Ebay's Yankovich: The future of retail is virtual reality
Ebay, the company that dominated the early internet economy with its popular auction model connecting buyers and sellers of oddball products, is trying to fill a niche that its rivals are missing by focusing on expanding the universe of products consumers will consider buying over the web — using virtual and augmented reality.
E-commerce's next frontier: Ebay's fortunes started to decline in the mid 2000s as growth in the online auction industry slowed and as Amazon tightened its grip on non-auction sales. In recent years, Ebay has tried to become relevant again by shifting away from the auction model and luring sellers of unique products not found on Amazon, with more favorable terms. Virtual reality and augmented reality is a key component in that shift, says eBay's Chief Product Architect, Steve Yankovich.