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Business

eBay acquires TCGplayer

The deal is subject to customary closing conditions, including requisite regulatory approvals, and is expected to close in Q1 2023…reports Asian Lite News

Global e-commerce company eBay on Monday announced it has acquired TCGplayer, a marketplace for collectible card game enthusiasts, for $295 million.

TCGplayer employs more than 600 people, serving millions of hobbyist buyers and tens of thousands of online sellers and brick-and-mortar retailers through its Marketplace and authentication centre.

“eBay continues to build on our 26 years of experience in trading cards, powering local hobby stores and Main Street retailers to deliver an online destination that collectors love,” said Dawn Block, VP of Collectibles at eBay.

“With TCGplayer, we can enhance the customer experience across categories, forge even more relationships, and cater to enthusiasts around the world,” Block said in a statement.

Trading cards are an attractive category, which has seen substantial growth.

“This new chapter allows us to continue operating independently within eBay, while also benefiting from their decades of industry experience and resources to deepen the connection between hobbyists and their communities,” said Chedy Hampson, Founder and CEO of TCGplayer.

TCGplayer develops applications, inventory management tools and hardware like robotic sorting machines that are revolutionising the collectibles industry, connecting thousands of hobby stores and online sellers with customers and collectors around the globe.

The deal is subject to customary closing conditions, including requisite regulatory approvals, and is expected to close in Q1 2023.

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