Black online auction community makes bid for growth
http://www.blackenterprise.com/ExclusivesEKOpen.asp?id=1477
By Cliff HockerIt’s miles from eBay, but iZaniaMarket (www.izaniamarket.com ) is on its way to becoming the online auction destination for consumers who want a little ethnicity in their purchase options. With only a little more than 250 unique visitors on Black Friday, iZaniaMarket has a long way to go before it can compete with eBay, which had 9.5 million unique visitors the day after Thanksgiving. But that was iZaniaMarket’s first day in business. The Columbus, Ohio-based Internet auction site is a recent addition to the iZania.com online community, which launched in 2003.
Like eBay, the founders of iZaniaMarket hope the e-commerce site will be a great shopping location as well as a great place for people to realize their dreams of becoming entrepreneurs. Most iZaniaMarket sellers are black retailers, says CEO Roger Madison Jr. who was inspired to create iZania after a three-year stay in South Africa following that nation’s 1994 democratic elections. Madison says the experience showed him the power of black people working together for their own self-interest.
At iZaniaMarket, anyone can sell virtually anything to anyone who logs on, so merchandise runs the gamut from home electronics, books, and clothing to video games, computers, and software. The marketplace also includes Afrocentric items that are hard to find in suburban malls. Artist Annie Lee’s figurines stand with arts and collectibles, and Negro League baseball jackets can be found among unique apparel selections. Hair and beauty products are available, as are calendars.
The site accepts all major credit cards and also offers payment options through PayPal. In the site’s first week, merchants opened 16 stores at iZaniaMarket, each paying only $10 per month for rent and can list up to 1,000 items. Through the end of November, early sellers and buyers had posted 628 listings, with 284 auctions still active. Madison says fees that iZaniaMarket charges for listings and other auction transactions are generally 30% to 40% less than traditional auction sites. The site has grown to more than 3,000 subscribers.
The inevitable comparison to eBay, says Madison, stops at iZaniaMarket being an auction site. “What’s similar is the functionality of having auctions, fixed-price items, buy-now options, and opportunities to open an iZaniaMarket store. The difference is that, while eBay’s auctioneering success incidentally spawned a network of users, iZania built the community first, and then offered an auction site within that,” says Madison.
































