Mercari, a Japanese e-commerce company, is looking to expand the market for casual online sellers in the U.S. beyond Amazon and eBay.
"Selling has been a thing online for quite some time, but it's been quite hard for regular folks to sell online," Mercari U.S. CEO John Lagerling told Cheddar. "It's kind of hard to go on eBay and be a successful seller if you're a beginner."
Popular online marketplaces have become increasingly professionalized, he added, as more small and medium-sized businesses move online to expand their clientele. These vendors then accumulate thousands of reviews, raising the benchmark for getting customers.
With more than 45 million downloads, Mercari is making a play for more casual sellers.
"We wanted to level the playing field in a sense, compared to these platforms," Lagerling said.
This model has proven popular amid the economic downturn brought on by coronavirus. The company reported 183 percent year-over-year growth in the U.S.
While the U.S. branch is not yet profitable, gross merchandise value (GMV) has surpassed $100 million in recent months, which Lagerling said is in the range of where the company needs to be in if it chooses to prioritize profitability over investment.
Lagerling also touts the environmental benefits of a more robust resale market, noting that one-third of items are pre-owned but never used.
"Hand on heart, we all have these items that we've bought but ended up never using," he said.
Elizabeth Renter, Senior Economist at NerdWallet, breaks down how inflation and oil price shocks are driving higher costs and squeezing consumers today.
David Branch of Wells Fargo explains why cocoa prices are falling but some candy costs remain high and when consumers may finally see relief at checkout.
Colonel Chris Hadfield, astronaut and best-selling author, breaks down Artemis II and why NASA’s next crewed mission is key to returning humans to the Moon.
Ben Geman, Energy Reporter at Axios, explains how the Iran war could reshape global energy—disrupting supply, shifting power, and accelerating a new regime.
Emily Peck, National Correspondent at Axios, explains why office vacancies hit 21% despite RTO pushes, highlighting a lasting shift in how Americans work.
Tobias Bauer, CEO & President of Rolling Stock at Siemens Mobility North America, shares insights on a $220M investment reshaping U.S. rail infrastructure.
