eBay (NASDAQ: EBAY) seems to be having a rough time adjusting to changing consumer behavior. Sales boomed for the online auction and e-commerce business as billions of people looked to avoid shopping in person during the early days of the pandemic. Now that vaccinations against COVID-19 have gained momentum and governments have eased business restrictions, people are prioritizing away-from-home activities they missed out on. 

Unfortunately, that's been a headwind for eBay. As a result, the stock is down nearly 40% off its all-time high in 2021. That said, the market pessimism could be an excellent opportunity for long-term investors to buy shares of eBay.

One of my favorite aspects of eBay is its asset-lite business model. It does not own any of the inventory for sale on its platform. Instead, it focuses on bringing buyers and sellers together to transact. eBay earns its revenue by taking a percentage of those aforementioned transactions. One other critical thing eBay does not do is fulfillment. It leaves shipping and handling up to buyers and sellers, avoiding a capital-intensive service altogether. 

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Source Fool.com