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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters New EBay will zero in on PayPal as growth slows Wed Mar 11, 2009 3:14pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Alexandria Sage SAN JOSE, California (Reuters) - EBay Inc, struggling to compete in a crowded and slowing e-commerce market, envisions a "remaking" the company by galvanizing growth at its nascent PayPal payments system, its top executive said on Wednesday. Chief Executive John Donahoe said at the company's annual analyst day that changes to its slowing marketplaces business were overdue and pledged to accelerate the pace. PayPal President Scott Thompson told a throng of analysts and investors that he expected the online payments arm to double its business within two years. Executives said eBay secured an agreement with Research in Motion Ltd to be the exclusive payments system for a growing family of mobile applications on the popular Blackberry smartphone. And eBay will throw open its PayPal platform to a thriving community of applications developers, allowing them to craft applications for use with a variety of online media and products, hoping to expand its adoption around the world. "We believe it will be bigger than marketplaces because its target audience is all of e-commerce," Donahoe told analysts. "The core eBay business must change and it will." EBay shares jumped 3.8 percent, slightly outpacing a 3.4 percent rally in online retail rival Amazon.com Inc. The online auctions leader, which also operates Web-based telephone company Skype, is trying to convince Wall Street it remains a vibrant player with growth still ahead. Investors questioned how the San Jose-based company can boost its performance in a deepening recession and fend off Amazon. Donahoe warned that growth at its marketplaces division -- the company's main profit and revenue driver, which sells everything from cars to appliances online -- would slow in 2009, be flat with the e-commerce market in 2010, but grow faster than that market in 2011. CHANGE EBay executives, addressing Wall Street's criticism, were frank on Wednesday in admitting the firm's reluctance to innovate and its subsequent loss of market share. "We were too slow in our approach to change. We were letting everyone into the marketplace regardless of the experience they gave to buyers," Marketplaces chief Lorrie Norrington said. "We have to do more and we have to do it faster," she added, citing more protection for top buyers and greater exposure for high-quality sellers. She said lowering listing fees, which invites more sellers in, would persist. Norrington also said another huge opportunity exists in the secondary market of liquidators selling excess merchandise, calling it a $500 billion global market. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! 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