While volume through the first 5 months of the year was roughly stable, a series of factors have contributed to the second half decline and we’re wrestling with 3 fundamental challenges. First, traffic. Traffic growth has decelerated by 7 points in the year. The drivers include both the decline in new buyers at the top of the funnel due to the SEO changes and occasional buyers not returning to our site or buying less frequently. Secondly, FX neutral selling prices on the site have declined 4 points over last year. This is a bit of a catch 22 for us. As we’ve made it easier for sellers from around the world to surface their inventory to global buyers, selection has increased from lower-priced regions. In addition, mobile has become a greater percentage of our mix, which skews more towards emerging markets and a younger demographic who tend to buy lower-priced items. And third, as John mentioned, cross-border trade. We have a large cross-border trade business and our U.S. business is a net exporter. And the stronger the U.S. dollar slowed our cross-border flows.
The implication of these challenges has resulted in a deceleration in the 3 month active buyer growth to 5%, well below our 12-month active buyer growth of 11%. This is why things will get worse in the first half of 2015 before they get better in the second half of the year. That said, we’re not standing still. We’re taking decisive actions to focus the business in an effort to simplify and speed up decision-making while creating incremental capacity to invest to improve both traffic and technology. We’re investing in marketing, improving product design and strengthening the SEO workflow to a more sustainable format. And we are prioritizing our resources towards our core shoppers and doubling down on areas of strength like our $2 billion eBay Deals business.
So let me put the Market Place performance into perspective. In what I would characterize as a very difficult year, eBay remains the 28th most valuable brand in the world. It has a great business model with low capital intensity, which generated $3 billion in free cash flow in 2014. We have our hand on the issues and we’re working through them as we enter 2015.
Now let’s turn to eBay Enterprise. eBay Enterprise generated $1.9 billion in gross merchandise sales for its clients. GMS grew 9%, driven by the addition of new logos and same-store sales growth of 12%. Revenue was $443 million, up 9%. Segment margins for eBay Enterprise came in at 15.5%, relatively flat from last year.
So before we turn to 2015, let me step back and give a brief summary of our full year 2014 performance. We enabled $255 billion of commerce volume for merchants and consumers globally, which accelerated 2 points to 24%. PayPal enabled $228 billion of TPV, up 27%. eBay enabled $83 billion of GMV, up 8%. And eBay Enterprise enabled $4.7 billion of GMS, up 13%. Mobile commerce volume was $54 billion, up 66%. Revenue grew 12% and non-GAAP EPS grew 9%. And through this tough year, we managed to generate $4.4 billion in free cash flow. And we bought back $4.7 billion of stock and reduced our shares outstanding by roughly 5%. Not the worst performance, but a year we’re glad to have behind us. So with that, let me turn to our priorities to 2015. They’re really twofold: first, execute on our business plans; and second, create the 2 world-class independent platforms. Let me talk to each.
Executing our business plans. We are taking actions to streamline and simplify this cost structure in each of the businesses, and we’re eliminating approximately 2400 positions across the company, roughly 7% of the global workforce. And we’re pursuing the sale or IPO of the eBay Enterprise so we are focused on our 2 core businesses. We are focusing our growth initiatives where we believe we have true competitive advantages and leveraging our large and growing customer bases. And during the year, we’ll produce strong cash flow and opportunistically reduce our share count.
