eBay’s CEO finds ideas through constant feedback

In April 2020, Jamie Iannone became the CEO of eBay after writing a 10-page white paper for the board of directors to revive the struggling online marketplace. Before implementing his plans, Iannone engaged in conversations with every top leader in the company, asking them three critical questions: what three things needed to change, what three things should remain the same, and what he hoped he would do as CEO.

This approach allowed him to gain a deep understanding of how to carry out his strategic plan while evolving eBay's culture.

Iannone emphasizes that most companies already have the answers to improving their situation; he believes that feedback fuels ideas. He extended this practice to eBay's buyers and sellers, who often faced limitations on photo quality for listing their items. At a dinner, Iannone listened to two handbag sellers who wanted to display more details, such as zippers, linings, and closures.

His team then increased the photo limit from 12 to 24 images without significantly raising costs. Additionally, during an eBay user conference, Iannone announced the expanded photo option, highlighting that listening to the community can provide valuable insights for growth.

Happy buyers and sellers contribute to eBay's activity and growth, with word of mouth remaining the company's most significant source of new business. To further enhance trust, Iannone introduced post-sale authentication services, and recently announced a prohibition on selling auto airbags and airbag inflators due to reports of counterfeit parts in used cars.

Ebay's recent acquisition of the secondhand fashion site Depop and the surging interest in thrifting have also boosted the company's performance. The global secondhand apparel market is expected to reach nearly $300 billion this year, up from $141 billion in 2021, according to research from ThredUp, an online consignment site. As a result, eBay's share price has nearly tripled since Iannone became CEO, with the stock up more than 20% this year, outperforming the broader market.

The board of directors even rejected an unsolicited takeover offer by GameStop, supporting Iannone's strategy. Iannone attributes his openness to feedback to his philosophy that it is a gift; he believes that without customer and employee opinions, the company would be much worse off. He ends most employee meetings by asking, "What's your advice for me?" and encourages the submission of feedback from employees and customers to be published in future newsletters.