As we reported a while ago, eBay was about to take the watch sales business to another level. The firm at the time planned to bring a whole array of services which would be available to all luxury watch sellers and buyers on the platform. This would then allow its users to sell their luxury watches on the site.
There was more – and here’s the good stuff – it would also add authentication services to cover all consumer-to-consumer transactions. This addresses the principal fear of online watch buyers and sets its service apart from many others. In addition, eBay also stated it was partnering up with watch brands to further enhance the online buying experience.
Well, eBay has just posted stellar Earnings. This in part due to the pandemic having boosted the online retail market which off course benefits eBay – an online retail marketplace. For the quarter, eBay posted revenue of a cool USD 3 Billion and growing its active annual buyer pool by 7% to 187 million.
But the real news for us was hidden in the fine print. eBay’s push into the watch market, which is still very much in its infancy, grew 38%. This of course stands in stark contrast with the numbers reported by more traditional watch retailers. For eBay, it seems that their foray in the watch market is certainly paying off with more rewards surely on the way up.
Earnings Bonanza!