For eBay, however, becoming a major player may mean more than trying to buy its way into the big-dog club.

"GSI is a technology company, for the most part, helping firms set up stores," said Enderle. "Just as a good golfer can't buy great equipment and become Tiger Woods, eBay can't buy a technology company to become a true competitor to Amazon. In effect, they've bought a great set of clubs and they need to develop the expertise to use them properly."

However, Dan Olds, an analyst with The Gabriel Consulting Group, said eBay is on the right track since it can't get where it needs to be without the right tools.

"This acquisition could go a long way toward starting to make eBay competitive with Amazon again," he said. "With the ability to sell products from mainline vendors and deliver them quickly, it will give eBay the capability to compete heads-up with Amazon on at least some products."

Olds also noted that this is not going to be an overnight gain on Amazon.