eBay rolls out lending to UK SMBs: The ecommerce giant is partnering with embedded finance platform YouLend to extend loans to its sellers—giving the former a chance to make itself stickier for platform sellers and the latter access to data and loan growth.
eBay seeks to plug small business financing gap with an embedded lending product for its UK SMB sellers. eBay and other ecommerce firms will likely add more financial services, like accounting solutions, to better serve their user bases.
Physical retail has suffered hugely under the weight of the coronavirus. Ecommerce has benefited to the tune of a 14.7% rise in sales this year, and digital habits are forming that will last beyond the pandemic.
With a hard Brexit looming, 2020 will be the peak of cross-border ecommerce penetration in the UK, according to the latest forecast from eMarketer, an Insider Intelligence company. This year, 22.8 million people in the UK will have made a cross-border ecommerce purchase, representing 46.0% of internet users and 50.2% of digital buyers.