History Of eBay
The history of eBay is more interesting than the internet giant itself. Looking back at its early beginning no one would have ever guessed that it would turn into what it is today. Ebay is now one of the largest companies in the world. It was started in 1995 by French computer programmer Pierre Omidyar. He started it for his wife so she could have a place to sell her collectibles. He originally named his auction website AuctionWeb. It remained that way for 2 years until 1997 when he renamed it eBay. His original choice before eBay was EchoBay. When he tried to purchase the domain echobay.com he was notified that he couldn’t purchase it because it was already taken. He then shorted EchoBay to eBay and purchased eBay.com. Ebay went public in 1998 as a auction website where people could post items for sell and buyers could bid on them in auction style in the same manner auctions are held offline. This would give people the opportunity to conveniently post items for sell that would otherwise be laying around serving no purpose. The very first item sold on eBay was a broken laser pointer. When eBay went public it caught on like wildfire. Everyone was selling their old junk on eBay. Pierre Omidyar became a instant billionaire. Ebay ended the year with an average of close to 2 million daily auctions. The growth did not stop there though. Ever since eBay has been growing at record rates in terms of company expansion and financial growth. History Of eBay - Acquisition of PaypalIn 2002 eBay bought PayPal for 1.5 billion dollars. PayPal was purchased to replace ebays old payment service BillPoint. PayPal would offer a safer and more convenient way of making electronic payments. There were two reasons eBay acquired paypal to replace BillPoint.The first was to prevent eBay fraud. PayPal would provide a much safer way to purchase products online because users would not have to transfer credit card data over the internet. Users would be more protected against hackers who try to intercept credit card information since that was becoming more and more common. The second was to make the payment process faster and more convenient. With paypal all users would have to do is enter their paypal id and then log into their account to confirm purchases. That method would increases sales on eBay because of how easy it was. A hassle free method of payment would mean more sales. Payments would take 5 minutes with paypal apposed to 3 to 5 days. At the time of the acquisition the most popular form of payment was money order and check. People would be less likely to purchase expensive products if they had to fill out a check or money order then pay to ship it. So eBay decided they needed to do something to encourage the use of paypal. What they did was require the sellers of products in certain categories to accept paypal or they would not be allowed to list products. The two categories they choose were video games and health and beauty. This method worked and caused a huge increase in paypal users. eBay ExpressIn 2006 eBay launched eBay express. EBay express was designed to create a faster way to shop on eBay. On eBay express every item is for sale only. There are no auctions. Shoppers could shop using a shopping cart.This makes the buying process that much faster. You can use a shopping cart to buy multiple products from multiple sellers all at once. This would bring even more buyers to eBay now that is even more convenient. After its launch users reported that the new service was phenomenal and made the process of buying cheap products much faster. Shopping eBay express is like shopping at the best discount store in the world that has the fastest checkout. The eBay Business EraIn 2007 dropshippers came on the scene. They offered a way to buy products at wholesale price then resale them on eBay without ever touching the product. The idea of selling products over the internet without ever touching them is something millions of people got interested in doing.This brought another wave of business to eBay. In 2007 over 700,000 americans made a living dropshipping products on eBay. If you want to learn more about the process of dropshipping click here. This led to the start of thousands of eBay businesses being ran from home. It is even apparent on TV with all the infomercials trying to sell you eBay business kits to people interested in starting a business on eBay. All of which are eBay scams that are able to sell because so many people are attracted to the idea of making money on eBay.
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