EBay Inc. (NASDAQ: EBAY) is the U.S. company providing services in the areas of internet auctions (main field of activity), e-commerce, and instant payments. The Company owns the website eBay.com and its local versions in several countries. It also owns the PayPal payment system.
On 4 September 1995 California programmer Pierre Omidyar from San Jose, created the online auction under the title AuctionWeb as a part of his personal website.
The famous story about how eBay was created so that Pierre’s bride had the opportunity for exchanging her PEZ with other collectors was invented in 1997 by the manager of public relations, which was later confirmed by the company.
The first item sold at AuctionWeb, was Omidyar’s defective laser pointer, for which a buyer paid 13.83 USD. After contacting the buyer, Pierre asked him, “Do you realize that the laser pointer is defective?” In reply, the buyer explained: “I am a collector of defective laser pointers.”
Originally, the AuctionWeb was completely free, and little by little began to attract buyers and sellers. By the end of 1995, there had been thousands of auctions on the site.
The Company acquired its present name in September 1997. Omidyar originally wanted to name the site Echo Bay Technology Group, to keep in touch with his consulting company Echo Bay Technology Group. However, the domain name EchoBay.com was already owned by the Echo Bay Mines mining company, so the name was shortened to eBay.com.
In subsequent years, eBay has evolved from the C2C trading floor, which was more like a “flea market,” to the B2C platform, which can be used by both individuals and legal entities.
The basic idea is to provide eBay sellers an online platform for the sale of any goods. The Company acts only as an intermediary in the contract of sale between the seller and the buyer. Payment of the product and its transfer occurs without eBay. For the use of the platform vendors pay a fee, usually made up of the collection fee for the lot and the percentage of the selling price. For buyers a transaction is free.
Since the profit of eBay depends on the volume of sales made through this platform, the rules are quite liberal. It is allowed to sell any goods or services that do not violate the law of the country in which the site is registered, unless blacklisted by eBay.
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