Yahoo! Auctions Delivers on Quality Initiative, Increases Sell Through Sellers Making More Money and Selling More Items on Yahoo! Auctions
SUNNYVALE, Calif.--May 31, 2001--Since introducing its commerce quality initiative in January 2001, Yahoo!® Auctions (http://auctions.yahoo.com), one of the largest globally-branded online auction services, has experienced continued growth in all key measurement factors, including sell through rate, average selling price and bidding activity.
In addition to the marked improvement in site-wide metrics, Yahoo! Auctions has launched a fleet of new services and tools to help sellers manage their online auctions business, resulting in positive feedback from both buyers and sellers.
In five months, sell through percentage, a key measurement for online auctions sellers, has increased to 31 percent on average. Featured auctions now garner a 51 percent sell through, while the merit-based ``Premium Sellers`` on Yahoo! Auctions are realizing a 64 percent sell through rate. The growth in sell through has been accompanied by an increase in average selling price to $62 and a 400 percent increase in bidding activity.
``We are extremely pleased with these metrics,`` said Brian Fitzgerald, senior producer, Yahoo! Auctions. ``The feedback we are hearing from our community of users confirms that Yahoo! Auctions has become a more vibrant marketplace, enabling our buyers and sellers to connect more easily. In addition, by keeping the cost low to sellers, Yahoo! Auctions is a more profitable place to sell than ever before.``
``We cannot begin to tell you how much Yahoo! Auctions has improved our overall business in such a short time,`` said Russell Fonseca, founder, Fine Jewelry Liquidation`s. ``Jewelry sales with Yahoo! Auctions have always been good but with all the new and improved services, our sales have increased by 265 percent. We have experienced more high-end sales, more repeat customers, more potential bidders visiting our auctions, along with many more satisfied buyers over the last few months.``
Fine Jewelry Liquidation`s Fonseca and other sellers have seen the benefit of the quality enhancements on Yahoo! Auctions, especially as they take advantage of some of the newest improvements to the site.
These features include:
Premium Sellers Program:
Designed to reward consistent top sellers in each category and provide a valuable service to bidders, this merit-based membership program is offered at no additional charge and acknowledges and supports the success of select sellers with enhanced promotion and premium placement. Premium Sellers also receive direct, expedited access to customer support through a direct e-mail line to the Yahoo! Auctions Manager in their category. More information can be found at: http://auctions.yahoo.com/premiumsellers.
My Auctions:
Using the immensely popular My Yahoo! interface as a guide, My Auctions has become a deeper, full-featured service. New tools have been added to make the seller auction management and post-sale workflow much easier, including a top page with an overview of auction activity and history, enabling users to manage and track their Yahoo! Auctions directly on the site. Sellers can also choose to manage their auctions offline with the free Yahoo! Seller`s Manager software, easily syncing to their My Auctions on the Web with a click of a mouse.
Promoting Individual Auctions Across Yahoo! Network:
Yahoo! Auctions taps into Yahoo!`s 192 million users by showcasing live auctions on Yahoo! Sports, Yahoo! Clubs, Yahoo! Movies, and other Yahoo! properties. For example, if a basketball fan is visiting Yahoo! Sports, they could be presented with an auction for an Allen Iverson bobble-head doll, or a coin collector could be shown a rare coin while spending time in a Yahoo! coin club. These interactive promotions bring live auctions to those who likely have the strongest interest in bidding on that item.
New Search Functionality: Now, it`s even easier to find auction items. Updated search includes photos, top line information on auctions, product categories and filtering options.
Ease of Use:
Registering for Yahoo! Auctions is quicker and easier than ever, allowing users to begin bidding or selling in a matter of minutes. In addition, Yahoo! Auctions has improved its system of providing registered users with clear and accurate information regarding their activity on the site. In addition to regular e-mail correspondence, users will also be presented with clear, dynamic messages on Yahoo! Auctions to inform users about their account status as well as changes to the marketplace.
These enhancements, coupled with the introduction of the listing fees, have resulted in positive feedback from the Yahoo! Auctions community, including:
Kelly Johns, CEO, AllAuthentic.com Sports Memorabilia & Equipment
``Yahoo! Auctions has shown me that they want to help sellers make money. I sell items on other auctions sites, but I prefer Yahoo! Auctions. I think the fee structure is a good model because if I sell an item for a considerable amount of money on other sites, I have to pay a large commission. For example, I pay Yahoo! Auctions, on average, six dollars per item (including featuring and bolding my listings). If I had to also pay a commission, the cost would double, lowering my margins. This is how I make my living and Yahoo! Auctions makes it easier because it cares about me, the seller.``
National Basketball Association
``We have enjoyed a great relationship with Yahoo! Auctions,`` said Sal LaRocca, senior vice president, global merchandising group, NBA. ``Through Yahoo! Auctions, we have utilized a great new product distribution method while raising thousands of dollars for various charities.``
Marilynn Lee, veteran online auctions doll seller ``When fees were imposed, many sellers complained that they were no longer able to list items for free on Yahoo! Auctions. Frankly, I was skeptical at first, but then my sell-through increased significantly by 75 percent and my inventory was flying off the shelf. So while others fumed, I had to get a separate bank account and an inventory keeper.``
About Yahoo! Auctions
As one of the largest globally-branded online auction service, Yahoo! Auctions (http://auctions.yahoo.com) operates in 16 countries and 11 languages, giving consumers access to the unique and antique through its ever-expanding world of collectibles. Launched in September of 1998, Yahoo! Auctions offers many items to choose from in categories including entertainment, autos and sports memorabilia, as well as extraordinary items found through charities, premium sellers and merchant auctions. Auction enthusiasts can also participate in and monitor Yahoo! Auctions from wireless devices. The wireless Yahoo! Auctions allow users to bid on items anywhere at anytime and watch auctions in progress. With the support of Yahoo!`s global community of users and comprehensive tools, Yahoo! Auctions` consumers can bid and sell as part of Yahoo!`s unparalleled audience of 192 million consumers worldwide.
About Yahoo!
Yahoo! Inc. is a leading 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 customized 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, Asia, Latin America, Canada and the United States, and is headquartered in Sunnyvale, Calif.
Note to Editors: Yahoo!, and the Yahoo! logos are trademarks and/or registered trademarks of Yahoo! Inc. All other names are trademarks and/or registered trademarks of their respective owners.
Contact:
Yahoo!, Sunnyvale
Nancy E. Gallinghouse, 408/530-5229
nancyeg@yahoo-inc.com
or
Fleishman Hillard,
Joanne Freed, 212/453-2131
freedj@fleishman.com
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