Internet behemoth eBay recently held their investor day where they ran through the usual lineup of growth projections, revenue statements, and other shareholder specific info.
However, tucked away in their announcements were several juicy tidbits regarding the future of sports cards and collectibles on the site. Already considered one of, if not the largest marketplaces for sports cards, eBay announced they would be creating “the eBay Vault” next quarter in the US.
In what’s expected to be a 31,000 square foot storage facility, the company hopes to join the likes of Goldin Auctions and PWCC as services which buyers can use to not only collect, but also safely store their purchases. The online retailer also hopes to dip its toes into the fractional ownership marketplace in the coming year as well, similar to what Rally Road currently offers.
“Over the past two years, we have fundamentally changed the trajectory of our marketplace. We have demonstrated we can improve customer satisfaction, accelerate our growth, help sellers thrive and attract and retain enthusiast buyers,” said Jamie Iannone, Chief Executive Officer at eBay. “We are building an eBay for the future by doubling down on what we do best – connecting sellers and buyers of non-new in season products. We see incredibly compelling growth potential in this market and believe it is our opportunity to win by sharpening our focus and continuing to create value through a tech-led reimagination of eBay. We have the right team and vision to deliver on our goals and continue returning value to our shareholders.”
But the announcements didn’t stop there. Alongside news of the Vault, eBay also plans to launch its first Digital Wallet in 2022. The program aims to allow users to use proceeds from previous sales to purchase new items, and hopes to one day even allow for the use of cryptocurrency to pay for purchases.
The programs join a growing list of significant changes the retailer has made over the last few years. eBay recently revamped their online payment platforms, launched their Global Shipping Program, and created easier to use sellers tools in an effort to create an “eBay ecosystem”.
The ecosystem aims to keep every aspect of a sale, from the listing, to the financial transaction, shipping and, now with the introduction of the Vault and Digital Wallet, even the storage of your purchase and how you access the funds from sales in house.
eBay predicts that within the next few years, the Vault will hold up to $3 billion in assets, making it “one of the largest stores of non-governmental assets in the world.”
No firm dates have been released regarding when users can expect to access the Vault or Digital Wallet yet.
-Kyle Skinner
Twitter: @JKyleSkinner