The website has a reported 105m active users across 190 countries, including 25m sellers based all around the world. There were 350m product and service listings on eBay as of October 2012.
But the 17-year-old business feels that the way people shop in the future will be driven by a more personal experience across multiple connected screens.
It has therefore introduced a "cleaner, more contemporary look and feel" that offers customers a more "intuitive, convenient way to browse, decide and buy - both globally and locally".
The redesign is being rolled out live in the US in the coming weeks, and then will expand around the world in the "coming months".
In addition to the website revamp, eBay has also launched its new logo, offering a more streamlined take on the classic four letters in different colours.
Devin Wenig, the president of eBay, said that the changes made are about reflecting the site's evolution as a "marketplace that connects the world to the things they need and love".
Technology is the biggest driver of the move, he said, as the growth of always-connected smartphones, laptops and tablet computers has changed the way people shop for goods.
"Technology is revolutionising the way people shop, and eBay is shaping the future of commerce. In the next few years, the $10 trillion global retail market will be transformed," Wenig said in a statement.
"And consumers will enjoy unprecedented access and convenience. eBay will be at the centre of this revolution for consumers. Blending the best of offline and online shopping, we will deliver products and experiences that surprise and delight, defining a new way to shop."
The new eBay has clearly taken its inspiration from image-rich social networks, such as Pinterest and Facebook. Products are laid out with larger photos of different sizes, while there appears to be a greater focus on editorial and recommendations.
Wenig feels that the future of online commerce is about enabling a more personal shopping experience that is driven by data.
He said that recommending products around search results is "no longer enough", and instead people want to see a curated selection of suggested items that is "relevant to them, controlled by them".
"Consumers want experiences that are not intrusive but inspiring, experiences that don't dictate but guide and assist, in ways that feel authentic and natural," he said.
"We want to make moments of inspiration instantly shoppable. This is what eBay is poised to deliver."
The eBay mobile apps have racked up more than 100m downloads and 1m customers signed up for eBay mobile accounts in the first half of this year.
Unsurprisingly, Wenig further feels that mobile is the key to future shopping trends. This is because consumers now expect to be able to shop for products regardless of the time, location or whether they are online.
"The future of commerce is mobile. It's increasingly multichannel via any connected screen. Consumers want to move seamlessly across devices, through any shopping environment," he said.
"A laptop, a phone, a tablet or TV… a store window, kiosk, or fitting room… a shopkeeper or sales associate who knows who you are and what you want. This is how consumers will connect to the things they need and love. Not online or offline. Just shopping, anytime, anywhere."