The online global platform eBay started as the small online auction site known
as AuctionWeb. The purpose of this web-portal was to provide buyers and sellers
a single place with honest and open trading opportunities.
Not long after the opening, the first purchase was made. A shopper from Canada
was the first client of this new service, and he purchased an item that was
listed for sale by Pierre Omidyar, who was a founder of this auction platform
that was renamed as eBay. The purchase of a non-functioning laser pointer
occurred in 1995.
eBay demonstrated rapid growth, the volume of sales in 1996 reached up to 7.2
million US dollars. Soon enough, the company brought in its first employee to
coordinate its work. This employee still works for eBay over 20 years later.
Fast forward to 1997, when Beanie Babies toys were in manic demand on eBay.
These stuffed toys were a smash hit and made an astonishing fortune on eBay,
where it was sold in quantities that in total raked in 500 million US dollars.
That was a huge number, however it was only 6% of total eBay sales volume.
Later that year, the millionth purchase was made on the AuctionWeb, and shortly
after that historic moment, it was renamed to eBay.
In the year of 2000, eBay launched one of its most popular functions for buyers
- the Buy It Now button. It allowed customers to get items with a set price
instead of purchasing it on auction.
eBay continued its growth, it opened new sales departments, like eBay Motors, or
eBay Stores. The platform also launched an eBay University to help people in
mastering the skill of selling.
In the year 2001, shopping on eBay set its own price record in the selling of a
passenger jet. It was sold for 4.9 million US dollars. A few years later, this
record was broken by the sale of a Gigayacht, which was purchased for 168
million US dollars.