eBay is developing a new search system to help users find products and a new fraud protection program for its PayPal online payment unit, company president and CEO Meg Whitman said Wednesday.
The new product search system, called Magellan, is being tested now and is the company's "next generation search capability," Whitman said.
"Finding is incredibly important on eBay. The more effective we can make finding, the higher the [sales] conversion rates and the more robust the marketplace is for buyers and sellers," she said.
The company is developing Magellan because the number of products listed on eBay continues to grow and the company wants to make it easier for buyers to find what they are looking for, eBay spokesman Hani Durzy said later.
"It's a new way of shopping and finding on eBay," he said, adding that the company will probably launch Magellan "sometime within the next few quarters."
eBay will launch its new fraud protection program in its PayPal unit in Germany to test its effectiveness. Based on the results, the company will decide when and where else it offers the program, Whitman said. It's "a significant step up in PayPal buyer protection," she said.
In related news, eBay delivered better-than-expected second quarter results yesterday, with net income of $291.6 million, or 21 cents a share, up from $190.4 million, or 14 cents a share, a year ago.