Rick Probstein, eBay’s largest seller of sports cards, is launching his own auction and live e-commerce platform, Byd, slated to go live in the next few months.
Probstein, who has logged more than $850 million in lifetime sales on eBay and has a contract with the platform, approached eBay a little over a year ago to see how to better monetize the tens of thousands of users watching his account.
“How can I market to them?” Probstein asked eBay. They suggested he begin utilizing eBay live, the platforms real-time commerce feature, which sends out notifications to users who are “watching” the account whenever they go live.
“I tried it, and it was fantastic,” Probstein said. “It was much better than I thought. I never thought that you could sell decent items in one minute auctions.”
However, as Probstein, who has around 35 employees, utilized the feature, he noticed key elements missing from the platform that would boost sales.
“We decided that we were going to build a better mouse trap,” Probstein said.
Byd’s key differentiators will lie in its curation — with live shows planned around themes such as “Wemby Wednesdays” or “T206 Tuesdays.”
“One of the problems that I saw on eBay Live and also with Whatnot and Fanatics is that people really have no idea what's coming when they're watching a live stream,” Probstein said. “And even when they do have a sense of what's coming, there's no search beforehand … all our items are going to be viewable weeks beforehand.”
Probstein also intends to bring the logistical structure he has built up over years on eBay to reduce friction for sellers, who will be able to ship everything to Byd for fulfillment, as well as buyers, who will pay reduced shipping rates.
While Probstein will continue to sell on eBay, he believes his new platform will offer a welcome solution in the marketplace. Another feature of the live shows on Byd that Probstein says will be integral is the entertainment element.
“You're never going to see in our platform just hands and a voice,” Probstein said. “Everybody's going to have to have a studio, everybody's going to have to have some sort of entertainment presentation.”
Probstein says he has been in conversation with other large sellers currently operating on other live commerce platforms who he plans to onboard to Byd.
Though rates for sellers have yet to be finalized, Probstein says the plan is to be competitive and offer a lower fee than the incumbents.
Will Stern is a reporter and editor for cllct.