eBay

Categories

Technology  
Retail and Consumer Goods  

#740

Rank

$24.87B

MarketCap US

US United States

Country

Summary

eBay is an online marketplace that connects a global network of buyers and sellers. The platform connects millions of buyers with sellers globally utilizing PayPal to ensure secure transactions. eBay products can be sold either via a silent auction in which users are able to input the maximum price they are willing to pay and for which the site will automatically increase bids as necessary up to that maximum or via the Buy It Now feature that enables its users to purchase items at a set price. 

Its featured products are categorized as fashion, home and garden, electronics, motors, collectables, antiques and visual art, stationery, electronics, and more. eBay was founded in September 1995 by Pierre Omidyar in San Jose, California.


History

1996: The National Consumers League found that fraud reports tripled after it created its Internet Fraud Watch project in March. In November, the E-Commerce platform entered into its first third-party licensing deal, with a company called Electronic Travel Auction, to use SmartMarket Technology to sell plane tickets and other travel products. “eBay’s AuctionWeb Tops One Million Bids,” Business Wire, December 12.  The site hosted more than 250,000 auctions in some 60 categories including Beanie Babies, stamps, coins, and computers. eBay has continued to enjoy success after success as its online marketplace has grown exponentially since its inception. Omidyar incorporates the company as eBay Inc. in San Jose, California. Jeffrey Skoll was hired as the first new president of the company.

1997: In a May press release, eBay president Jerry Skoll stated that the growth "clearly demonstrates the receptivity and the eagerness of the general public to participate in online commerce. In September, Auction Web is officially named eBay. The company officially changed the name of its service from AuctionWeb to eBay, after Echo Bay Technology Group, Omidyar's consulting firm. In November, the United States Senate's Permanent Subcommittee on Investigations conducted hearings. Later that year saw the business-to-business auction service OnSale Inc. add person-to-person auctions and the launch of Auction Universe Inc., a Web auction firm owned by Los Angeles Times parent Times Mirror Co. The company received $6.7 million in funding from the venture capital firm Benchmark Capital. Beanie Babies quickly became the dominant product on eBay, accounting for 10% of all listings, as collectors thronged eBay's user-friendly interface to search for specific Beanie Babies.

1998: Meg Whitman was hired by the board as eBay's president and CEO. That site began providing city-oriented auction sites through a group of affiliated newspapers, with each offering a local auction site run by Auction Universe. At the end of the year, eBay was hosting nearly 1.8 million auctions and reported a profit of $2.4 million on revenues of $47.4 million, making it one of the few Internet retailers to return solid profits. 1998: eBay reincorporates in Delaware and goes public. In the risks factors section of the annual report filed with the US Securities and Exchange Commission, Omidyar notes eBay's dependence on the continued strength of the Beanie Babies market.

1999: The first quarter was again record-setting, with gross merchandise sales of $541 million and net revenues of $34 million. Under Whitman, eBay saw considerable growth.

2000: According to Forrester Research, an Internet market research firm, eBay controlled 85 percent of the online auction action, which Forrester estimated would top $3.3 billion for the year. Also in that same year, eBay allowed buyers an option to “Buy it Now,” which allowed them to purchase an item immediately, appealing to the buyer’s need for instant gratification. The biggest news of early 2000 was not security but the possible merger between eBay and mega-portal Yahoo. eBay University was founded that focused on helping new sellers find their footing in the global marketplace. eBay had 12 million registered users and a cyber inventory of more than 4.5 million items on sale on any given day.

2001: eBay also introduced eBay Stores in June, which allowed sellers to open their own dedicated eBay stores to their customers on a regular basis, emulating the rising fame of similar online e-commerce solutions popping up. Project for IEF248a Spring Magnus Bjornsson Yahoo, which had gained considerable ground and was the Web's third most visited firm, lost the majority of its online auction clients after starting to charge fees in the first quarter. Levi Strauss offered up a pair of Levi’s, reportedly the oldest in the world, and they sold for $46,000! That’s a lot to pay for fashion that resembles poverty wear. eBay had the largest user base of any e-commerce site.

2002:  eBay was forced to cease operations in Japan in March, two years after establishing a site there, due to Yahoo Japan Corp.'s dominance in that market, low numbers traded on the site, and tactical errors by eBay. In early 2002 eBay signed an agreement with Priceline.com to dabble in the travel and leisure market, in which the company's 42 million registered users had already shown a keen interest. Yahoo controlled 95 percent of the market by 2002 and eBay's dismal performance affected its hopes for worldwide dominion. eBay acquired PayPal, an Internet service that enables individuals and businesses to securely and easily send and receive payments online.

2003: eBay Giving Works has raised over $500 million for charities. eBay's CEO Meg Whitman made the news by following in the footsteps of Pierre and Pam Omidyar. Revenues climb to a remarkable $2.17 billion.

