Get to know about the very inspiring story of the commercial giant company, eBay. It is an American multinational e-commerce corporation, rooting from San Jose, California.
From shoes to books, from machines to papers, everything was made available on this site, people were stumped by this new place where almost everything was available and delivered to your doorstep!
Today we dive in to discover the company eBay, that took e-shopping to roaring levels.
The History of eBay
eBay’s birthplace was Pierre Omidyar’s living room, the motive of this company was to be a marketplace for the sale of goods and services for individuals since day one.
In order to expand the business, Pierre joined hands with Meg Whitman, a Harvard graduate.
Meg was like the architect of eBay’s success, as she went on to make the dream team of her seniors from companies like Pepsico, Disney and built a strong vision for the company. They let go of their image of solely being an auctioning collectable and moved into numerous upscale markets where the average sale price (ASP) is higher.
eBay is one of the regal businesses, and amongst the very few who were profitable nearly every quarter since it formed, eBays huge success was the evidence of its unique business strategy that facilitated individuals or businesses to list new or used items for auction for a very low fee.
But the question is what made eBay stand out in an oceanic full of companies coming with their own unique ways?
The company’s management team started to hire, non-technical executives, who were outside of the industry, believing in the idea that executives from different industries will bring something new to the table.
As the company expanded product categories transcended collectables into almost any saleable item, the business expanded hugely, In 2000, eBay had 12 million registered users and a cyber inventory of more than 4.5 million items on sale, any day.
In 2001, the brand became the leading company to have the largest of any e-commerce site In February 2002 the company purchased iBazar, a similar European auction website founded in 1998, and went on to purchase PayPal on October 3, 2002.
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