CEO of eBay Devin Wenig targets Japanese market as company sets its sights on Asian expansion
- Wenig also points to the Philippines, Thailand and Vietnam as potential growth areas for the American multinational e-commerce giant
The CEO of eBay said on Tuesday that the US e-commerce giant aimed to build up a “multibillion-dollar” business in Japan by offering a range of foreign items with competitive prices.
Devin Wenig also said that the company would expand operations in other parts of Asia, including the Philippines, Thailand and Vietnam, citing their growth potential, and that it was “always watching” for new business opportunities.
“We would like to be one of the top Japanese e-commerce sites,” said Wenig, pitching eBay’s strength in providing products at the “best” prices by taking advantage of its global inventory networks. “I think that will take some time, but our growth rate is very high.”
The company’s current sales levels in Japan sit around the US$1 billion mark.
We are still relatively small compared to the big guys
In May, eBay completed the acquisition of Singapore-based Giosis’ Japanese business, including the Qoo10 online shopping platform, which has a membership base of 10 million users in Asia’s second-largest economy.