The Success Story of EBAY - An e-Commerce Giant With Humble Beginning
The success of any business requires complete dedication and commitment. You got to fill your days with hardships, the intention and excitement to make grow something. Precisely, the success of EBay presents a great story of hardships and excitement with which they grew their business from zero to a great multinational e-commerce platform. It has provided a fair and successful platform for the online consumer to consumer and business to consumer sales and services.
Business Plan
The ideal success of eBay has been recognized due to its exclusive business plan. This plan allows the customers and businesses to provide an authentic ecommerce platform for auctioning of new or used items in a very low price. EBay, however, an e-Commerce Giant, initiated this sort of business plan with a humble beginning for the first time in history at that time. They got the help of ecommerce website builders for getting them designed an ecommerce website. Thus, it got an appreciating success from day one.
The startup of EBay has not been that much easy enough and they ran out of money. They had a great idea, but they couldn’t hang on for long. Things generally take four times as long to accomplish and cost at least twice as much as you’d expected. Any startup requires money for inventory, advertising, and to buy the necessary hardware, software, and services for the new trade. They started as a garage operation with low overhead. They got a small loyal and dedicated team to work, perhaps inch into profitability in a few months. They were thinking over larger operations, but might have taken some months or a year or more to flourish into a profitable business.
Initially, there was a big problem for eBay to finding enough stuff to sell. Being a seller, they had that challenge and tried their level best to fulfill their requirements. They worked with dedication to getting the stuff to sell. They appropriately managed the stuff and even collected money for packing and shipping auction items. Some sellers thought that they can make the most of the money by making their own products to get them sale on eBay. Therefore, they thought of adding value to selling items to keep very cheap in price.
THE FIRST SOLD
The founder of EBay, Pierre Omidyar, remembers the First Sold on EBAY and describes how the first item was sold. They listed a broken laser pointer on auction after they created their business website. That broken laser pointer on auction attracted many people and received numerous bids. Finally, the auction ended for that broken item with its sales amount almost $15 ($14.83). It was really unbelievable, but a successful start for EBay. Finally, Pierre wrote the evergreen memory in the history of EBay for everyone.
Every company reaches to its success after hardships and facing great challenges during the startup. Such company knows the reliability of selling goods and they never sell junk or discarded items to customers. Selling junk to your customers means to end up your own business with your own hands. EBay had started their business clearly with authentic products and never even thought of selling discarded products. Thus, they got good bidding on their every item and got a great gain in their profit to acquire success.
Your business will be a success if you have fulfilled in providing the best customer service to your customers. It is necessary to provide the ideal services to your customers and to make them satisfied in all aspects. Your success lies in keeping your customers happy with your best services. It builds a unified trust on your business for long and they become your potential clients for good.
The ideal key to success is to keep your records well maintained. It is really necessary to keep a record of your business sales and purchase. So, it looks also a good thing to maintain a complete detailed record of your customers who purchased what item(s) at what date and time everything. You should also maintain a record of your inventory, money spent on purchasing item(s). Moreover, to maintain money gained from purchasing, collected sales tax and money you owed or paid to customers etc.