eBay CEO Resigns: We’re All Gonna Die!
You’ve probably heard the news. Devin Wenig has resigned as eBay CEO. I didn’t make a video when it first happened because I wanted to let all the facts come out. Personally, I thought RalliRoots did a stellar job breaking it down but I wanted to add a few more bits of advice that I think will help calm any fears about an impending collapse of our favorite auction based website.
I’ve got 4 points, so I’ll be quick:
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This move signals change. Anytime a company moves their CEO (and make no mistake, although it is a resignation, he was pushed out) it means they want to pivot in a different direction. eBay isn’t dead in the water, but the are slowly sinking. For my money, it’s still the third-best way to sell online.
If you haven’t diversified, this is the time to do it. And I don’t necessarily mean different online marketplaces. Yahoo Auctions used to be an eCommerce platform- you know what happened to it? It’s gone. Etsy has been showing signs of decline for as long as I can remember. Diversification means you’re getting your money in ways that are as different as possible. Even if ALL eCommerce tanks (which won’t happen) having a connection with a local auctioneer or wholesaling goods to regional Bin stores will keep you safe
I think this is further evidence that we’re going to see a slump in economic activity over the next few years. It might just be the idle chatter of talking heads, but it seems that a lot of very large corporations are shaking things up, trying to get whatever advantage they can to endure the forthcoming recession.
Look for another platform to creep in on auctions. Auctions were what grew eBay to the enormous size it is today and, personally, I think they treat auctions sales as second-class. They bring in less money, but I also think they bring in more people. If eBay chooses to abandon their auction side more than they already have, I predict that there will be a newcomer to the market who finds a way to put a spin on the process.
I just finished watching season 1 of Carnival Row on Amazon and one of the main themes in that is that uncertainty provides opportunity. I can’t agree more with the sentiment. If the world is crumbling around you double down on what you know is true and you’ll come out with the kind of advantage most people dream off.
Thanks for watching and remember, in chaos, lies opportunity.