History of eBay and Online Shopping

An American online company eBay Inc has brought up one of the largest online shopping and auction platforms in the world; the eBay. With internet taking a prime place in the lives of the buyers and sellers all over the world, eBay has become one of the largest facilitator of online business transaction today. A variety of goods and services are transacted on this platform.

History of eBay goes back to the year 1995 that commenced the success stories of the dot.com bubble. Covering more than thirty countries, eBay has expanded its original format of “set-time” auction by converting it to “buy it now” auction. Transactions online take various forms like the classified advertisements online, event ticket trading or even the standard shopping on the Internet.

Dispensing with the practice of cash transactions, eBay is now accepting credit and debit cards, pay pal and such other financial transaction methods of online money transfer. History of eBay shows that the foundation of this online website was laid in the year 1995 by the Iranian computer programmer Pierre Omidyar who was born in France. First item that was sold on eBay platform was a broken laser printer at a price of only $14.83. Unique feature of the transaction was that the laser printer was bought by a collector of broken laser printers.

As far as the history of eBay is concerned, the online shopping platform was created to help Omidyar’s finance trade. Adam Cohen’s book named “The Perfect Store” revealed this secret in 2002 and eBay also confirmed the authenticity of this claim.

Firs employee of the organization was Chris Agarpao and Jeffrey Skoll was the first President of the company. Both were hired in 1996. The same year eBay entered its first third party licensing deal with the Electronic Travel Auction Company for use of Smart Market technology. Objective of the deal was sale of flight tickets as well as other travel products.

A remarkable page of the history of eBay was opened when as early as 1997, it could complete no less than two million auctions. This was a phenomenal rise compared to the 250,000 auctions in the preceding year 1996. Till that time the name of the online shopping platform was auction sale. But it was changed to eBay in September 1997 and has been known by that name since then.

As originally the site was of the Echo Bay Technology Group, Omidyar had tried the name echobay.com but the name was not available as already taken by Echo Bay Mines. He shortened the name to eBay.com and that is what we find on the web today.