Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 

20 Million Web Auctions Predicted For 2004

Thursday 22 January 2004

20 Million Web Auctions Predicted For 2004
As Kiwis Get The Online Auction Bug

New Zealanders will undertake 20 million online auctions in 2004, more than three times the 2003 figure according to online marketplace, Trade Me.

“By the end of 2003 New Zealanders were initiating around 600,000 online auctions a month, which gives an annualised figure of 7.2 million auctions a year,” said Trade Me director, Sam Morgan.

This represents a two and a half fold increase during the space of 2003, making it one of the fasted growing online auction economies in the region.

“We confidently expect the yearly figure to triple to 20 million online auctions in 2004 as the online network effect really takes hold.”

The high degree of population concentration in a handful of cities together with New Zealander’s willingness to adopt new technology has seen online trading prosper locally.

The plunging US dollar has also had an impact with increasing numbers of US-based sellers auctioning items on New Zealand websites. The most popular auction categories in 2003 were computers, collectables and mobile phones.

“We expect New Zealand to really start to show up on the radar screens of global players in 2004 with more global online businesses setting up shop. Certainly we expect to see global business along the lines of Amazon, Yahoo and Ebay set up local operations to take advantage of this high propensity to trade online. ”

This growth in local online trading saw Trade Me grow by 979% in 2003, making it the second fastest growing company in New Zealand according to the Deloitte Fastest 50 awards.

The latest Red Sheriff figures show Trade Me had over 615,000 unique visitors during December. The average time spent on the site was over 13 minutes, the longest of any of the top 20 websites.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>