The Little Innovation which Transformed Online Shopping

Online marketplaces like eBay and Airbnb have revolutionized shopping and travel, respectively. However, the key to their success was not just technological advancements, but a simple innovation - buyer/seller feedback. This concept, introduced by eBay in 1997, allowed sellers to build a ratings history and engender trust, a key component of business. Today, online feedback is fundamental to businesses like Uber, Taskrabbit, TripAdvisor, and Amazon. This is a reminder that innovation does not always require complex technology, but rather an improvement in intangibles like trust.