A Collection of Resources To Tell The Story of eBay
It was in 1995 when the dreams of auction buffs were soon to come true. With online auctions, you could take part in auctions from the comfort of your own home.
Pierre Omidyar launches AuctionWeb in September 1995. A place for people to buy and sell personal items. In September 1997, AuctionWeb is officially named eBay.
One smart move was to put together a team of highly experienced business people that took the company to the next level. With strong management plus providing something new that people would engage in, this small startup became a huge success story.
The first sale was made by a Canadian Mark Fraser that purchased a broken laser pointer he needed for a project he was working on.
eBay allows anyone to use the site for free. They charge sellers a low fee for listings and a percentage of the sale. With many listings, there is a “Buy Now” option that bypasses the auction process and allows buyers to make a purchase immediately.
One thing that contributed to eBay’s success is the feedback system they have had in place since 1996. The reason behind it was to give members feedback on the sellers provided by other members. This would build trust, which is a very important point when making a purchase.