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Home > Breaking News > Singapore > Story
Sep 19, 2008
Yahoo! auction site folds
A spokesman for Yahoo! South-east Asia told Life! the United States-based Internet company is closing down the site to provide more value to its customers by re-allocating its resources. -- ST PHOTO
The death knell is sounding for Yahoo! Auctions Singapore, which will shut down next Monday after 10 years in operation.
But the online auction site is not likely to be missed by Singapore's savvy netizens. Many have long migrated to other shopping sites for quicker and easier transactions.
A spokesman for Yahoo! South-east Asia told Life! the United States-based Internet company is closing down the site to provide more value to its customers by re-allocating its resources.
But industry observers say that the auction culture - where bidders drive the price upwards - simply does not work in Singapore where people like to haggle and push the price down.
In online auctions, buyers have the option of bidding for an item or buying it immediately at a fixed 'buy now' price set slightly higher by the seller.
Sep 19, 2008
Yahoo! auction site folds

A spokesman for Yahoo! South-east Asia told Life! the United States-based Internet company is closing down the site to provide more value to its customers by re-allocating its resources. -- ST PHOTO
The death knell is sounding for Yahoo! Auctions Singapore, which will shut down next Monday after 10 years in operation.
But the online auction site is not likely to be missed by Singapore's savvy netizens. Many have long migrated to other shopping sites for quicker and easier transactions.
A spokesman for Yahoo! South-east Asia told Life! the United States-based Internet company is closing down the site to provide more value to its customers by re-allocating its resources.
But industry observers say that the auction culture - where bidders drive the price upwards - simply does not work in Singapore where people like to haggle and push the price down.
In online auctions, buyers have the option of bidding for an item or buying it immediately at a fixed 'buy now' price set slightly higher by the seller.