eBay was started in 1995 and it is one of the oldest online businesses that has shown consistent growth for more than 2 decades. The main secret behind its success is its unique business plan and better understanding of the consumer’s buying behavior that often changes.
Currently, this platform holds 11 billion active listings along with 25 million sellers and gets sales over $8.98 billion and it is available all over the world. Users can enter their zip code and can find products in their local area.
Being a reputed buy sell marketplace platform, eBay has gained the attention of every aspiring entrepreneur. If you are in the list and you are desperately searching for how to create a website like eBay then this article will definitely help you to reach your goal.
eBay allows person-to-person online trading that gives a better understanding of the product and reduces the return rate. Sellers and buyers are brought together on the platform sellers can display their products and buyers will bid on the products.
All products are well-categorized making it easy for buyers to search and find them. Every new product that is listed will be made visible to every buyer which will help them to bid instantly.
Selling and buying through this buy sell marketplace platform can be in two ways.
Sellers set a bidding value and will let their product for auction, buyers will bid the product and the buyer who has bid the higher value will get the product.
Sellers can directly set the sale value and can avoid the bidding process. Buyers who straightaway approach the seller first will get the product.
eBay has a steady revenue source that has made this buy-sell marketplace platform to survive for several decades. Let us check out how eBay earns.
Browsing and bidding are completely free for any user. The charges are only for sellers selling their products through this platform.
For adding an item to the listing, the seller will be charged a non-refundable insertion fee that can be between 30 cents to $3.30 as it depends upon the opening bid value given by the seller.
If the seller needs to have a bold highlighting of his listing then he has to pay additional charges. After completion of the sale, the seller needs to pay a certain percentage of the sale value to eBay as commission.
Apart from the commission revenue model, eBay also supports third-party advertisements to be placed on their home page. This is how eBay earns and you can make a note if you are determined to create a website like eBay.
eBay constantly changes its policies and features to provide a seamless shopping experience for users. According to their buying behavior, the platform makes necessary modifications that will attract buyers. Let us check the key features that will increase the traffic and also conversion.
Social button on listing – in the top right corner of every eBay listing users can find 4 horizontal dots. On clicking on those dots, users are allowed to share the product on FB, Instagram, Twitter, and many more. This will increase the traffic to the product page and lead to better conversion.
All the above mentioned features are mandatory and it has to be present in your marketplace if you expect your platform to be an eBay clone.
Clear understanding has been provided through this article about eBay. Hope you got the answer to your question, about how to build a website like eBay. Make sure you completely follow all the tips and build your own buy-sell marketplace platform and make it more visible to your audience.