<p><img src="https://static4.businessinsider.com/image/60256f9eb3c2a800183cc5c1-900/Ebay_Sneakers-325-16x9-LOGO.jpg" border="0" alt="Ebay sneakers" data-mce-source="eBay"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>In e-commerce years, eBay is practically ancient.</p><p>But at 25-years-old, the marketplace platform isn't giving up on winning over younger shoppers just yet. To do this, the company is going all-in on sneakers, a category that has been dormant on its site for years.</p><p>A Cowen & Co. <a href="https://www.cowen.com/insights/sneakers-as-an-alternative-asset-class-part-ii/" target="_blank" rel="noopener" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="aae7757405f2ca3f007d306400b17d88">analysis from July</a> estimates that the sneaker and streetwear resale industry is worth $2 billion in North America and could reach $30 billion globally by 2030. The resale market is especially popular among <a href="https://www.businessinsider.com/teen-makes-6-figures-sneaker-resale-group-nike-plugs-bot-2020-5'r=sneakers-lp" target="_blank" rel="noopener" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="d5b60e1f7e90e94782736f4afbe7ee33">millennials and Gen Z</a>, demographics eBay is hyper-focused on winning over.</p><p>On February 4, eBay <a href="https://investors.ebayinc.com/overview/default.aspx" target="_blank" rel="noopener" data-analytics-module="summary_bullets" data-analytics-post-depth="0" data-uri="196c675df73bf49cbed9c1702f406e45">reported</a> that sales of sneakers costing over $100 tripled in its fourth quarter ending December 31, a sign the company's recent efforts in the category are starting to pay off.</p><figure></figure><p>But eBay continues to face a reputation problem among younger shoppers who prefer to turn to trendy new resale platforms like StockX or GOAT. In October 2019, eBay was named the fifth favorite shopping website <strong> </strong>behind Amazon, Nike, American Eagle and Urban Outfitters <strong></strong> among teens in a <a href="http://www.pipersandler.com/private/pdf/TSWT_Fall_2019_Infographic_11x17.pdf" target="_blank" rel="noopener">report</a> on teen shopping habits by investment bank Piper Sandler. At the time, the report <a href="http://www.pipersandler.com/private/pdf/TSWT_Survey_Fall_2019.pdf" target="_blank" rel="noopener">noted</a> that eBay<strong>, </strong>which sells an abundance of products<strong>,</strong> "continues to face mindshare challenges with teens." In a similar survey conducted by the firm in spring 2020, <a href="http://www.pipersandler.com/private/pdf/TSWT_April_2020.pdf" target="_blank" rel="noopener">eBay dropped another three places to eighth</a> in the same category.</p><p>In other words, young people don't seem to see eBay as "cool" anymore. And the company knows it.</p><p>"When you are a startup and you're doing cool funding rounds, it's fun to talk about you," Jordan Sweetnam, eBay's senior vice president of North America, explained to Insider in an interview. "People just assume there's nothing going on at eBay anymore."</p><p>"As eBay lost its mojo over the last 10 years, that pop-culture track went away," Sweetnam added.</p><h2>How eBay is changing its image with sneakers</h2><p>Until about a year ago, eBay's sneaker business was <a href="https://www.businessinsider.com/ebay-wins-over-sneakerheads-after-being-behind-stockx-goat-2020-11" target="_blank" rel="noopener">losing business</a> annually as the marketplace known for rare collectibles and memorabilia faded into the background in the eyes of younger consumers.</p><p>Though eBay was <a href="https://www.businessinsider.com/ebay-wins-over-sneakerheads-after-being-behind-stockx-goat-2020-11" target="_blank" rel="noopener">facilitating sneaker resale</a> before GOAT or StockX, which launched in 2009 and 2015, respectively, the e-commerce website's reputation of yore has been tough to live up to amid <a href="https://www.businessinsider.com/7-resale-e-commerce-platforms-to-go-public-soon-stockx-offerup-2021-1" target="_blank" rel="noopener">increased competition</a> in the resale world. Over the past year, eBay has found some success in the category after <a href="https://www.businessinsider.com/ebay-took-a-risk-launch-sneaker-authentication-in-a-pandemic-2020-11" target="_blank" rel="noopener" data-analytics-module="summary_bullets" data-analytics-post-depth="0" data-uri="86bed3239ad9995966a6b55094cbdf88">launching</a> a sneaker authentication program and <a href="https://www.businessinsider.com/ebay-ends-fees-sneaker-sellers-partner-stadium-goods-2019-12#:~:text=eBay%20is%20eliminating%20North%20American,sneakerheads%20from%20using%20the%20platform." target="_blank" rel="noopener">eliminating seller fees</a> on select pairs.