Ebay was established in 1995
Ebay was established in 1995 and has become one of the most popular Internet sites of the present day. The business is an American owned consumer-to-consumer business, at the time of its launch it offered a unique service. The sole purpose of the website is to operate as an online auction website. Consumers are able to list items they wish to sell and other consumers are able to buy these items. Ebay listings are made for a set period of time, the majority of auctions offer the chance to bid on a product and some auctions allow consumers to buy a product at a fixed price through a Buy it Now function.
The business is totally online and is one of the major success stories of the dot.com boom which was apparent in the 1990s; Ebay is now available in thirty different countries.
Constant diversification has emerged form the business that has meant that numerous different services are now offered. To ensure that buyers are protected when purchasing products the company purchased a online banking merchant named Paypal. The majority of payments are now processed using Paypal and this provides a level of security when consumers make payments.