The stock prices of both eBay (NASDAQ: EBAY) and Pinterest (NYSE: PINS) experienced noticeable declines following their first-quarter earnings reports released in late April. Over the last few years, investors lost interest in eBay as high listing fees and a complicated platform led online sellers to turn to its competitors. More importantly for eBay, the return of Jamie Iannone to the company as CEO in early 2020 signaled a change of direction.
For Jake Harris, rooting through car boot sales with his grandfather started as nothing more than a hobby. It wasn’t until he came across a rusty John Grey vintage snare drum for £10 that he began to take it more seriously. Just 18 at the time, Harris sold the snare drum for £200 on eBay. “I remember thinking all my Christmases had come at once,” he says. Today, he is the founder Into Music, a re-seller on eBay which specialises in repairing old instruments and selling them at a profit. Harris says there is “huge demand” and “few sellers seemingly fulfil this niche”. But he is far from alone in his pursuit of capitalising on second hand goods. Two thirds of UK sellers on eBay have started offering used products in the last year and just over 81pc say they’ve bought pre-owned goods as they try to cut back on spending during lockdown.
The online marketplace will offer loans of between £500 and £1m to 300,000 businesses via a partnership with fintech firm YouLend.