August 9, 1999
NexTag.com Launches First Online Buying Service Where Name Brand Sellers Compete for Buyers
New E-Commerce Transaction Model Redefines Great Deals on the Internet
SAN MATEO, Calif. August 9, 1999 NexTag.com, Inc. today launched the first online buying service where name brand sellers compete for buyers. This new e-commerce transaction model helps individuals and small businesses negotiate easily and simultaneously with groups of selected sellers to secure a great deal within minutes.
The NexTag.com service is available immediately for computer hardware and software products and will quickly move into new categories. Premier computer products are offered from over a dozen name brand sellers, including egghead.com (NASDAQ: EGGS), Creative Computers (pcmall.com and macmall.com) (NASDAQ: MALL), Zones.com (PC Zone and Mac Zone) (NASDAQ: MZON) and CDW (NASDAQ: CDWC).
"We believe there are several elements to a good deal. Buyers are looking for, selection, convenience, and, of course, price. Shopping on the Web doesn't have to be a trade-off between these elements," said Purnendu Ojha, founder and CEO of NexTag.com. "Our research shows that savvy buyers don't want the hassle of waiting for days on a bid, settling for obsolete products from unknown sellers, or committing to a credit card up front before agreeing to a purchase. NexTag.com offers a no-compromise experience that redefines the meaning of a great deal."
NexTag.com provides buyers unprecedented selection, convenience and price to quickly obtain a great deal from name brand sellers:
Selection:Unlike auction services, which primarily focus on auctioning off limited quantities of obsolete or excess inventory, NexTag.com enables great deals on over 100,000 premier computer products from leading sellers. Unlike "Name Your Price" services, which may not allow customers to name their brand, NexTag.com allows customers to select their favorite product brands, select the prices they want to pay, and select their favorite sellers from whom to buy.
Convenience: NexTag.com enables fast and hassle free deal making. Buyers can easily compare multiple sellers based on total price, including tax and shipping fees. Once a buyer determines the product(s) he or she wants to buy, NexTag.com enables quick, hassle-free negotiations with multiple sellers simultaneously without having to commit a credit card before bidding. Unlike auctions, which can take days for buyers to determine whether they have successfully purchased a product, buyers at NexTag.com receive responses from sellers within minutes.
Price: Unlike auctions, where buyers compete with one another to bid up the price of a single seller's products, NexTag.com makes your favorite sellers compete for you. And since bidding occurs on total price, buyers are assured that there will be no hidden shipping or order handling charges. Also, NexTag.com provides buyers with pricing history to help them quickly make good bidding decisions.
NexTag.com's unique e-commerce transaction model employs patent-pending technology to enable sellers to dynamically accept, decline or counter-offer bids with bundles, complementary products or different pricessomething that has only been possible in the physical world.
NexTag.com is an attractive alternative sales channel for sellers to generate incremental revenues at a much lower cost of sale than traditional methods and in turn pass on significant time and cost savings to buyers. This buyer-seller balance is key to creating a successful business model on the Web.
"NexTag.com is a unique and compelling business model for extending sales on the Web. Creative Computers is pleased to partner with NexTag.com and will continue to provide premier computer goods to this new and growing buying service," said Dan DeVries, executive vice president, Creative Computers.
The NexTag.com service is free to buyers.
Based in San Mateo, California, NexTag.com, Inc. is a privately held company with a mission to quickly and conveniently enable great deals between buyers and sellers. NexTag.com's patent-pending technology enables name brand sellers to compete for buyers. NexTag.com will initially focus on computer products, but will move quickly into new product markets by January 2000. Founded in June 1998, NexTag.com is funded by Morgenthaler Ventures. To use the NexTag.com buying service and find additional information about the company, visit www.NexTag.com.