eBay's Q1 marked its fourth consecutive quarter of gross merchandise volume growth deceleration:
earnings for Q1 2019, revealing that it brought in $2.6 billion in net revenue, up 2.4% year-over-year . During the quarter its marketplace's gross merchandise volume totaled nearly $21.6 billion, decreasing 4% YoY and marking the fourth consecutive quarter of GMV growth deceleration for the marketplace.eBay's marketplace GMV growth going negative indicates that the e-tailer is behind its competitors and the industry overall.
eBay won't be able to compete with the likes of Amazon if its GMV growth is negative and its net revenue growth is lower than that of the US e-commerce industry. E-commerce sales in the US12% YoY in Q4 2018, and while estimates for Q1 2019 haven't been released yet, they will surely be significantly higher than the marketplace's 5% YoY growth in net revenue for the quarter.
eBay will continue to lose share to Amazon, Walmart, Target, and a bevy of other e-tailers that are posting better growth numbers, and eBay may find it even more difficult to turn its performance around if consumers shift more of their spend elsewhere.While eBay's negative GMV growth is bad for the company, there are reasons to believe it may be able to improve its overall performance going forward.
eBay has posted consistent active buyer growth. The marketplace now boasts 180 million active buyers after growing 4% YoY in Q1 2019 — the fifth consecutive quarter where the metric has grown 4% YoY. CEO Devin Wenig suggested that eBay's number of buyers and its base's growth are good indicators of its future GMV and revenue on the company'sThe marketplace still saw its revenue grow despite its negative GMV, which is partially due to Promoted Listings.
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