Tokyo: Yahoo Japan Corp. and eBay Inc. on Tuesday agreed to team up in online auctions, planning services for next year that will make it easier for consumers to buy things over the Internet from the U.S. and Japan.
The deal will facilitate “cross-border trading” and invigorate the online auction market, Yahoo said in a statement.
“We are excited to partner with Yahoo Japan in providing Japanese users with localized site designed to enable them to shop on the eBay marketplace with ease and convenience,” eBay chief executive Meg Whitman said in a statement.
EBay and Yahoo Japan _ collaborating for the first time _ also launched a separate web site called Sekaimon, which means “global shopping” in Japanese.
“We will diligently work together to create a new auction experience for Japanese consumers while ensuring that we provide a healthy and secure online experience,” Inoue said.
The news, initially reported in the business daily ‘The Nikkei’, sent shares of Yahoo Japan rising up by Tuesday morning. By midday, the stock was up 3.9% at 56,040 yen (US$509; euro347).
Yahoo Japan, a unit of Sunnyvale, California-based Yahoo Inc., has more than 15 million auction items listed on any given day, while eBay, based in San Jose, California, the world’s biggest online auction site, boasts 248 million registered users.
The online auction markets in both countries are growing, Yahoo said. In Japan, it’s up about 27% from a year ago to an estimated 4 trillion yen (US$36.4 billion; euro24.8 billion) and in the U.S., it’s up 21% to more than 19 trillion yen (US$172.7 billion; euro117.8 billion).
The 2002 withdrawal from Japan was a rare defeat for eBay, which entered the Japanese market in 2000. But it had just 25,000 items listed for sale. At that time, eBay said it hoped to return to the world’s second-largest retail market when the timing seemed right.