Increasigly impatient online consumers are opting for fixed-price purchases over auctions, reports Catherine Holahan in the BusinessWeek article “Auctions on eBay: A Dying Breed.”
Sales at Amazon.com, the leader in online fixed-price goods sales, rose 37% in the first quarter of 2008. At eBay, where auctions make up 58 per cent of the site’s sales, revenue rose just 14%.
Hence, fixed-priced items appears key to eBay’s future growth. EBay’s “Buy It Now” business, where consumers can purchase auction items at a set price, makes up 42% of all goods sold on eBay and is growing at an annual 22% pace. That’s the fastest among eBay’s shopping businesses.
It shows just how impatient Web users are. The novelty of the Web is gone. Consumers just want to get to a site, complete a task and move on in as little time as possible.
It seems the term “browsing the Web” is quickly becoming obsolete.