July 14, 2020 I Finance
Reverb Raises Selling Fee for First Time
Today, Reverb announced in an email to its users that its 3.5% selling fee will increase to 5% starting on August 4, 2020. The increase marks the first time that the e-commerce hub has raised its fee. The company claims that the revised selling fee will enable Reverb to invest more to sustain sellers’ continued growth to support increased investments in the growth and long-term health of the marketplace.
“Over the past seven years, our team has been dedicated to growing Reverb into a global online destination that music makers visit to discover the world’s best music shops and sellers,” said Reverb CEO David Mandelbrot. “As our community continues to expand and players of all levels increasingly shop for music gear online, we’ve heard our sellers loud and clearâ€”they want even more opportunities to connect with more buyers on Reverb. As a crucial partner to our sellers, we recognize that now is the time to make further investments on behalf of our sellers.”
With the extra income from the increased fee, Reverb has stated that it plans to increase investments from 2019 by investing over 30% more in marketing initiatives aimed at getting sellers’ inventory in front of more buyers, expanding by more than 25% the capacity of its customer support team and increasing by more than 40% the capacity of its product team focused on creating and enhancing seller tools and services to increase the visibility of sellers’ inventory.
“Dealers, gear makers, and more sell on Reverb because our marketplace gives them access to millions of knowledgeable, quality buyers and the support of customer engagement, marketing, and tech teams that are dedicated to connecting buyers and sellers,” said Kevin Drost, Reverb’s chief strategy officer. “Our revised selling fee will allow us to make crucial investments on behalf of our sellers while continuing to provide what we feel is the best value for our community.”