|
InterAuct! Launches Asia's First Total Online Auction Solution for Businesses - to provide customised solutions with complete back-end support and administration - SINGAPORE - DECEMBER 10, 1999 - InterAuct! Pte Ltd, Singapore's pioneer online auction service provider, today unveiled the first end-to-end online auction solution for businesses. This is the company's second major initiative since the launch of its person-to-person auction loyalty program in November this year. Spurred by the overwhelming popularity of its person-to-person website, and recognising the vast potential of business online auctions, InterAuct! set about to develop a total solutions package - from customisation of software to implementation, operation and site management/administration - to meet the needs of corporations who are increasingly seeking to achieve maximum efficiencies in running their business. "Based on our knowledge of the online auction market, this is the first solution of its kind to be available in Asia," said Alex Loo, CEO, InterAuct! Pte Ltd. "Companies who want to streamline process and increase customer personalisation can now benefit from dynamic pricing through online auctions - without additional resources." InterAuct!'s business-to-business solutions are not only completely customisable to suit individual site requirements, they are also highly flexible and scalable. The end results for businesses: the most effective means to maximise profits with minimal investment. Based on InterAuct!'s tried-and-tested proprietary software, this solution gives businesses the option to display branded shop-fronts without having to support back-end infrastructure, bidder/seller verification, personalised technical support and comprehensible payment methods. This results in the shortest implementation time available on the market, and allows companies to go-to-market quickly. In the pipeline are plans to roll out various value-added services such as logistics support, escrow and e-payment systems. All these services will eventually translate into more effective use of resources and additional cost savings for businesses. Already, InterAuct! has made delivery services available to members of its consumer auction site, and looks to expand this offering to include business partners and customers. Even before the official launch of this product, several companies have already expressed interest in its implementation. To date, three companies - StarHub Internet, FutureKids and E-Wines Asia - have committed to adopting this solution for their consumer-to-consumer / business-to-consumer markets. Said Loo: "While the idea of business online auctions is still in its infancy in Asia, it has proven to be an efficient and flexible sales channel in other markets such as the U.S. Companies have successfully traded online, selling surplus inventory or commodities such as energy and electric power." Just as the adoption rate of e-commerce had grown phenomenally when it was first introduced, it is predicted that business-to-business online auctions will flourish as a sales and marketing tool within the next few years. Forrester Research predicts that sales from online auctions will soar to US$52.6 billion by 2002, even overtaking volumes transacted over consumer-oriented auctions. The InterAuct! business-to-business / business-to-consumer online auction solution is applicable to all companies, regardless of size, which are interested in adopting online auction as an alternative or even preferred way of conducting sales and marketing activities. The product's 'plug-and-play' concept can be readily incorporated into any existing website strategy. The solution therefore complements a company's existing structure rather than disrupts it, or require a complete revamp. "InterAuct!'s strength lies in the fact that we not only understand the needs and requirements of managing an online auction, we also ensure we fully understand our clients' business needs. Our offering is well-suited to serve the needs of a range of companies including Internet service providers, web portals, retail outfits, real estate firms and so on," said Luke Toh, Chairman and CIO of InterAuct! Easy-to-choose Packages Businesses
considering implementing online auction options have five subscription
options to choose from. The variations in the type of auction sites customised
by the InterAuct! auction solutions are infinite. From simple, functional
auction sites focusing on the consumer-to-consumer market, to one that
is totally customised to serve only the business-to-business market, InterAuct!
does it all. "Oracle has always supported innovation and e-business," said Keith Budge, Managing Director, Oracle Singapore. "As a key supporter of the Singapore LUIP program, Oracle is please that InterAuct! has chosen to use Oracle technology to manage and administer the auction solutions announced today. As much as Oracle is the technology of choice for leaders of the Internet like Yahoo!, Excite, E*Trade, Amazon.com and others, we look forward to collaborating further with InterAuct! to deliver more world-class innovative online services to their users." Companies interested in finding out more about how InterAuct!'s business-to-business solutions can help move their products and services can contact InterAuct! at tel: 779 4095 or email enquiries to auctionadmin@interauct.com.
Founded in July 1998, InterAuct! (www.interauct.com) is Singapore's pioneer online auction service provider. It manages and administers the country's largest person-to-person auction site, with approx. 16,000 registered members and about 2,500 items listed under 14 merchandise categories. With the introduction of its auction service solutions, it is now the first online auction service provider in Asia to offer this new concept. InterAuct! Is the recipient of the inaugural 'Business Angel Fund', an investment fund spearheaded by the National Science and Technology Board (NSTB), which is a government body promoting technopreneurship in Singapore.
For further information, please contact:
|