What does eBay mean?
eBay is an electronic storefront and online auction market where consumers can shop for virtually anything they need. eBay advertises itself as "The Online Marketplace," and it provides a venue not only for online shoppers to interact but also for online merchants to market and trade their goods. eBay is one of the most heavily trafficked online stores.
eBay is designed to empower trade on a regional, national and international basis.
Techopedia explains eBay
eBay allows customers to bid for items in real time through its auction types, such as:
- Online auction format or otherwise called as auction-style listings
- Fixed price format
- Fixed price format with best offer
It is estimated that millions of items are traded each day through eBay's online auction format. According to the company's Corporate Fact Sheet for the first quarter of 2011, eBay boasts nearly 96 million active users worldwide.
eBay also owns the financial online transaction enterprise PayPal. For payment processing, along with PayPal, eBay offers various payment methods including ProPay, Moneybookers, and Paymate.