Online Auction Site bidorbuy Displays Strong Growth

(6 September 2007) South African based online marketplace, experiences continuous growth despite the perception that online shopping is a hazardous business.

bidorbuy has experienced an impressive 166 percent increase in sales volume for the last twelve months in comparison to the same period the previous year. The revenue has grown 215 percent during the same period.

During the month of August 2007, bidorbuy had over 340,000 items listed for sale on its website, resulting in R9.2 million in turnover. Most of the turnover was generated by the Computers, Coins, Cell Phones, Electronics and Gemstones categories. Says Andy Higgins, Managing Director of bidorbuy: "Last month bidorbuy received over 97,000 bids on items through our website with 22,000 successful auctions being concluded on bidorbuy, generating R6.4 million in turnover from auctions alone". The balance of R2.8 was acquired through online classified listings and buy now sales, to make up the total of R9.2 for the month in question.

bidorbuy suggests that this growth can be attributed to a number of important factors: "We have definitely seen a change in the South African's online shopping behaviour. Despite the continuous threats to online shopping, buyers are becoming increasingly more confident that their online shopping or auction experience will be a secure one. Over the past few months we have seen exceptionally high valued items being sold on bidorbuy. These include a diamond ring valued at over R40,000, a BMW sold last month for R80,000, and two coins valued over R200,000 each" says Higgins.

Further contributing factors that may have added to the phenomenal upward trend in bidorbuy's success is due to the increased uptake in South African broadband Internet usage as well as a more experienced online consumer. Higgins says: "We have noticed more consumers are starting to use the Internet for a number of commercial related transactions in addition to online banking. The more confident a user becomes with online banking and the more experience the consumer gains transacting online, the more comfortable they become in concluding other online transactions such as booking their travel experiences online or buying their cars on auction."

The websites traffic has grown from last year August's 3.9 million page impressions and 220,000 unique visitors to over 9.5 million page impressions and 320,000 unique visitors monthly. bidorbuy believes that it is starting to reach a critical mass of buyers and sellers and currently has 210,000 registered users.

With the market having grown so rapidly, this online auction company has had to adjust at an even faster pace by hiring additional resources, introducing stricter measures limiting fraudulent transactions and clamping down more aggressively on illegal items being sold online, all of which has added to making the consumer feel more comfortable to trade online in a secure and professional environment.

About bidorbuy

bidorbuy is South Africa's largest online marketplace. Established in 1999, the company has created a safe and convenient way for people to buy and sell goods online. As a virtual trading place that brings buyers and sellers together and allows them to buy and sell virtually anything at a fixed price or in an exciting auction format, bidorbuy has created a thriving online marketplace.