1 00:00:00,040 --> 00:00:02,440 Speaker 1: Trade me has made a major change to the marketplace 2 00:00:02,480 --> 00:00:05,640 Speaker 1: section of its website. Casual sellers will no longer have 3 00:00:05,720 --> 00:00:08,240 Speaker 1: to pay an eight percent success fee when they sell something. 4 00:00:08,560 --> 00:00:10,360 Speaker 1: Buyers are going to have to pay a service fee 5 00:00:10,360 --> 00:00:12,080 Speaker 1: when they buy something for twenty bucks or more, but 6 00:00:12,119 --> 00:00:14,640 Speaker 1: that fee caps out at five bucks. Lisa Stewart is 7 00:00:14,680 --> 00:00:18,120 Speaker 1: the head of marketplace for trade me. Hi, Lisa, Hi, Heather, 8 00:00:18,360 --> 00:00:20,119 Speaker 1: Are you doing this because the fees that you were 9 00:00:20,200 --> 00:00:21,439 Speaker 1: charging were putting people off? 10 00:00:23,000 --> 00:00:26,120 Speaker 2: We are doing this in response to customer feedb We're 11 00:00:26,160 --> 00:00:28,800 Speaker 2: constantly listening to what our customers are telling us, and 12 00:00:28,840 --> 00:00:31,720 Speaker 2: we hear two things. The first is they really value 13 00:00:31,840 --> 00:00:34,680 Speaker 2: the trust and protection that we provide, but that fees 14 00:00:34,760 --> 00:00:38,400 Speaker 2: were becoming a bigger hurdle to selling, and so we're 15 00:00:38,400 --> 00:00:40,520 Speaker 2: looking to respond to both of those with the changes 16 00:00:40,560 --> 00:00:41,720 Speaker 2: for announcing today, how. 17 00:00:41,680 --> 00:00:43,360 Speaker 1: Much were people ending up paying in fees? 18 00:00:45,520 --> 00:00:48,680 Speaker 2: Well, let's walk for an example. I've got a stroller 19 00:00:48,760 --> 00:00:50,800 Speaker 2: up for sale at the moment, a PRAM, and I'm 20 00:00:50,840 --> 00:00:53,600 Speaker 2: hoping to get about one hundred dollars for it. So 21 00:00:53,840 --> 00:00:56,400 Speaker 2: at the moment for that one hundred dollars sale, I'd 22 00:00:56,440 --> 00:01:00,440 Speaker 2: pay about eight dollars in success fees. With these changes, 23 00:01:00,640 --> 00:01:03,760 Speaker 2: that eight dollars will be no more, and I could 24 00:01:03,800 --> 00:01:07,080 Speaker 2: pay a round about two dollars in ping transaction fees. 25 00:01:07,520 --> 00:01:09,480 Speaker 2: So as a seller on that one hundred dollar item, 26 00:01:09,520 --> 00:01:14,000 Speaker 2: I'd be keeping round about six dollars in my back pocket. 27 00:01:14,080 --> 00:01:16,240 Speaker 1: Because it's not just the success fees, isn't it. It's 28 00:01:16,240 --> 00:01:18,520 Speaker 1: the it's the fees that you charge for listings that 29 00:01:18,560 --> 00:01:22,360 Speaker 1: could be like six bucks. Once you've gone for a subheading, 30 00:01:22,440 --> 00:01:25,880 Speaker 1: and you've gone for a you know, a reserve price 31 00:01:25,920 --> 00:01:27,839 Speaker 1: and all that kind of stuff, and then you've got 32 00:01:27,959 --> 00:01:29,679 Speaker 1: then you've got the ping fees as well, So it 33 00:01:29,720 --> 00:01:32,760 Speaker 1: could it could end up being what like maybe as 34 00:01:32,800 --> 00:01:35,240 Speaker 1: much as sixteen dollars that you're paying for one hundred 35 00:01:35,280 --> 00:01:37,640 Speaker 1: dollar prim. 36 00:01:37,040 --> 00:01:39,680 Speaker 2: Depends on the choices that you make. So when you 37 00:01:39,959 --> 00:01:43,160 Speaker 2: list on trade Me, the success fee has has been 38 00:01:43,360 --> 00:01:46,160 Speaker 2: the mandatory bits. Everyone will pay a success fee. I mean, 39 00:01:46,200 --> 00:01:49,600 Speaker 2: all those other add ons are your choice