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FINANCIAL NEWS
Souq.com to stop auction service
02 Jan 2011
(MENAFN) Ronaldo Mouchawar, the chief executive of souq.com, said that the website would stop providing the auction service in exchange of increasing product listings by 300 percent in 2011, reported The National.
The CEO justified the decision saying that internal research results showed that few auction sales took place in the past few months and thus, it would be more beneficial for users to concentrate on more product listings.
Souq.com started its sales five years ago and according to Arab Advisers, its the most visited online retailer in the middle east. From its early starts, it drew comparisons to itself as the eBay of the Middle East.
It is worth noting that the site is owned by Jabbar Internet Group which is the biggest online retailing company in the region.
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