eBay EBAY has completed the acquisition of Sneaker Con's authentication business named Sneaker Con Digital.
Sneaker Con Digital is a leading sneaker authenticator provider and operates in countries like the United States, the U.K., Canada, Australia and Germany.
With the acquisition, eBay aims to expand its ongoing partnership with Sneaker Con, which focuses on bolstering eBay's Authenticity Guarantee service.
Strength in eBay's Authenticity Guarantee Service
eBay, in collaboration with Sneaker Con, introduced its authentication service for sneakers in October 2020.
With the help of the service, customers can buy sneakers from eBay's marketplace, verified by the industry professionals of the Sneaker Con team.
eBay Inc. Price and Consensus
eBay Inc. price-consensus-chart | eBay Inc. Quote
Since the initiative's start, eBay has been witnessing an increase in the quantity of sneakers sold on the marketplace. Notably, the service has verified more than 1.55 million sneakers worldwide on eBay.
Apart from sneakers, eBay's Authenticity Guarantee service offers free inspection of other fashion products on the marketplace, including watches and handbags.
Thus, eBay's continuous efforts to make its e-commerce platform a trustworthy marketplace are expected to help it acquire and retain customers.
The latest move is in sync with eBay's persistent efforts toward expanding its portfolio of products and services.
The company recently introduced eBay Refurbished, which helps customers discover discounted products from premium brands and top-rated sellers.
EBAY also unveiled Price Guide and Collection tools for trading cards to help enthusiasts view, manage and track the value of their trading card portfolios.
Previously, eBay launched its Regulatory Portal to provide additional protection to its customers on the marketplace by allowing trusted authorities worldwide to report and remove unsafe items seamlessly.
These initiatives are likely to help eBay expand its presence in the booming global e-commerce market, which is expected to touch $16.2 trillion by 2027, witnessing a CAGR of 22.9% between 2020 and 2027, per a report by Research and Markets.
Zacks Rank & Stocks to Consider
Currently, eBay carries a Zacks Rank #3 (Hold).
Investors interested in the retail-wholesale sector can consider companies like Capri Holdings CPRI, Five Below FIVE and Conn's CONN. While Capri Holdings currently sports a Zacks Rank #1(Strong Buy), Five below and Conn's are carrying a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Capri Holdings has gained 43.4% on a year-to-date basis. The long-term earnings growth rate for the CPRIstock is currently projected at 56.4%.
Five Below has gained 18.4% on a year-to-date basis. The long-term earnings growth rate for the FIVEstock is currently projected at 32.5%.
Conn's has surged 93.5% on a year-to-date basis. The long-term earnings growth rate for the CONNstock is currently projected at 23%.
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