Comedy is the new rock and roll, 50 is the new 30, and according to eBay’s UK boss, Murray Lambell, old is the new new this Black Friday.
Speaking with the BBC, Lambell suggested that eBay will prioritise promoting second-hand and pre-loved items over new products this Black Friday. Lambell describes this new strategy, which looks a lot like how eBay used to look, as a move towards more “thoughtful consumption.”
A Different Approach to Pre-Christmas Shopping
According to Lambell, eBay wants to move away from the “buying for buying’s sake mentality” and focus on more sustainable shopping habits.
As well as being kinder to the planet, Lambell also believes this focus on second-hand goods will help people with the cost-of-living crisis this Christmas.
Black Friday Isn’t What It Used to Be
Black Friday has been thoroughly ingrained in the British shopping psyche for many years. Initially a sales frenzy following the Thanksgiving holiday in the US, the annual Black Friday event has transformed from a one-day sales spectacular hosted by bricks and mortar retailers. Instead, it’s now a month-long promotion encompassing both online and the “real world” shopping environments.
Lambell believes that consumers are tired of the phenomenon. Stating that Black Friday doesn’t offer the same value as it used to, he also believes it encourages unwanted spending and waste.
What Do Retailers Think?
While retailers should still be very excited about Black Friday, Cyber Monday and the run-up to Christmas on the whole, many media reports suggest that the holiday sales period will be much more challenging this year compared to previous seasons.
We’re also seeing more big-brand retailers embracing the circular economy and investing in new sales channels for pre-loved items. While some retailers will undoubtedly do this out of commercial and environmental concerns, others have been accused of blatant greenwashing.
eBay sellers fully immersed in the second-hand and refurbished goods market will cautiously welcome the move, hoping their goods will be positioned more favourably on the marketplace over brand-new items.
Meanwhile, sellers of new products might be worried that eBay is turning its back on their business. For the record, we don’t believe this to be true.
What Does Frooition Think?
At Frooition, we urge retailers to focus on timing and optimisation to stay one step ahead of the competition this holiday season. Black Friday-style sales promotions have already kicked off, and if you wait until the end of the month to join the crowd, you will miss out.
You can pull multiple levers to increase visibility and drive consumer engagement. This includes eBay listing optimisation and promoted listings.
We’d also encourage more retailers to consider the circular economy and figure out how they can include second-hand and refurbished goods in their business strategy. The circular economy is not going anywhere. The retailers that will win in this economy are the ones who can give their customers the best possible choice of new, refurbished, and second-hand products.
How Will You Adapt?
To learn how Frooition can help you adapt and optimise your eBay business to benefit from the circular economy, book a free 15-minute discovery call with one of our eBay experts today.