Long-Time Seller Jack Sheng Nears Another eBay Milestone – 2 Million Feedback Ratings
By: eBay Inc. Staff
No eBay seller in history has generated more feedback ratings than Jack
How does it feel to have millions of people give you a virtual backslap for doing a great job? Jack Sheng, Founder and CEO of eForCity Inc., knows the answer to that question. Back in 2008, eBay recognized Sheng as the first seller in the company’s history to reach the milestone of a million feedback ratings, and even named a company conference room after him. In an interview this week, Sheng discussed several of his company’s most recent milestones, including the fact that he is approaching the eye-popping milestone of two million feedback ratings, which he expects to hit this summer.
Sheng's involvement with eBay began 10 years ago. Starting with $500 in purchases, he and two friends began selling technology gadgets and accessories, via eBay, out of a garage. In 2006, Inc. magazine named Sheng’s eForCity, the 90th fastest-growing company in the U.S. on its Inc. 500 list, and it remains a top online retailer.
The enduring success of eForCity is evidence that the eBay marketplace continues to create substantial opportunities. Here are some of Sheng’s thoughts on selling through eBay, recent marketplace improvements, and more.
When we spoke with you at the end of last year, you were moving your selling format over from mainly auctions to fixed-price format. Is that continuing?
Yes, we are currently at 85 percent fixed-price format, and 15 percent auctions. A fixed price really provides a better value, and the auctions complement the fixed price sales. We’re very pleased with the outcome of this move, because the fixed price provides a better competitive landscape where we can price products more correctly than our competition.
How is eForCity faring relative to other online retailers?
We’re ranked number 255 on the Internet Retailer 500 list, and number 27 in our business category. We’ll hit two million feedback ratings in a couple of months—another first among eBay sellers. It took us about eight years to reach a million feedback ratings, and only two years after that to reach the two million mark. We continue to provide good value, and regularly change our business model to cater to the needs of customers.
Have changes that eBay has made in recent years helped your business?
The policy of holding sellers more responsible has helped boost the confidence of buyers. It has helped the overall perception of the eBay brand. This helps sellers because we get fewer inquiries from buyers, fewer questions about whether we are or are not a legitimate business.
Have eBay’s mobile applications, including apps for the iPhone and iPad, had an impact on your business, and are you looking for additions in these apps?
We are in the mobile business, and we sell mobile accessories, so we are big fans of these mobile initiatives. I think the mobile apps are helping buyers to interact with listings more frequently than they otherwise would. In terms of things sellers are looking for, we want analytics, and it would be great to see more analysis tools arrive for knowing how transactions are being generated. We’d like to get a handle on not just how many customers purchase through mobile apps, but how many browse through them.