With the emergence of internet service providers all over the country, the internet café boom, the online gaming attracting its own crowd, the increasing demand for wireless technologies and broadband connections, there is indeed enough optimism to bank on the Information Technology market potential. In fact, the business process outsourcing sector has gone out of its way to prove itself to be a major economic player in the IT industry. Recent figures indicated that the country’s IT services, which includes BPOs, is currently pegged at US.3 billion and is expected to double its worth within the next four years.
Touted to the be the much-needed boost to the IT economy in the country, electronic commerce is ultimately penetrating the industry and hopefully, its influx would follow the path of Korea, where e-commerce reaped tremendous success with the remarkable increase in the number of Internet users.
Its electronic commerce business has likewise significantly contributed to its progress. In fact, Korea presently sits as the second largest online market in Asia and the sixth largest in the world with approximately 16 million, almost one third of their total population, transacting online regularly.
Internet Auction Co. Ltd. is a leading online market service that paved the way for online trading in Korea. It started gaining momentum when it was listed in the KOSDAQ and was voted as one of the 10 Best Venture Companies, two years after it was launched. Internet Auction Co. gained its credible reputation with the introduction of its Escrow system which assures security of payment transactions for both sellers and buyers.
With an overwhelming 3 million registered users and more than 400,000 listings of various products and services, Internet Auction Co. reached its pinnacle when the world’s largest online trading community, eBay acquired a major stake in the company in 2001 and eventually opened the doors for eBay to test the Asian online trading market.
The partnership brought to the fore a captive Korean market and a credible reputation as a reliable online site, thus, boosting the image of eBay in the Asian market.
Confident that there indeed is enough gold to be unearthed in the Philippine information technology landscape, Korean financial whiz PRESIDENT OH HYUK, the same man behind Internet Auction Co. Ltd., finally brought to the country the same business acumen and technological capabilities he first introduced in Korea. With his vision of revolutionizing the electronic commerce in the Philippines, President OH HYUK is positive that online shopping will have its own niche in the IT market, capturing a significant share among internet users. And so, Auction.ph Corporation, Internet Auction Co. Ltd.’s Philippine counterpart, was established.
Auction.ph Corporation aims to take the lead in the on-line auction market by creating an image as the most faithful in commercial transactions, blending in with the culture and environment of the Philippines. It is confident that it will carve its own niche in the industry, as it boasts the strength of its services.
It is the first auction-style website in the Philippines to adapt the Escrow system. Usually utilized in banks, the system shall be at the center of all dealings, thus assuring safety and reliability. The method shall oversee the entire process, making sure that the seller sends the right item and the buyer pays for it, and that everyone is satisfied in the end.
Aside from the convenience of shopping online anytime, anywhere, the site shall pay host to a wide variety of items. Buyers and sellers alike can deal brand new and second-hand items in various categories such as appliances, books, computers, gadgets, accessories, cosmetics, furniture, collectibles, jewelry, apparel, etc.
To make the experience more exciting, members can also take part in different types of auctions such as luxury auction, celebrity auction, special events auction, and cooperative buying.
More importantly, the company shall create business opportunities for everyone, from students to professionals, at minimal costs. It shall also provide an online venue for small and medium enterprises, helping them facilitate import and export of their products.
Behind the company is a highly skilled team of Koreans and Filipinos led by Programmers and Web Designers. They work collectively, bringing together the best of both cultures to the local market.
As its President/CEO Oh Hyuk puts it, Auction.ph aims to be the biggest online trading website in the Philippines. The company intends to do so by assisting in the advancement and development of information technology in the country through innovations in software and systems development, and by providing services and opportunities that are centered on all of its members with their security at the forefront.
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