Question-and-Answer Session
Operator
Thank you. Operator Instruction And our first question comes from Mary Meeker from Morgan Stanley.
Q - Brian
Brian, this is for Mary. How are you guys, right great quarter. Can you quantify what was fundamentally different this holiday season versus last holiday season I known you had fairly some issues in the back half this quarter. What did you learn from last year or they driven by the investment and then may be as a second part of that , you could talk a little bit more detail about the investments in the US and the Germany. What was specifically working for drive growth rate?
A - Meg Whitman
Sure I’ll take that, and I would broadly characterize our initiatives into three bucket, more effective marketing, excellent business initiatives and product innovation. This is a very young and responsive business, we make small changes and what we have learned is that we can generate significant changes in trajectory. If I purchase on eBay US and Germany, I would say the largely the formula was the same, that first of all we change the balance between offline and online marketing, and improved our ability to optimize napple search and optimize page search. We also did, I think the better job in both Countries of integrated marketing campaign and in the United States with a particularly effective message in the head campaign, and then we also did you known initiative in customer safety and customer support seller online, as well as product innovation small changes that basically made at easier for buyers to buy in and seller itself. So it was a whole host of thing but if I had to point to one thing I would say, you known a better balance of our final online marketing and integrated marketing.
Q - Brian
Great thanks
A - Meg Whitman
Thank you
A - Meg Whitman
Next question?
Operator
Our next question Mark Rowen from Prudential.
Q - Mark Rowen
Thank you, and congratulations. My first question is to Rajiv. And it basically is the relationship between listings versus merchandise volumes and transaction revenue, and the between those seems have been moving around a lot for the last few quarter, and so if I look at you your listings which were up 35% even if I accept stores that was up 28%, it only generated gross merchandise volume of 22% and I know you said how that was a part of that but on gross merchandise volume for listing was down 9%year-over-year, and despite that you got 37% transaction revenue growth or even if I accept shopping .com 30%. So I was wondering if you could comment about the relationship between the two, I mean is the reason gross merchandise volume so much lower than listings growth, because ASP and success rate are following?
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