What is eBay?
eBay is an online marketplace that allows individuals and businesses to buy and sell new and used goods and services globally. Items and services can be sold at a fixed price or through auctions, where the highest bidder wins the item, much like a traditional auction.
Users can create a free eBay account, choosing whether they wish to only make purchases or sell items as well. Selling on eBay can involve certain fees, such as listing fees, which vary depending on the product’s price and how long the listing remains active on the platform.
History
Founded in 1995 by Pierre Omidyar, eBay started as a simple website where people could buy and sell items through auctions. Today, it has grown into a massive e-commerce platform where millions of transactions take place daily.
What are the advantages?
eBay’s popularity lies in the fact that almost anything can be sold on the platform, as long as it complies with legal requirements.l It facilitates millions of transactions daily, offering sellers the chance to reach a global market.
Collectors often use eBay to expand their collections or sell rare items, such as antique cameras or other unique pieces, which can command high prices due to rarity. Additionally, eBay provides access to products not easily found in local stores, allowing sellers to set higher prices based on demand and scarcity.
Disadvantages
- High commission fees on sold items.
- In disputes, eBay typically sides with the buyer.
Types of auctions
There are three main types of auctions on eBay:
- Traditional Auction: The highest bidder wins the item.
- Fixed Price: The item is available for purchase at a set price.
- Fixed Price or Best Offer: Buyers can purchase at a set price or submit a lower offer, which the seller can accept, decline, or counter.