Ebay UK has seen over 50,000 small businesses join its platform over the last month as customers “had to move online to buy the products they love”.
The online marketplace said that the number of new sellers joining everyday since the pandemic began had doubled, leading to tens of thousands of new merchants signing up.
This was driven by an initiative Ebay launched three days after lockdown was officially imposed in the UK on March 23, waiving fees to list or sell products for its sellers.
Its initiative will reportedly last until the end of July and apply to 250 product listings each month.
“Customers have had to move online to buy the products they need, but this has largely accelerated the shift we were already seeing”, Ebay UK’s vice president Rob Hattrell said.
“The sort of things people have been buying have reflected the way people’s lives have changed since lockdown, with stuff needed for home offices and home fitness equipment selling fast.”
Hattrell added that he expected the high demand to continue despite expectations that non-essential retail will begin reopening from June 1.
At the end of April, Ebay saw revenues for the three months to March 31 come in at $2.4 billion (£1.93 billion), comfortably above analyst estimates of $2.34 billion (£1.88 billion).
Gross merchandise volume, the total value of all goods sold on its platform, hit $21.3 billion (£17.11 billion) during the quarter, again beating estimates of $20.5 billion (£16.47 billion).
Expectations were also surpassed in its outlook for the coming quarter, with Ebay stating it expected revenues over the peak months of the lock-down to come in at between $2.38 billion (£1.91 billion) and $2.48 billion (£1.99 billion), well above average expectations of $2.32 billion (£2.86 billion).