</p><p>But the public perception issue has been a crucial element in eBay's fight to reclaim dominance in the sneakerverse. As Sweetnam put it, eBay needs to "shed" its old-school image, specifically among those crucial would-be eBay sneaker resellers.</p><figure></figure><p>"We have this incredible inventory and you may not even know what our value prop is," Sweetnam said. "The more we can get that message out there, the more we will amplify the incredible work that our teams have done over the last year."</p><p>Much of this new messaging is happening on social media, where eBay is making a concerted effort to be relevant in "the cultural dialogue." In addition to posting content related to its new initiatives and sneaker programs like authentication, eBay's Twitter account regularly uses pop culture references and memes to reach a digitally tuned-in audience. A lot of this content often hypes up eBay's growing sneaker category.</p><div><blockquote class="twitter-tweet" data-lang="en" data-cards="" data-conversation=""><p lang="en" dir="ltr">Choosing between two loved ones has been the hardest decision I've ever made <a href="https://t.co/3HgkfWpMGX">pic.twitter.com/3HgkfWpMGX</a></p> eBay (@eBay) <a href="https://twitter.com/mims/statuses/1357026625335009281'ref_src=twsrc%5Etfw">February 3, 2021</a></blockquote><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><div><blockquote class="twitter-tweet" data-lang="en" data-cards="" data-conversation=""><p lang="en" dir="ltr">Every relationship Ive ever been in<a href="https://t.co/DuiZTIh2BL">pic.twitter.com/DuiZTIh2BL</a></p> eBay (@eBay) <a href="https://twitter.com/mims/statuses/1353824967100686337'ref_src=twsrc%5Etfw">January 25, 2021</a></blockquote><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><p></p><p>eBay is also hoping to reach young sneakerheads through partnerships with industry icons like Houston Rockets forward <a href="https://www.cnbc.com/2020/08/03/ebay-nba-sneaker-king-pj-tucker-content-deal-houston-rockets.html" target="_blank" rel="noopener">P.J. Tucker</a> and NBA champion <a href="https://www.prnewswire.com/news-releases/ebay-and-anthony-davis-surprise-sneakerheads-with-last-minute-christmas-drop-301197532.html" target="_blank" rel="noopener">Anthony Davis.</a></p><p>Through new messaging, partnerships, the introduction of sneaker authentication, and the elimination of seller fees, eBay is reclaiming some of its former glory in the sneaker space. What's more, Sweetnam said that the average sneaker shopper is more likely to shop across 10 other unique categories on the site. In this way, eBay's sneaker business has the potential to grow cross-category shopping on the platform as well.</p><p>Sweetnam didn't directly comment on eBay's potential to eventually overtake StockX and GOAT in the sneaker resale market. But the VP affirmed that eBay does have certain advantages over other competing platforms.</p><p>"I still don't think there's a <a href="https://www.businessinsider.com/ebay-exec-how-the-platform-empowers-sellers-to-succeed-pandemic-2020-8" target="_blank" rel="noopener">better partner</a> for sellers to build a business on because you can build a brand," Sweetnam said. "I think that partnership between eBay and its sellers is a core part of really how we can amplify where we go, not just in sneakers, but in other categories as well."</p><p><strong>SEE ALSO: <a href="https://www.businessinsider.com/ebay-took-a-risk-launch-sneaker-authentication-in-a-pandemic-2020-11" >How eBay launched and scaled a sneaker authentication program during the pandemic, complete with a socially-distant warehouse, verified tags, and sneaker experts</a></strong></p><p><a href="https://www.businessinsider.com/ebay-vp-ebay-tripled-sneaker-sales-will-win-resellers-stockx-2021-2#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/worlds-most-expensive-liquid-thoroughbred-horse-semen-2020-3">Why thoroughbred horse semen is the world's most expensive liquid</a></p>
Click here to read full news..