entirely, and 40 00:01:49,640 --> 00:01:51,240 Speaker 2: so if you don't want to pay any of those 41 00:01:51,240 --> 00:01:52,680 Speaker 2: extras at the moment, you don't. 42 00:01:52,440 --> 00:01:54,560 Speaker 1: Have to, Okay, but you're keeping them, are you as 43 00:01:54,560 --> 00:01:55,120 Speaker 1: they are. 44 00:01:55,840 --> 00:01:57,919 Speaker 2: We are keeping them as choices yet, I mean. 45 00:01:57,960 --> 00:02:01,000 Speaker 1: So it's lower, but it is still more expensive than 46 00:02:01,120 --> 00:02:04,800 Speaker 1: Facebook Marketplace, which means that it is still maybe too high, 47 00:02:04,840 --> 00:02:05,440 Speaker 1: don't you think. 48 00:02:07,840 --> 00:02:11,680 Speaker 2: Well, Facebook, as you say, is free, but it doesn't 49 00:02:11,720 --> 00:02:14,400 Speaker 2: offer any of the safety or protection that we offer. 50 00:02:15,840 --> 00:02:19,040 Speaker 2: We've got Ping is a really safe and secure way 51 00:02:19,120 --> 00:02:21,959 Speaker 2: to pay, and when you pay with Ping, we cover 52 00:02:22,000 --> 00:02:24,520 Speaker 2: you with buyo protection, So we're putting that protection up 53 00:02:24,560 --> 00:02:27,000 Speaker 2: with these changes as well, up to five thousand dollars. 54 00:02:27,360 --> 00:02:31,120 Speaker 2: You don't get any of that on Facebook. We do 55 00:02:31,160 --> 00:02:33,560 Speaker 2: need to keep the platform operating though, with these changes, 56 00:02:33,600 --> 00:02:36,160 Speaker 2: and that's what the service fee for buyers is going 57 00:02:36,160 --> 00:02:38,640 Speaker 2: to cover. It enables us to keep the platform operating 58 00:02:39,240 --> 00:02:41,920 Speaker 2: and to offer New Zealand based support. 59 00:02:42,480 --> 00:02:45,040 Speaker 1: So why are you getting rid of the bank transfers? 60 00:02:47,360 --> 00:02:52,240 Speaker 2: Well, the sad fact is that whilst rare, nearly all 61 00:02:52,320 --> 00:02:56,880 Speaker 2: unresolved scams on trade me involve bank transfer, and once 62 00:02:56,919 --> 00:03:00,520 Speaker 2: somebody's transferred money into another bank account, that money is 63 00:03:00,560 --> 00:03:04,320 Speaker 2: often gone forget. We don't have any visibility over any 64 00:03:04,360 --> 00:03:07,680 Speaker 2: of those payments, and so if something does go wrong, 65 00:03:07,760 --> 00:03:09,600 Speaker 2: it makes it really hard for us to step in 66 00:03:09,639 --> 00:03:12,360 Speaker 2: and help. So we're getting rid of bank transfers to 67 00:03:12,440 --> 00:03:14,800 Speaker 2: make the site safer for buying and selling. 68 00:03:14,880 --> 00:03:18,000 Speaker 1: But this doesn't I mean, this doesn't prevent let's say 69 00:03:18,000 --> 00:03:20,920 Speaker 1: I'm the one selling the pram, it doesn't prevent from me, 70 00:03:21,280 --> 00:03:23,120 Speaker 1: the seller of the PRAM and the buyer of the 71 00:03:23,160 --> 00:03:25,919 Speaker 1: prem from privately organizing our own bank transfer. 72 00:03:26,040 --> 00:03:31,280 Speaker 2: Right. Well, bank transfers will now be against our policies, 73 00:03:31,320 --> 00:03:33,920 Speaker 2: and we've got teams of folks who scan the site 74 00:03:34,000 --> 00:03:37,600 Speaker 2: to check that nothing dodgy is going on. If they 75 00:03:37,720 --> 00:03:40,080 Speaker 2: catch that that kind of behavior is happening, then we'd 76 00:03:40,080 --> 00:03:42,720 Speaker 2: look to educate our customers on why our policies are 77 00:03:42,760 --> 00:03:43,400 Speaker 2: what they are. 78 00:03:43,440 --> 00:03:46,200 Speaker 1: Isn't this I mean, Lisa, isn't this you just funneling 79 00:03:46,400 --> 00:03:48,640 Speaker 1: finding another way to make money, Because then you're funneling 80 00:03:48,680 --> 00:03:50,920 Speaker 1: everybody through ping, which you own, and you can clip 81 00:03:50,960 --> 00:03:51,880 Speaker 1: the ticket with two percent. 