eBay Confirms Purchase of Japanese Assets of Qoo10
On Tuesday, eBay confirmed the story we posted on Monday that it was purchasing the Japanese assets of Qoo10 fro $700 million.
- Do you need a business bank account for your online business? Have a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits.
- AI can change your entire social media game today. Learn how you can save time writing engaging content faster. [sponsored]
- How to lower your taxable income and pay less in taxes. [sponsored]
- ‘My Community Made’ is a new marketplace to compete with Etsy and Amazon Handmade.
- EXCLUSIVE: Interview with Chris Prill, VP eBay Motors, discussing the new Guaranteed Fit program.
This is eBay’s second foray into Japan as it tried once before from 1999 to 2002, but left the market due to poor performance.
It has been a sideline player since 2009 in Japan by supporting cross-border eCommerce of local companies and with being an investor in Qoo10.
“We have been an investor for Qoo10 for eight years, and this is now becoming one of the fastest [growing] businesses in Japan. It is the time to make [it] a part of our overall plan to expand across Asia.
Japan is the third largest e-commerce market in the world. It is the market that is growing, but still underpenetrated if you look at the percentage of e-commerce compared to the overall retail.
So we think that there is a lot of room to grow.”
Devin Wenig, President and CEO of eBay told The Nikkei
The acquisition is expected to close in June after approval from regulatory authorities.
Qoo10 in Japan has about 2 million users, tilting toward a younger user that Devin Wenig said eBay as a whole is trying to attract.
This fits well within the goals Wenig stated about making eBay one of the top global Omni-Channel companies over the next five year.
Do you have any thoughts about this story. Head over to our Facebook Discussion Group or use the comments section below.
Connect with us: Head over to our Facebook Group for Small Business Sellers and interact with other small business owners.
Follow us on Facebook, Twitter, or LinkedIn to stay up to date with relevant news and business insights for your online business.
Subscribe to Our Newsletter
Business Insights for Your Online Business Presented with a Dash of Humor
We do not share your information and you can unsubscribe anytime.
Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.