The site had been designed from the start to collect a small fee on each sale, and it was this money that Pierre Omidyar used to pay for AuctionWeb's expansion. The fees quickly added up to more than his current salary, and so he decided to quit his job and work on the site full-time. It was at this point, in 1996, that he added the feedback facilities, to let buyers and sellers rate each other and make buying and selling safer.
In 1997, Omidyar changed AuctionWeb's and his company's name to eBay, which is what people had been calling the site for a long time.
Omidyar began to spend a lot of money on advertising and had the eBay logo designed.
It was in this year that the one-millionth item was sold.
Then, in 1998, eBay became big business, and the investment in Internet businesses at the time allowed it to bring in senior managers and business strategists, who took in public on the stock market.
It started to encourage people to sell more than just collectibles, and quickly became a massive site where you could sell anything, large or small.
1999 saw eBay go worldwide, launching sites in the UK, Australia, and Germany.
eBay bought half.com, an Amazon-like online retailer, in the year 2000.
The same year it introduced Buy it Now and bought PayPal, an online payment service, in 2002.
Omidyar has now earned an estimated $3 billion from eBay, and still serves as Chairman of the Board.
There are now literally millions of items bought and sold every day on eBay, all over the world.
For every $100 spent online worldwide, it is estimated that $14 is spent on eBay.
Trying to help your buyers find your auctions can be a truly daunting task.
Most people only search eBay by title, not by description, and that means that you only have those 55 characters of the title to cover all the possible search terms.
That is not easy.
Do not bother with eBay clichés.
There are plenty of eBay auction titles that say things like "Super rare camera wow look low price".
These are stupid things to put in your title, as no-one is going to search for them.
Think like a buyer.
If you were looking for your item, then what exactly would you type into that box?
If you think it would help, try searching yourself to find someone else selling your item.
What were the first things you thought of typing?
Think like other sellers.
Keep an eye on which sellers are doing best with items like yours and try to copy their title styles.
If it works for them, it can work for you.
Be specific.
You should write the item's brand and specific model number in the title, as people will often search only for this information.
Make sure that you also say exactly what the item is.
So now that you have written a winning title, you need to start on a great description.
A consumer is assumed to have a budget which can be spent on a range of goods and services available on the market.
Under the assumption of rationality, the budget allocation is chosen according to the preference of the consumer, to maximize his utility function.
Some people think it is easy to choose the right eBay category, and often it is.
Sometimes, though, it might not be quite clear exactly what to go for.
Plenty of people use the category system to find items when they are not looking for something specific.
If your item is listed in the wrong category, then these people are not going to find your auction.