Jamie Iannone: First of all, our strategy when we go back to it in terms of relevant experiences on the site, we’re doing a lot of work outside of just the work that we’re doing in focus categories. In fact, the majority of our investment is going there. So if you think about the magical listing experience, that’s going to help unlock C2C inventory across every category on the site. The second thing I would say is that when you think about our model and what we laid out, we have a real multiplier effect on our buyers. So as we continue to roll out focus categories and as we’re seeing success there, that actually helps lift all tides across the eBay marketplace. So take a sneakers buyer. The average sneaker buyer comes in and buys sneakers over $100, they’re going to spend $400 in sneakers but then $2,000 on the rest of the platform outside of that.
And that nature really allows us to help grow the overall marketplace, including our non-focus categories. The last thing I’d say is when you think about things like the scalable solutions that we’re building, take eBay international shipping, that’s going to help every category. That’s going to help focus categories like handbags coming out of Japan, et cetera, but it’s also going to help our non-focus categories. And when you think about cross-border trade on the platform, it’s really 1 in 5 transactions or 20%. So it you a lot of opportunity, both in our focus category work and the non-focus category work, and we feel committed and confident in our ability to get those to fly in the medium term.
Operator: Your next question is from the line of Michael Morton with MoffettNathanson.
Michael Morton: I would like to maybe start off with EIS being deployed in the U.S. currently. If we could talk about any contributions you’re seeing at this point to U.S. GMV. And maybe some color on timing and kind of contribution expectations going forward would be great because it seems like it’s a program that you’re very excited about. And then a second question, we’ve talked about the full funnel marketing spend in the past, and you’ve mentioned millennials and Gen Z and the active buyer numbers have been improving. I was — would love to dig down on those cohorts maybe a bit or if you could kind of bucket the strength you’re seeing in active buyers. Are you having some effectiveness in converting the millennials and Gen Z who have maybe grown up in a different era of interacting with marketplaces?
Jamie Iannone: Yes. Okay. So first, let me talk about eBay international shipping. So the whole program makes cross-border shipping and selling much easier. So eBay handles the custom forms, we handle the duties. We handle the immediate returns. And sellers are protected from things like item not received claims on the platform. So we’re in the process of basically rolling this out. Most sellers are adopting it. And while it’s early days for the new program, we’re seeing a really positive reception from sellers in terms of shippable listings, the conversion that we’re seeing, et cetera. Why we’re excited by it is because 20% of the business on eBay is cross-border, but less than half of our big 3 inventory is available to be shipped internationally.
So opening up that inventory, we think, is a unique advantage for eBay and a unique value proposition for our sellers on the marketplace. When you think about the full funnel marketing that we’re doing and that shift, we’re really seeing it pay off in terms of our buyer strategy. So this quarter, we saw, once again, new or reactivated buyers was positive for the fourth straight quarter. Our new buyer growth was positive for the second quarter. And take a category like P&A where we’ve been doing full funnel marketing, really targeting on enthusiasts, there, we’re seeing that new and reactivated buyer growth being double digits faster than the rest of the platform. So we feel really good that the investments that we’re making are driving the right buyer outcomes.
