SOC Exchange claims it will take on eBay
A new auction website has launched in Australia which claims that it will be able to take market share from eBay.
The annoucement:
Sydney fruit and vegetable merchant Franco Lagudi has launched a new “buy and sell” website, called The SOC Exchange (pronounced sock), with the intention of going “head-to-head” with eBay in both Australia and the US.
The SOC Exchange (SOC=Superior Online Community) will combat eBay with its superior e-commerce platform and its flat rate membership fee of just $10 a year, without any added fees and no limits on the number of listings – covering literally all consumer products, including household items like jewellery, electronics, furniture, clothing, toys and books.
Mr Lagudi said “I am confident we can challenge eBay not only with the versatility of our platform, but also with our off-the-chain pricing policy.
I believe eBay has forgotten about the ‘individual and novice sellers”, which is evident in their fee structure.
“The excessive costs that eBay and some of the other major online portals charge are over the top in comparison to The SOC Exchange, which gives its sellers the freedom of choice when it comes to receiving payments.
“Many users believe eBay is now too cumbersome and charging consumers too much in fees, in order to fund its world domination of the e-commerce market. eBay has stated it is targeting Australia for future growth as many of the markets it now dominates are mature with much slower growth rates”, he added.
Some of the many fees now being charged by eBay include “insertion fees, final value fees, listing upgrade fees, picture service fees, seller tool fees, optional feature fees and reserve price fees”.
Mr Lagudi said “many sellers on eBay are now drowning in fees and it is time a competitor took eBay head-on, with a more intuitive platform at an unbeatable price, which they can now do through The SOC Exchange.
“The SOC Exchange is an extremely costly labour of love, however the results will be well worth the multi-million dollar investment in the end. The SOC Exchange has made its presence felt in the United States and is now ready to formally unleash its innovative platform on the Australian market.
“We are offering consumers a chance to own their piece of the net, and not simply line the coffers of eBay or other big corporate websites through a lack of choice. The SOC Exchange covers four important market segments: auctions buy and sell, real estate, automotive and careers.
“These four marketplaces are the cornerstone of the Australian online community and it is our job to keep this online space honest.
“It is time Australians were no longer stripped of their profits. Every cent from every online sale counts in today’s economy more so than ever! The SOC Exchange does not impose any commissions or extra charges – just $10 a year flat rate, per member, per marketplace. The profit from each and every sale stays with the seller, who can showcase an unlimited number of items for sale” he added.
The SOC Exchange offers ‘sellers’ and ‘advertisers’ the capacity to list almost anything – from video games, craft materials, cars and real estate to baby items, computers, sporting memorabilia, jobs and resumes.
Members who pay the $10 flat fee get their own, customisable website, loaded with value added IT features with unique URL, along with the capacity to add several images and even post a blog.
Mr Lagudi concluded “The ability for employers and recruitment agencies to advertise unlimited job opportunities for just $10 a year is phenomenal.
Talk about making a difference to your bottom line!”
Buyers can register with the site free of charge and then browse the numerous categories, search by product name or within a set distance from their location, or go directly to a seller’s site. Buyers can also bookmark sites and register with their favorite sellers or advertisers for email updates and information on new products.
Source: SOC Exchange press release
Liquidity is what you need in an auction – for all the reduction in cost for large sellers, there’s a huge lack of demand due to less users. Sellers don’t have to get a much lower selling price to negate any savings.
Besides, doesn’t it make sense that people who do more sales pay more? I suspect that this will just mean merchants flooding SOCX (what a catchy URL!) with multiple listings. Eg the sports listing category is just from one company – http://socexchange.com.au/soc......#038;id=31
I’m sure eBay are cacking themselves, check out the number of musical instruments offered – http://socexchange.com.au/soc......#038;id=10
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Hmmmm… he says eBay has forgotten about the ‘individual and novice sellers” but this platform looks ike it’s aimed at pretty dedicated sellers (which novice wants their own url and blog when they sell their kids old toys?).
Incredibly brave to go up against such a monolith and let’s not forget Grays Online is a very successful Australian auction operation, then there’s gumtree and a host of niche classifieds.
I’m not sure positioning this as “an extremely costly labour of love” would endear him to his funders. I know I wouldn’t be investing in this one.
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