One of the ways we save money is to buy items online – selection is usually good (depending on the item) and prices can be substantially lower than comparable items in store. One of the best online auction sites out there is eBay.
Related: How I Multiply My Savings
Here are some interesting facts about eBay that you might not know.
History of eBay
1) eBay (then called AuctionWeb) was founded in 1995 by Pierre Omidyar in San Jose, California, as a side hobby.
2) Since 1998, Ebay’s stock has risen from $1.50 to $59 – an average increase of 25% per year.
3) Ebay has 31,500 employees and over 157 million registered users.
4) At eBay’s headquarters, there are 7 main buildings all named after categories within the site: Jewelry, Motors, Collectibles, Music, Technology, Toys and Sports. Within each building the rooms also have theme names – in the Sports building, the rooms are named after various sports.
5) eBay programmers need to add 10 terabytes of new storage each week to cover all new transactions.
6) eBay has high profit margins because it has no inventory or factories, little overhead and the process of buying & selling is automated so the customers do all of the work.
7) The first item sold on eBay (then called Auction Web) was in 1995 – a broken laser pointer for $14.83.
8) There are more than $1,500 of items bought on eBay every second.
9) In 2006, a luxury yacht sold on eBay for$168 million – making it the most expensive item ever sold on eBay.
10) In 2004 a grilled cheese sandwich bearing an image of the Virgin Mary sold for $28,000. The buyer was an online casino (GoldenPalace.com).
11) Among the items prohibited by eBay: tobacco, firearms, any object of Cuban origin, fortune telling services, souls and ghosts.