eBay

The World’s Largest Marketplace


Contents of the Article:

 

What is eBay and how it works?
What are eBay's strategies to Success?
Things to consider before you start selling on eBay

 

 

“What makes eBay successful – the real value and the real power at eBay is the community. It’s the buyers and sellers coming together and forming a marketplace.” -  Pierre Omidyar (Founder of eBay)


What is Ebay and how it works?

 

eBay Inc. is a selling platform that allows millions of sellers and buyers to trade products or services, as well as to buy and sell almost anything which made them famously known as the World’s Largest Marketplace on the internet. eBay was launched in 1995 founded by a software engineer and an entrepreneur, Pierre Omidyar. 

eBay was known as providing a sales model of Business-to-Business (B2B) and Consumer-to-Consumer (C2C) through online where the businesses are selling or trading their products and services to other businesses, as well as consumers trading and selling products with other consumers. 

eBay expands its business all over the world through the help of the internet, with a diverse community that includes individual consumers, small businesses, as well as large corporations.

Pierre Omidyar aims to make eBay “the World’s Largest Online Mall”, and with the thought of that, Pierre came up an idea to improve their marketing strategies, sustain the company’s good performance, and expand their business into general setting that allows everyone to sell and trade goods and services on their website.

 

What are eBay's strategies to Success?

 

  • Expanding their platform
  • Ebay decided to upgrade its business and in order to do that, they need to get the attention of their potential customers. They build strong relationships with other online platforms that include America Online which results for ebay to have the largest users on the internet. 


  • Improving functionality and features
  • Even though they proved their services enough, eBay still ensures to improve the quality of their services and site features. They provide an easier way for their users to manage the whole process of selling and buying on their own.


  • Stand out among other competitors
  • They think of a unique way on how to attract more customers and how to gain their loyalty. One example of eBay’s strategies is they offered a Free Shipping. Most customers consider online platforms offering free shipping since it is very convenient for them and less costs.

    Did you know that 71% of online purchases from eBay have been shipped for free. This helps to attract more potential buyers, but this still depends on the seller.

     

    Things to consider before you start selling on eBay

     

  • Do your research
  • First and foremost, you need to think like a consumer. Conduct research first about eBay if you are really on the right online platform, search about their history background, as well as how successful they are in the E-commerce industry.


  • What would you sell?
  • Nowadays, it is easier to know what are the top selling products on the internet. You can buy and sell almost everything since eBay is known as the World’s Largest Online Market, it will be easier for you to offer everything.


  • Price Negotiations
  • In order for you to stand out among other sellers, you need to lower your price to attract more customers. Pricing your item must acquire research, see how other sellers price their items, then determine and compute your own revenue.


  • Providing Photo and description of the product 
  • This is one of the important things to do when you do online selling, you need to provide a high quality photo of the product that you will sell, most of the photos that you will see on online platforms have a background of white to look neat and attractive. Some sellers hired Graphic Designer to edit and enhance the product’s photo.

    In terms of product description, make sure to indicate keywords that most of the customers will search for. You need to keep it short and clear, and also you need to double check your grammar and spelling.


  • Advertising your product
  • Nowadays, you don’t need to hire someone to market your products. You can freely use social media to promote your business.

     

    REFERENCES:

    https://www.ebay.ph/
    https://www.oberlo.com/blog/ebay-statistics
    https://www.google.com/search?q=ebay+quotes&source=lmns&bih=622&biw=414&prmd=isnv&rlz=1CDGOYI_enPH860PH860&hl=en-US&sa=X&ved=2ahUKEwjqhp6M_qnvAhUtzIsBHe9-B7cQ_AUoAHoECAEQAA
    https://en.m.wikipedia.org/wiki/Pierre_Omidyar
    http://docshare01.docshare.tips/files/3894/38948587.pdf