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The '1M customers' figure is a net number
Brief
Pitdesi (2026-05-05) argues that eBay's reported '1M customers' is a net figure and that churn offsets many new buyers because most marketing is retargeting/paid search to existing or intent-driven users (example: post‑Leica purchases shown accessories). He likens eBay's spend to Coke's $4B marketing—defensive, not purely acquisition—and warns removing that spend would crater GMV within a year while acknowledging some excess costs and skepticism about Cohen's thesis.
Why it matters
The '1M customers' figure is a net number: eBay acquires many new buyers each year but churn offsets most gains, and most of eBay's marketing is retargeting/paid search to existing or intent-driven users (author cites buying a Leica camera and then being shown cases on eBay).
Key details
- Author compares eBay marketing to Coca‑Cola's $4B annual spend: marketing preserves frequency, shelf‑space and share versus rivals. They claim cutting eBay's marketing would make GMV crater within a year and note competition from Amazon, Mercari and Whatnot; they acknowledge some cost 'fat' but remain skeptical of Cohen's thesis and defer to Anjney's intelligence.