What is eBay, how it works, the history of the online auction site?

There are fewer now, in the modern world not to know eBay, a veritable point of reference for a great number of people, in every part of the world, every day they decide to sell or buy the most varied objects, using the power network through the on-line auction.

Its creator is Pierre Omidyar, a versatile programmer to clear Iranian origin and naturalized American, but born in Paris in 1967.

Its creature made the first appearance September 3, 1995, conceived as a true agora dedicated to auctions and for all those who might intend to sell some object, even the strangest. A service in return of which the site is reserved only a small percentage of the sale. Its first name was not, however, the one with which he would become famous, but AuctionWeb and the first item auctioned was a failure laser pointer that brought him little less than fifteen US dollars to its owner. Just the fact that the item was broken, however, pushed Omidyar to send an email to the buyer, asking them if they really understood what they were buying, receiving confirmation from what it was in fact a collector of defective laser pointers.

eBay
Image Source: Google Image

The eBay words would appear two years later, when the word of mouth system which still remains one of the biggest secrets in the affirmation of the site had already been refined. Own judgment (feedback) released on the reliability of vendors is the best possible guarantee for its operation, helping not just the users to avoid the always possible frauds.

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Just at the same time as the arrival of the name, Omidyan concluded an extremely important agreement on the sale of air tickets and railway companies. An agreement, which put an increasingly solid foundation for the subsequent rapid growth and landing on the stock exchange, in 1998 when in just the first day of trading, the title of eBay, jumped 18 to $53.50.

Another important step in the growth of the site was later the acquisition of PayPal, in 2002, a purchase followed by a brilliant new idea, one that aims to ensure real protection buyer only if they decide to use the electronic payment system in the transaction.

eBay and PayPal
Image Source: Google Image

Just that step up in quality has motivated eBay to introduce a set of rules in order to avoid allowing the violation of foreign exchange regulations of the countries in which transactions take place.

The 2005 has rather been the year of the acquisition of Skype, another step aimed at making corporate foundations, for an outlay of 2.6 billion dollars more and more solid. A very shrewd move, if only you think that the VoIP phone service was then sold in 2011 to Microsoft, in exchange for a consideration of 8.5 billion.

The rest is history today: eBay, whose principal office is established at the time in San Jose in California, can number up to 112 million users who daily sell or buy a variety of products. A trend that does not seem destined to suffer that much of the current economic crisis and the slogan “Whatever you’re looking for on eBay there,” sums up the intentions of the portal online auctions.

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