International Trade Commission Highlights eBay's Commerce 3.0 Efforts
By: eBay Inc. Staff
The International Trade Commission highlighted eBay Inc.’s work to enable the future of commerce through its Internet and mobile technologies in a recently released report on the state of digital trade. The first of a two-part report from the ITC, Digital Trade in the U.S. and Global Economies, Part 1 focuses on the growing role of digital trade and the barriers impeding small businesses from reaching new markets around the world.
The report finds that online marketplaces like eBay are playing a significant role in the facilitation of cross border trade, particularly by small businesses. International trade costs are 60% lower for eBay transactions than for offline trade, which greatly benefits small businesses that previously were unable to reach distant markets. According to the report, eBay empowers small businesses to engage in global trade by providing tools that help connect buyers and sellers no matter where they are located. Some of these tools include website design, fulfillment services, and the ability to translate English listings into multiple languages. In addition, ITC singled out payment processor, PayPal, which is capable of converting 24 different currencies, for the significant role it plays facilitating cross border trade.
The ITC also cited work by eBay’s policy team in the report, including the company’s Towards Commerce 3.0 roadmap, Commerce 3.0 economic report, and testimony before the ITC. The second part of the ITC’s report will be released next July and will include additional contributions and feedback from eBay and other companies working to usher in this new era of commerce, Commerce 3.0.
Read the rest of this post at the eBay Inc. Main Street Blog.