Later today, U. S. Commerce Secretary Penny Pritzker will meet with eBay Inc. executives and merchants to discuss the importance of facilitating small business cross border trade. Until recently, the global market has been largely dominated by big business. Small businesses have been largely unable to touch markets outside of their own local communities. However, technology and digital marketplaces have completely revolutionized the global market and created opportunities for small businesses to participate in cross border trade. In fact, 50-80 percent of technology enabled small businesses survive after their first year compared to only 20-30 percent of traditional small businesses.
Over the years, eBay Inc. has demonstrated great success in facilitating cross-border trade among the small and micro-small businesses that use our services. A recent study of the eBay marketplace shows over 90% of our US commercial merchants export to an average of 19 countries. This number is revolutionary when compared to the less than 5% of traditional small businesses that participate in the global market. And as the federal agency tasked with promoting US businesses domestically and abroad, the Department of Commerce looks for opportunities to assist small businesses export their goods and services around the world.
Tune in later for more information on Secretary Pritzker’s visit at eBay HQ.