2004: After eBay raised its listing fees in January, there was a concern that some sellers might be more inclined to avoid listing on the site. The firm went on an acquisitions spree, buying Germany's mobile.de, India's Baazee.com, Korea's Internet Auction Company, Ltd., and a stake in the online classifieds forum craigslist. More than $34 billion of transactions took place via eBay's online auctions and listings. The campaign later won a 2004 Gold EFFIE Award in the retail category. eBay was the dominant online-auction site in the world. eBay earmarked about $250 million for United States advertising. EBay's television commercials also helped boost the company's sales in the last quarter, which coincided with the campaign's run. One, "Toy Boat," garnered special recognition at the Directors Guild of America Awards for 2004.

2005: In addition, Goodby, Silverstein & Partners won the $100,000 first prize at the 2005 Radio Mercury Awards for the "Abbreviated" spot. Financial goals for the company are to reach $3 billion in revenues and $1 billion in operating profits, which would mean more than tripling the number of registered buyers and sellers to 150 million.

2006: The President of Paypal, Rajiv Dutta was named the President of Paypal, an emerging rock star payment processor that created a symbiotic relationship with eBay. In 2006, eBay Motors sold its 2 millionth passenger vehicle.

2008: The company announced that Whitman would step down on March 31, and John Donahoe was selected to become president and CEO. Whitman remained on the board of directors and continued to advise Donahoe. PayPal launches a mobile app for iOS, making it one of the first apps to launch in the Apple app store for the iPhone. The company had expanded worldwide, counting hundreds of millions of registered users as well as 15,000 employees and revenues of almost $7.7 billion.

2009: Celebrated for our supportive work environment, eBay Inc. lands a coveted spot on Fortune magazine's list of the 100 Best Companies to Work For. eBay completed the sale of Skype for $2.75 billion, but still owned 30% equity in the company.

2014: eBay announced it would spin off PayPal into a separate publicly traded company, a demand made nine months prior by activist hedge fund magnate Carl Icahn. The program expands to Australia and the U.K. Tapped as our CEO Designee, Devin Wenig takes over as eBay CEO.

2015: In September, the online auction giant celebrated its 20th anniversary of offering new and used items for sale on eBay. eBay and PayPal announced plans to become independent companies, enabling both to sharpen their strategic focus and hone in on innovative growth opportunities in their respective markets.

2017: Flipkart and eBay entered into a strategic partnership under which eBay Inc acquired a 5.44% stake in Flipkart in exchange for its eBay India business for $211 Mn and a $514 Mn cash investment.

2018: eBay announced that they would replace PayPal as its primary payments provider with Netherlands-based start-up Adyen. eBay raised a record amount by connecting buyers and sellers to the causes they care about most.

2019: The company acquired a 5.59 percent stake in Paytm Mall.

2020: In April, it was announced that Jamie Iannone would become the CEO on. In July, Adevinta announced the acquisition of eBay Classifieds Group.


Mission

To achieve their mission of creating the world s leading e-commerce franchise by building upon their core marketplace business and building their adjacentbusiness .


Vision

eBay is where the world goes shopping, selling, and give. Every day, our professionals connect millions of buyers and sellers around the globe, empowering people and creating opportunities. We're on a mission to build a better, more connected form of commerce that benefits individuals, businesses, and society. We create stronger connections between buyers and sellers, offering product experiences that are fast, mobile and secure. At eBay, we develop technologies that enable connected commerce and make every interaction effortless—and more human. And we are doing it on a global scale, providing everyone with the chance to participate and create value.


Key Team

Adriane M. Brown (Board Member)

Alex Green (VP & CFO Ebay Classifieds Group)

Anthony J. Bates (Board Member)

Alessandro Coppo (SVP, General Manager)

Bonnie S. Hammer (Board Member)

Andrew J. Cring (Interim Chief Financial Officer)

Diana M. Farrell (Board Member)

Amrita Blickstead (COO)

E. Carol Hayles (Board Member)

Anthony J. Bates (Board Member)

Kathleen C. Mitic (Board Member)

Beatriz Reyero del Río (Vice President-Strategy & Customer Insights)

Logan D. Green (Board Member)

Andy Lole (Chief Product and Technology Officer)

Matthew J. Murphy (Board Member)

Pierre Morad Omidyar (Founder)

Jamie Iannone (President and CEO)

Pierre Morad Omidyar (Founder)


Recognition and Awards
Fortune 500, Fortune: Most Admired Companies, Forbes: Most Valuable Brands

References
eBay
Leadership team

Pierre Morad Omidyar (Founder)

Adriane M. Brown (Board Member)

Industries

Technology

Retail and Consumer Goods

Number of Employees
1,000 - 20,000
Headquarters
San Jose, California, United States
Established
1995
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0001065088
Revenue
Above - 1B
Traded as
EBAY
Social Media

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Sun Apr 21 2024
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