Question
Seems like it's catching steam.. according to CNet anyways..
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The Net >> Web services
Reverse auction feature a hit, eBay says
Published: May 17, 2005, 2:01 PM PDT
By Reuters
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An online auction format that puts sellers into competition for individual buyers has attracted a quarter-million postings on eBay since its introduction in December, the Web marketplace said Tuesday.
The success of the "Want it Now" feature, a reverse auction format, has led the company to explore moving the feature to its non-U.S. Web sites, said Bill Cobb, president of North American operations for eBay.
"Its initial success in the U.S. is attracting interest from our international markets," Cobb said, speaking on the sidelines of an investor conference.
ebay has introduced features such as "Want it Now" and a haggling feature for fixed-price auctions to try to attract new buyers and sellers and grow trading volume. The company faces investor concerns that its primary markets--the United States and Germany--are heavily saturated and will be difficult to grow.
The reverse auction format has proven particularly successful in attracting new business, Cobb said. Half of all "Want It Now" postings have been matched up with sellers, he said.
ebay introduced "Want It Now" in December, ahead of the holiday shopping season. Shoppers post requests for specific items, and sellers browse those postings, which have included everything from novelty T-shirts to a San Francisco-area strip mall.
Even with 250,000 postings, the feature remains a small fraction of eBay's total business. The auction site hosts an average of about 30 million items for sale at any given time.
ebay has 147 million registered users, split about evenly between the United States and non-U.S. markets.
Story Copyright © 2005 Reuters Limited. All rights reserved.
http://news.com.com/Reverse+auction+...tag=html.alert
Answer
OK, now, I thought I knew what-all eBay offered in terms of selling and buying. What the h*ll is 'Want it Now', and where do I go to browse it????[rhetorical question!] I know I'm gonna feel like an idiot about this, but this is actually the first I've heard of this feature.
Actually, I don't have time to browse the want-ads. If the buyer wants what I'm selling, s/he will have to find me, not the other way around. Think of it this way: spending time looking for that one person looking for one item I have to offer, vs. spending time putting up lots of things that lots of people might want. Hmmm, guess which is more cost-effective?
God, eBay is stupid. I can't WAIT for a management turnover.
Lisa
Answer
If the buyer wants what I'm selling, s/he will have to find me, not the other way around.
There is nothing to be gained in making it harder to sell your items.
Answer
The reverse auction format has proven particularly successful in attracting new business, Cobb said. Half of all "Want It Now" postings have been matched up with sellers, he said.
Originally Posted by ravenscroftceo
God, eBay is stupid. I can't WAIT for a management turnover.
Lisa
Ebay introduces a feature that seems to be successful and the reaction from the troops is "God, eBay is stupid"?
Half of all postings have been matched up with sellers and the feature is attracting new business and "God, eBay is stupid"?
I can understand a seller deciding it is a better use of time, for him , to list instead of searching through the want it now list...but to call management stupid for coming up with a feature that attracts new business?
Answer
I have used the Want It Now ads to sell several things, including one item that had a bidding war.
I usually make it a point to look through my category each day. That way I really only have to look through the first page.
You can find the link to Want It Now on the home page, under the eBay logo in the section called Speciality Sites. That brings to you a page where you can select a category.
Be prepared, though, to find "ads" posted in the wrong category and people looking for work.
Answer
I'll try almost anything once, twice or twenty times.
I placed a listing as follows:
"Lg. Lots of Irish - Ireland Books & Vintage Items"
Guess I'll need to go back as spell things out.
I've had 3 responses within the first two hours.
One was for 3 recent postcards and the other two were for over-priced single copies of recent common books.
I'll spell out the word large, set guidelines of 25 or more and it might generate one or two opportunities each year.
I also posted a listing for a low interest Chesterfield poster from the late 50's and that could lead to someone looking through their inventory and making a connection.
It's there, I'll give it a try but it's rather marginal for my needs.