eBay is the most successful online auction site currently on the web and has been for some time. Currently, it has over 11 billion live listings, over 25 million sellers, and over $8.98 billion in sales. There are many factors that can be attributed to this incredible success, some of which can be found below.
Feedback – This is a huge part of the success of the company, and it wouldn’t be what it is today without providing the ability to give feedback on products or services. Users are able to post comments, send messages, and give ratings to a person that has sold them an item. This is automatically linked, via the site, to the seller’s profile, either making their reputation better or worse. Based on the previous feedback, new buyers are able to decide whether they want to buy from the seller.
A huge market – Thanks to the reach of the internet, eBay is available to an audience that is not constrained by any distance, allowing buyers and sellers to make purchases across the globe. This means that people can buy items they may not be able to get in their local area.
Buyer Protection – By offering payment services such as PayPal, buyers automatically have protection for what they spend. This can be extremely reassuring if you never receive your items, or if the item is not as described.
Competitive Pricing – Many customers continue shopping with eBay thanks to its competitive prices. Lots of people associate the site with getting a bargain, which is quite often the case.
Making Money – As a business, eBay itself has to make money. It is not just a free platform from which people are able to sell their goods. Part of eBay’s success is due to the fact that it gets its revenue in a number of different ways, such as listing and value fees, advertising, merchant fees, contractual service, lead referral fees, and more.
These are just a few of the reasons that eBay is so successful, and continues to grow in both size and popularity.
You can find out more about the strength of this company by taking a look at 16Best, which is full of interesting facts and figures about the online marketplace giant.
Featured Image: DepositPhotos/ wolterke