82 00:03:53,880 --> 00:03:58,200 Speaker 2: The ping fee isn't changing as a result of these changes. 83 00:03:58,200 --> 00:03:59,880 Speaker 2: We've had peing on our site for a number of you, 84 00:04:00,320 --> 00:04:03,000 Speaker 2: and the transaction fee of two point one nine percent 85 00:04:03,080 --> 00:04:04,200 Speaker 2: isn't changing as a result. 86 00:04:04,280 --> 00:04:06,080 Speaker 1: I'm not saying it is. I'm not saying it is. 87 00:04:06,320 --> 00:04:09,440 Speaker 1: What I am saying is, as somebody who recently sold 88 00:04:09,480 --> 00:04:11,600 Speaker 1: stuff on trade me, my preference was to use a 89 00:04:11,640 --> 00:04:13,640 Speaker 1: bank transfer because then it was in my account. What 90 00:04:13,680 --> 00:04:15,680 Speaker 1: you're now doing is saying I can't do that. I 91 00:04:15,800 --> 00:04:19,839 Speaker 1: have to use potential after pay or ping, which you own. 92 00:04:20,040 --> 00:04:22,120 Speaker 1: Therefore you can clip the ticket again by two percent. 93 00:04:23,400 --> 00:04:27,920 Speaker 2: We're offering three different payment options after these changes, Yeah, Ping, 94 00:04:28,200 --> 00:04:32,599 Speaker 2: after pay or cash okay, and so those are the 95 00:04:32,600 --> 00:04:34,560 Speaker 2: three options that will be that we'll be offering, and 96 00:04:34,600 --> 00:04:37,600 Speaker 2: we support both ping and after pay with our buyer protection. 97 00:04:37,760 --> 00:04:39,880 Speaker 2: So if anything does go wrong and you're using those 98 00:04:40,160 --> 00:04:42,040 Speaker 2: payment methods, then we've got your back. 99 00:04:42,040 --> 00:04:43,680 Speaker 1: Listen, Lisa, I have to put this to you because 100 00:04:43,680 --> 00:04:46,479 Speaker 1: it's an idea that I kind of pitched earlier on, 101 00:04:46,640 --> 00:04:49,120 Speaker 1: which is is it possible that the age of trade 102 00:04:49,160 --> 00:04:52,839 Speaker 1: meet is over? Because it is now possible to buy 103 00:04:52,920 --> 00:04:56,039 Speaker 1: stuff for so much cheaper and yet it'd be reasonably 104 00:04:56,080 --> 00:04:58,920 Speaker 1: cool at places like kmart. 105 00:05:00,480 --> 00:05:02,880 Speaker 2: Millions of key we come to trade me every month 106 00:05:02,920 --> 00:05:04,680 Speaker 2: to buy and sal and we're pretty proud of the 107 00:05:04,760 --> 00:05:07,560 Speaker 2: role that we've played over the last twenty six years 108 00:05:07,600 --> 00:05:10,840 Speaker 2: and helping Kiwi to do that. In fact, something is 109 00:05:10,920 --> 00:05:13,680 Speaker 2: bought or sold on trade me about every four seconds, 110 00:05:14,120 --> 00:05:17,360 Speaker 2: and so this is really about continuing to improve our 111 00:05:17,440 --> 00:05:20,159 Speaker 2: experience and make sure we're really well set up for 112 00:05:20,120 --> 00:05:21,520 Speaker 2: over the next twenty six years. 113 00:05:21,800 --> 00:05:23,080 Speaker 1: Lisa has been good to talk to you. Thank you 114 00:05:23,160 --> 00:05:24,920 Speaker 1: very much for talking us through it. That's Lisa Stewart, 115 00:05:25,000 --> 00:05:28,640 Speaker 1: trade me, head of Marketplace. For more from Heather Duplessy 116 00:05:28,680 --> 00:05:31,520 Speaker 1: Allen Drive, listen live to news Talks. It'd be from 117 00:05:31,560 --> 00:05:35,200 Speaker 1: four pm weekdays, or follow the podcast on iHeartRadio.