Make it your homepage |   E-mail: Subscribe Unsubscribe


Thursday, April 24, 2014
News Making Money

Number of State E-Auctions Down in 2013

Written by Madona Gasanova, The FINANCIAL

12/08/2013 14:37 (254 Day 20:19 minutes ago)

capture.jpg

The FINANCIAL -- Turnover of the Georgian web portal eauction.ge amounted to GEL 71 million during the first two quarters of 2013. This reduction in turnover is the result of decreased numbers of auction announcements this year. Electric vehicles are the bestselling products at eauction.ge. The website’s lower prices is one of the main advantages by which it manages to compete with private online shopping websites.

ADVERTISEMENT


The most expensive product sold in 2013 via eauction.ge was a plot of non-agricultural land with building to the amount of GEL 4,350,000.

“Since the service agency expanded its shopping facilities network over the whole country, state-owned property has been distributed among merchants. Wholesale and retail customers can buy desired goods in stores immediately. This in turn has led to a decrease in auction announcements and increased number of merchants,” Shota Gelantia, Head of the Marketing Department at the Service Agency at the Ministry of Finance of Georgia, told The FINANCIAL.

Founded in 2010, eauction.ge was the first online auction portal in the entire Caucasus region. The website currently includes both private and public sector transactions. For two years, state-owned immovable / movable property sales have been carried out electronically via eauction.ge. In addition, the site was created by the service agency of the Ministry of Finance and the analytical department of the Ministry of Finance which guarantees the safety and security of its system. In Gelantia’s words, users of eauction.ge are protected from illegal transactions, bureaucratic procedures and payment-related difficulties.

In 2010 the turnover of the portal was GEL 908,586, in 2011 - GEL 222,002,032, and in 2012 - GEL 224,422,343.

Since the creation of the website the number of its users has been increasing steadily. There are currently 37,814 users registered on eauction.ge. Out of the total number of registered users 34,872 are private individuals while 2,942 are corporate entities. Both residents of the country and non-residents are users of the site.

There are 20 categories and 103 subcategories on the website. Out of them the top five categories are as follows: other (20%), electro appliances and equipment (16%), transport (12%), rent (11%) and land (10%).

The number of the site’s visitors in 2010 was 198,952, in 2011 - 1,936,638, in 2012 - 2,355,637, and during the seven months of 2013 so far - 1,130,334. The number of users currently registered on the website is 37,814, up from 21,776, which was the number during the same period of the previous year. A significant increase of users began in 2012 when users were allowed not only to buy but also to sell products via online auction.

In 2012 the new system and website of eauction.ge was launched. Renovated applications for smartphones and Androids will be available soon.

Gelantia says that many foreigners are involved in internet auctions via the website. “1,055 auctions have been won by non-residents registered on our site; 751 lots have been purchased by non-resident individuals,” he said.

“Vehicles, building structures, installations and electrical equipment are the products that are traded the most frequently by non-residents. The total value of all the auctions won by non-resident individuals and corporate clients amounts to GEL 62,986,478,” said Gelantia.

The lower prices and variety of services made available by the site were underlined by Gelantia as the main advantages of eauction compared to its competitors. “The prices at eauction are lower than on other online shopping sites. Three types of purchase and sale are available to customers: internet auction, internet shop and public auction.”

Internet transactions continue to increase in Georgia. During the first half of 2013 such transactions amounted to 4,660,173 units, with total value of GEL 187,919,000. During the same period of the previous year their number reached 3,357,770 units, with total value of GEL 162,560,000.

An updated online shop, new payment facilities. including via pay boxes, electronic instalment, nationwide delivery service, as well as applications for Ipad and Android, will soon be available to the users of eauction.ge.

“A new feature called ‘Buy it Now’ will also soon be added to the website. This will allow users to purchase items put on auction directly just by agreeing to a proposed price,” Gelantia told The FINANCIAL.

 

 

Make Your Comment

Add NewSearchRSS
Only registered users and facebook social network members can write comments!

This text is replaced by the Flash movie.
This text is replaced by the Flash movie.
Politics
“The former Yugoslav Republic of Macedonia”: presidential election and early parliamentary elections

23/04/2014 16:38 (18:18 minutes ago)

The FINANCIAL -- A 14-member delegation of the Parliamentary Assembly of the Council of Europe (PACE), led by Stefan Schennach (Austria, SOC), will travel to “the former Yugoslav Republic of Macedonia” from 25 to 28 April to observe the conduct of the presidential election (2nd round) and the early parliamentary elections, alongside observers from the OSCE’s Parliamentary Assembly and Office for Democratic Institutions and Human Rights (ODIHR), according to PACE.

