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SOLD.com.au provides economical, simple and successful solutions for a variety of businesses including Cash Converters, Cannon Sound, Salomon Sports and Acer Computers. SYDNEY, April 27, 2001 SOLD.com.au, in partnership with Yahoo! Australia & NZ, has businesses of all shapes, sizes and forms transcending traditional business methods and entering the world of online auctions with great success. "Online auctions are proving to be an increasingly valuable business tool, enabling businesses to re-examine the distribution process, reach different audiences and shift stock they can’t clear in-store, cost effectively and simply," said Mark Robberds, Business Development Manager, SOLD.com.au. They are also clearly growing in popularity among businesses. In September 1999 when SOLD.com.au launched, there were few initial business listings but by July 2000 the number of business listings on SOLD.com.au had risen to about 15% of all listings. In March 2001, the percentage of business listings had risen healthily again to more than 30%. Sydney-based Cannon Sound Systems has been dealing in both new and second-hand professional sound and lighting equipment for over 25 years. The business specialises in the clearance of excess inventory for many of Australia’s major hire and wholesale companies. Having tried SOLD.com.au personally, the manager was intrigued to put the service to the test for the business. Marketing to current customers and new customers through the site, within six days Cannon Sound Systems had cleared 94% of the stock it placed on SOLD.com.au, with 520 bids placed during the sale. "The strength of the Yahoo! network, combined with SOLD.com.au’s local relationships, is enabling a variety of businesses to economically reach a large corporate and consumer audience," explained Robberds. Another example of innovative use of online auctions, is the way Cash Converters has utilised the SOLD.com.au platform to their advantage. Businesses such as Cash Converters must under the NSW Pawnbrokers Act sell non-redeemed pledges via public auction. Cash Converters was dissatisfied with the sell-through rate received at the conventional auction and decided to use online auctions at SOLD.com.au. The boost in public interest - stemming from greater auction accessibility - has meant that the prices received online are greater than those received previously at the conventional public auction. The company has also taken the online auction phenomenon further, electing to run in-store bidding concurrently to what’s happening online. This way customers without Internet access can bid over the counter, meet the government’s requirement for a public auction, and still buy the goods they are interested in. "We’ve found online auctions provide businesses with an incentive to examine traditional business channels and explore fresh possibilities. Partners of ours such as ACER, the first computer manufacturer to trial auctions directly in Australia, are finding the service flexible, cost-effective, easy and a whole new distribution channel for their products," said Robberds. For many manufacturers and wholesalers, online auctions also provide a great solution for clearing old stock their retailers simply don’t want anymore. Salomon Sports uses SOLD.com.au to sell the previous season’s stock. Last year, the sporting manufacturer experimented with auctioning Flat Skis, quickly selling over 200 pairs in a ‘Dutch’ style auction. Not only did the online auction serve as an effective distribution channel, it provided the manufacturer with the opportunity to get to know the end users of the product first hand, without crossing paths with the retailers. Paul Farrell, the Manager of IT and online sales for Salomon Sports Australia said, "We felt there was a demand out there to buy skis at a bargain price. Understandably, with so much new stock about, the retailers weren’t interested in keeping the old-model skis in-store. We knew the only way we could accrue adequate interest in the volume of stock we had to clear, was online. We didn’t upset our retailers because the only stock distributed on SOLD.com.au was made up of products they had already refused." Salomon Sports will be using SOLD.com.au again this season. The online auction process is proving itself to be the smart way to shift excess inventory, demos and older stock goods. Companies are now able to bypass the restrictions that come with a conventional store or auctioneer’s location and open their doors to buyers from all over Australia. This generates awareness about their product and clears the inventory quickly and effectively for better prices. Online auctions also allow for direct dealings with the public and therefore a greater understanding of consumer demand.
To see examples of current business auctions, please visit: Also, you can visit the SOLD.com.au Merchant Mall for a sample of other businesses making use of online auctions: http://www.sold.com.au/special/merchantmall.htm About Yahoo! Australia & NZ Yahoo! Australia & NZ is one of the most recognised Internet brands in the region. It and SOLD.com.au are part of the Yahoo! global network of sites. By working with leading local companies, Yahoo! Australia & NZ provides comprehensive and localised media, commerce and communication services to millions of Australians and New Zealanders each month. For marketers and businesses, the company offers intelligent, innovative and integrated marketing, selling and Internet broadcast solutions for maximum impact. Yahoo! Australia & NZ has offices in Sydney and Melbourne and can be found on the Web at www.yahoo.com.au and www.yahoo.co.nz. About Yahoo! Inc Yahoo! Inc. is a global Internet communications, commerce and media company that offers a comprehensive branded network of services to more than 192 million individuals each month worldwide. As the first online navigational guide to the Web, www.yahoo.com is the leading guide in terms of traffic, advertising, household and business user reach. Yahoo! is the No. 1 Internet brand globally and reaches the largest audience worldwide. The company also provides online business and enterprise services designed to enhance the productivity and Web presence of Yahoo!'s clients. These services include Corporate Yahoo!, a popular customised enterprise portal solution; audio and video streaming; store hosting and management; and Web site tools and services. The company’s global Web network includes 24 World properties. Yahoo! has offices in Europe, the Asia Pacific, Latin America, Canada and the United States, and is headquartered in Sunnyvale, Calif.
Anna Featherstone Yahoo! Australia & NZ Tel: 02 8925 0100 or email: | |||