EBay turned 12 years old this year. It was created in September 1995 by a Pierre Omidyar in San Jose. He started it as an Auction Web by an experiment while he had a day job. Today it has become the world’s largest personal online trading community. It hosts nearly four million auctions every day with almost half a million new items being added for sale every 24 hours. Omidyara personal net worth is estimated to be roughly $10 billion.
The site was launched on Labour Day, 1995, under the more prosaic title of “Auction Web.” The first item sold on eBay was a broken laser pointer for $14.83. EBay went public in 1998 and Omidyar and Skoll became billionaires overnight. The most expensive item sold was a 405 foot steel mega yacht auctioned by the Fort. Lauderdale. It went up in 2006, with a price of $85 million. JayandMarie is the first eBay member to reach 100,000 feedbacks which happened in 2002. EBay averages more than 1 billion page views per day. Ebay users worldwide trade more than $1,839 worth of goods on the site every second.
The meaning of the eBay logo in primary fun colors suggests that the site is friendly, open and accessible. EBay has high margins because there are no factories or inventory but also because its customers do the work. If EBay hired all the people who earn their income selling on its site they would be the second largest employer on the Fortune 500 after Wal-Mart. More than 68,000 people earn their primary or secondary income from trading on Ebay.co.uk. EBay has 233 million registered users worldwide.
There were 588 million new listings added to eBay worldwide in 07. There are approximately 100 million listings worldwide and 6.4 million listing added per day. EBay users trade in more than 50,000 categories. In 2006, eBay member worldwide have left more than 6 billion feedback comments for one another regarding their eBay transactions. In 2006, Jeremy from the internet show Pure Pwnage sold some of his hair for $4,200! EBay’s stock is down almost 48% as of 2006. 95% of eBays sellers are individuals and small businesses. EBay has a global presence in 33 markets including Australia. A toy is sold every 24 seconds on the EBay Australia site.
Every minute a mobile phone sells on eBay UK. A piece of jewellery sells every 6 minutes on eBay India. In July, 2002 eBay bought PayPal for $1.5 billion in stock. They bought StumbleUpon for $75 million. EBay’s rivals include Amazon.com.