Read more...
TRAVEL BIZ
American Express Reports First Quarter EPS of $1.33, Up 16 Percent from a Year Ago

19/04/2014 14:24 (4 Day 20:32 minutes ago)

The FINANCIAL -- American Express Company reported first-quarter net income of $1.4 billion, up from $1.3 billion a year ago. Diluted earnings per share rose 16 percent to $1.33, from $1.15 a year ago, according to the American Express Company.

Read more...



World News
Helping Bulgarian farmers to become landowners

19/04/2014 11:39 (4 Day 23:17 minutes ago)

The FINANCIAL -- The EBRD is providing a €5 million to loan to Elana Agrocredit AD to co-finance the development of Bulgaria’s agricultural land market.

The World Bank Supports Small and Medium-sized Businesses in Tunisia

19/04/2014 10:29 (5 Day 00:27 minutes ago)

The FINANCIAL -- The World Bank approved an additional loan for US$100 million for Micro, Small and Medium Enterprises (MSMEs) in Tunisia.

EBRD loans to boost energy efficiency and support competitiveness of Macedonian companies

16/04/2014 16:42 (7 Day 18:14 minutes ago)

The FINANCIAL -- The EBRD has teamed up with Macedonian bank, NLB Tutunska banka, to increase the competitiveness of the Macedonian private sector and to promote energy efficiency in the country with a €6 million financing package, according to EBRD.      

EBRD helps modernise Baltic freight handling

16/04/2014 16:29 (7 Day 18:27 minutes ago)

The FINANCIAL -- A €32.5 million loan from the EBRD to Klaipedos Smelte, the company operating the container terminal at Klaipeda port in Lithuania, helped modernise its freight handling capacities and upgrade the whole Baltics region as a transit hub, according to EBRD.

CityLife
Africans among the most morally opposed to contraception

19/04/2014 08:33 (5 Day 02:23 minutes ago)

csi_2.jpg

The FINANCIAL -- Speaking to bishops from Tanzania last week, Pope Francis praised church workers in Africa “who strive diligently to educate people in the area of sexual responsibility and chastity” with the aim of preventing HIV and AIDS.

TRAVEL BIZ »
PRESS RELEASES »
FINANCIAL »
UKRAINE »
GEORGIA »
WORLD »
BANKS »
BUSINESS »
TECH »
MARKETS »
B SCHOOLS »
SPECIAL REPORTS »

Markets
Major Cloud Service Providers Slash Prices; Threaten Smaller Players’ Existence: IDC Warns

19/04/2014 13:40 (4 Day 21:16 minutes ago)

The FINANCIAL -- In the last week of March, major Cloud Service Providers (CSPs) in Asia dropped their prices for core services dramatically and IDC believes that this will make it very difficult for smaller CSPs to remain in business if they continue to rely on provision of basic, undifferentiated services, according to International Data Corporation (IDC).

Jobs
Philippines: Further reforms to strengthen growth, create more and better jobs

11/04/2014 12:00 (12 Day 22:56 minutes ago)

The FINANCIAL -- The Philippines is likely to remain as one of the fastest growing economies in the East Asia and Pacific region in the next two years.

Oil&Auto
Gazprom and Turkey to look into possible increase in Blue Stream capacity

24/04/2014 08:03 (02:53 minutes ago)

The FINANCIAL -- Ankara hosted a working meeting between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Taner Yildiz, Minister of Energy and Natural Resources of the Republic of Turkey, according to Gazprom.

Read more...
INSURANCE
Zurich identifies seven cyber risks that threaten systemic shock

23/04/2014 17:00 (17:56 minutes ago)

The FINANCIAL -- The recently published Zurich Cyber Risk Report, created in collaboration with the international think tank Atlantic Council, argues that cyber-risk management professionals need to look beyond their internal information technology safeguards to interconnected risks which can build up relating to counterparties, outsourced suppliers, supply chains, disruptive technologies, upstream infrastructure and external shocks, according to Zurich Insurance Company.

Read more...






Developed by Aleksandre Chiabrishvili

Design built by Creo Group