The Anti- eBay has launched
- From: Mel <nobody@xxxxxxxxxxxxxxxxx>
- Date: Wed, 30 Apr 2008 14:38:51 -0600 (MDT)
WIRED Epicenter
http://blog.wired.com/business/2008/04/the-anti-ebay-l.html
James Chong, Bob Lee and Albert Loh saw a market opportunity and
they pounced on it. Close to a year ago, when eBay's core
auction business was showing signs of weakness, Chong, Lee and
Loh (all former Charles Schwab execs) were plotting a new
commerce site that would rival eBay. They talked to hoards of
eBay users, and today they've launched their baby: Wigix (the
"Want It, Got It Exchange"). http://www.wigix.com/
Wigix aims to be everything that eBay is not. Although it's also
a commerce site, the fee structure and rating system stray from
eBay conventions. For one thing: Wigix doesn't charge a fee for
anything sold for less than $25; and it charges a flat fee of
$1.50 to both the buyer and seller for anything valued between
$25 and $100.
Also, Wigix isn't an auction-based system, which Chong hopes
will reduce the risk of fraud. Users can use the site to keep
track of all their "non-financial assets" and just like a stock
market, the valuations of those goods adjust in real-time
according to recent transactions.
Another major distinction between eBay and Wigix: While eBay
recently revoked feedback privileges for sellers (the company
said too many sellers abused the rating system for retaliatory
purposes), Wigix lets buyers and sellers rate each other after a
transaction.
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