AuctionWatch, a provider of auction- and online-sales management tools, has changed its name to Vendio Services Inc. The company said it was making plans to expand into new services and focus on multi-channel selling in a move to broaden its focus from its online-auction roots. The company also announced its first full year of profitability.
"Vendio - derived from the Latin root ‘to sell’ - captures the spirit of our company, as well as the business aspirations of our customers,” said Rodrigo Sales, CEO of Vendio.
“Early innovators who first sold on eBay are demanding services to help them sell across multiple channels and develop tighter customer relationships," said Sales. "We are meeting this need by helping merchants build their own online presence, effectively manage their customer relationships and accelerate their sales."
Vendio will be completely debt-free in the 2nd quarter of 2003. Kevin Wray, Vendio's Vice President of Corporate Marketing, said the company's goal is to expand its services through acquisitions of companies offering complementary services, such as Web hosting companies, direct mail companies and store builders. Wray would not disclose details about possible target companies.
Vendio is developing a service called Domain Support that will host sellers' Web sites to help brand their businesses. Low-volume sellers seem quite happy selling on eBay alone, he said, but larger volume customers are exploring and pursuing multi-channel selling. Vendio hopes to meet the needs of those customers.
Wray said 80% of the $50 million in Gross Merchandise sales per month generated by its customers comes through eBay sales. Vendio also supports Amazon Auctions and Yahoo Auctions, Vendio Stores and customers' own Web sites. Vendio has between 550,000 to 600,000 items listed on eBay daily and a much smaller number than that on Amazon and Yahoo auction sites. There are 250,000 items listed on Vendio Stores.
In addition to its sales-management tools, image-hosting services and storefront offerings, Vendio offers a Customer Manager tool for CRM, and Asset Remarketing Service for corporate asset liquidation.
