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eBay Buying and Selling - The Real Story
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It has been fourteen years since eBay's conception in September 1995. Pierre Omidyar from San Jose called his site AuctionWeb.
He wanted his site to be an online marketplace with buyers and sellers. It was one of the first online marketing websites of its kind in the world. Auction Web's first code was written in the first weekend. The modern name 'eBay' comes from the site domain Omidyar used initially and his company's name was Echo Bay. The 'eBay AuctionWeb' was one part of Echo Bay's website at ebay.com, but it soon gained popularity. The first thing ever sold was Omidyar's broken laser pointer and this item earned him $14.
The site quickly gained popularity as sellers came to list all types of knickknacks and buyers purchased these odd items. The concept worked well and the site could almost be allowed to run itself. Designed from the start to collect a small fee on each sale, Omidyar used this income to pay for AuctionWeb's expansion. These fees quickly exceeded his salary at work and he quit his job to focus his attention on the site in a full time capacity. In 1996 he developed the site further and added the feedback facilities so that buyers and sellers could rate each other. This was a useful step in making buying and selling safer.
In 1997, Omidyar changed all names to 'eBay' and formalised what people had been calling the site anyway. He spent money on advertising, had the eBay logo designed and celebrated when the one-millionth item was sold. This item was a toy version of Big Bird from Sesame Street.
In 1998 eBay became one of the frontrunners of the dotcom boom and the business investment allowed Omidyar to employ senior managers and business strategists, who took in public on the stock market. People were then persuaded to sell more than just collectibles, and a massive site emerged where anything could be sold. While less successful sites closed, eBay survived the end of the boom, and remains a success today.
eBay went international in 1999 and sites were launched in the UK, Australia and Germany. In 2000 eBay bought half.com, an Amazon-like online retailer and 2000 introduced Buy it Now. In 2002 eBay bought an online payment service called PayPal.
Currently, Pierre Omidyar earned an estimated $3 billion from eBay, and still serves as Chairman of the Board and has a personal weblog at www.pierre.typepad.com. Millions of items bought and sold every day on eBay and for every $100 spent online worldwide, it is estimated that $14 is spent on eBay. The following email will present further possibilities of online business.
That's a short history of eBay, and perhaps now you'd like to know how it could work for you too? Our next video will give you an idea of the possibilities.
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