Although the name AuctionWeb may not ring any bells today, in 1997, a monumental name change would give rise to the multinational e-commerce empire known as eBay. More than two decades after its inception, the shopping and auction website has become one of the consumer internet and online services companies with the largest market capitalization globally. eBay’s platform connects buyers and sellers in more than 190 markets worldwide, and it ranked as the second most visited online marketplace in 2023, only surpassed by long-time rival Amazon.
New challenges, new priorities
Over twenty years of marketplace expansion, acquisitions, and brand building gives eBay a massive competitive edge that keeps them ahead of their competition. The California-born giant experienced a increase in annual net revenue since 2019, and following the COVID-19 pandemic, hit a record of 10.4 billion U.S. dollars worldwide in 2021.
In 2024, eBay’s quarterly revenue figures showcase the continued slow recovery from the company’s post-pandemic financials when revenue dipped to match lows last seen in 2019. Despite the small increase in quarterly revenue, there has been a continues decline in eBay’s number of active buyers. Additionally, the company’s gross merchandise volume has also been on the lower end in recent years. To combat these challenges, eBay has gone through a number of acquisitions – including the NFT marketplace, Known Origin, the automotive software company myFitment, as well as TCGplayer, an online marketplace for trading card collectibles. With aims to increase customer satisfaction across the platform, in 2023, eBay also acquired Certilogo, an AI-powered company that provides fashion goods authentication services.
A mobile marketplace
In addition to being a pioneer in e-commerce, eBay is also a forerunner in mobile shopping, launching its app as early as 2008. With over 9.4 million downloads recorded in 2023, the United States is by far the largest market for eBay's app. The United Kingdom and Germany follow, with about 2.4 million downloads in the same year, respectively. Globally, the eBay shopping app is downloaded by millions of interested users each month.
Ultimately, eBay is a driving force in today’s e-commerce climate. While serving millions of buyers looking for second-hand and refurbished goods, it also provides extra income for sellers, exhibiting characteristics of a circular economy that many online marketplaces cannot.
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