Yahoo! Auctions Experiences 400 Percent Growth in Past Year; Online Auction Service Celebrates Two-Year Anniversary as a Key Player in Competitive Category with New and Expanded Services
SANTA CLARA, Calif.–(BUSINESS WIRE)–Oct. 16, 2000
With more than three million simultaneous daily auctions worldwide, Yahoo! Auctions (http://auctions.yahoo.com) is celebrating its two-year anniversary with significant growth in a number of key areas including transactions enabled, item listings and sell-through. Yahoo!(R) Auctions has established itself as a leader in the online auctions arena by providing consumers with Yahoo!’s enhanced commerce offerings coupled with a strong community platform.
During the past year, Yahoo! Auctions has experienced considerable growth, with both transactions enabled and number of worldwide listings increasing more than 400 percent. Total simultaneous daily auctions jumped from 750,000 to more than three million. Additional recent milestones and areas of growth include:
— During the first nine months of 2000, more than $3 billion of online
transactions were enabled on Yahoo!’s commerce platform, including Yahoo!
— Sell-through of items listed has increased more than 25 percent in the last
— Featured sellers who promote their auctions with premium placement,
increased their likelihood of selling by over six times the rate of
— As the leading auction site in Japan, Yahoo! Japan Auctions has exploded to
over 1.6 million simultaneous daily auctions after launching just over a year
The combination of Yahoo!’s safe, simple and free auctions platform and a strong community has contributed to this growth.
“In just two years, Yahoo! Auctions has made great strides to continually improve our service to become one of the most user-friendly online auction service on the Internet,” said Brian Fitzgerald, producer, Yahoo! Auctions. “Yahoo! has an exceptional level of trust among consumers, as well as unmatched integrated offerings that enable our community to communicate with one another through clubs, message boards, instant message and email with out having to leave Yahoo!. This community, through Yahoo!’s unparalleled audience reach, has been an integral part in helping us to grow and differentiate ourselves in a crowded market.”
New and Expanded Services Benefit Bidders and Sellers
In a separate announcement today, Yahoo! unveiled its Buyer Protection Program, which protects purchases on the Yahoo! commerce platform, including Yahoo! Auctions and Yahoo! Shopping. The program was developed in an on-going effort to give consumers increased trust and confidence when making online purchases and is backed by Lloyd’s of London, the industry’s premier insurance carrier. The service protects all auctions that commence after the program launch and whose closing price is above $25 and below $10,000. Consumers will receive either standard protection, which protects winning bidders for up to $250 with a $25 deduction, or premium protection, which protects bidders for up to $3,000 with a $25 deduction. Bidders qualify for premium protection if the bidder and seller use Yahoo! PayDirect (http://paydirect.yahoo.com), Yahoo!’s person-to-person payment system, to pay for the entire transaction.
Over the past year Yahoo! has added a number of services to enhance the customer experience on the site, many driven by consumer input and feedback, including:
— Custom Booths — Unique to Yahoo!, the Yahoo! Auctions Booth
gives sellers their very own free auction site on the
Internet. Sellers can create a customized site within Yahoo!
Auctions that features only their merchandise and has a unique
URL that connects bidders directly to their auctions. Through
a custom booth, sellers can control the look and feel of their
auctions while promoting their own brand.
— Neighborhood Watch — Central to Yahoo! Auctions’ strong
community, Neighborhood Watch allows users to notify Yahoo!
Auctions’ customer care service about items they suspect may
be incorrectly or inappropriately listed based on Yahoo!
Auctions’ Guidelines. Users with at least one positive rating
are able to report an auction simply by clicking the
Neighborhood Watch link in the upper right hand corner of an
auction page. Once alerted, the customer care department will
review the report and take necessary action, which may include
seller notification and auction cancellation.
— Charity Auctions Program — Created to give non-profits a
dedicated forum for important cause-related outreach, Yahoo!
Auctions raises awareness for a number of important efforts
and encourages others across the globe to join in supporting
these endeavors. Previous associations have included the Elton
John AIDS Foundation, Dave Matthews Band, the Boys & Girls
Club of America, the American Red Cross, and most recently,
the Undress for MS celebrity jean auction, which helped gain
high global visibility for a devastating disease and raised
more than $110,000 for Multiple Sclerosis research. Over the
last two years, Yahoo! Auctions has helped raise more that
$1.5 million dollars for over 60 charities around the world.
— Featured Sellers — This premium service provides sellers who
supply quality merchandise and a consistent inventory,
priority placement and branding for their auctions. Current
high-profile featured sellers include Bill Graham Presents,
Steiner Sports, Fox Studios, Sony Pictures and the NBA.
— Seller Performance Reward Program — This program rewards
sellers with high-sell through percentages and positive
customer ratings by allowing them to earn an unlimited number
of auction submissions per calendar month. The Seller
Performance Reward Program was designed to reward sellers who
offer quality merchandise and to remain a price competitive
site while keeping the quality of listings high.
— Yahoo! PayDirect — This free online person-to-person payment
service enables U.S.-based Yahoo! consumers to request,
receive, send and make electronic payments via the Internet by
linking their credit cards, debit cards or bank accounts to
their secure online Yahoo! PayDirect account.
— PSA Authentication and Grading Service — As the largest
sports card grading service and one of the top brand names in
the sports collectible market, PSA provides both bidders and
sellers with an easy-to-use, fast and inexpensive objective
online valuation of sports cards, stamps and autographs
further enriching the Yahoo! Auctions experience.
About Yahoo! Auctions
As the largest globally-branded online auction service, Yahoo!(R) 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 more than three million items to choose from in categories including coins, autos and sports memorabilia, as well as extraordinary items found through unique charity, featured and merchant auctions. With the support of Yahoo!’s global community of users and comprehensive tools, Yahoo! Auctions’ consumers can bid and sell with confidence as part of Yahoo!’s unparalleled audience of 166 million consumers worldwide.
Yahoo! Inc. is a global Internet communications, commerce and media company that offers a comprehensive branded network of services to more than 166 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, and is one of the most recognized brands associated with the Internet. The company also provides online business services designed to enhance the Web presence of Yahoo!’s clients, including 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 Santa Clara, Calif.
Note to Editors: Yahoo! and the Yahoo! logo are registered trademarks of Yahoo! Inc. All other names are trademarks and/or registered trademarks of their respective owners.
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