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Title SurplusGLOBAL launched an global B2B auction site.
Source Asian Review of Business and Technology Date
SurplusGLOBAL, A Seoul Internet company, has opened an international B2B auction site-the first in South Korea.
Set up last year with a view to providing a central, global auction-based marketplace for surplus and used assets on the Internet.
SurplusGLOBAL replaces traditional trading and distribution methods.
Major items put up for auction on the site include machine tools , heavy construction machines, computers, clothes and electronic goods.
Concerning SurplusGLOBAL?s products and R&D, Kim said his company?s online marketing activity will share the common objective of eliminating inefficiency in the existing surplus and used assets market.
Company president ,Bruce Kim revealed that market research carried out by his company revealed tremendous future potential in the currently untapped market of online surplus and used assets services.

The company estimates that the inventory of surplus and idle goods in the Asian and Pacific region totals about US$ 450,000 billion annually.
According to figures published by Merrill Lynch and the World Bank, the size of the surplus and used assets market in the Asian-Pacific region in 2000 is estimated at US$411billion.
SurplusGLOBAL has a list of over 50,000 overseas buyers who are automatically notified by e-mail of the items to be auctioned . The buyers then confirm the details of the items through the website before taking part in the auction.
SurplusGLOBAL which launched the company site both in Korean and English, plans to add Chinese and Japanese language interfaces in August and launch a Korean local site for domestic trading in November.
Chinese and Japanese local sites are scheduled for March 2001, a Taiwanese local site and a USA site in April and June next year, respectively.
To encourage existing distributors of surplus and used assets to use the company plans to give them a number of benefits including free market information and photo services, credit ratting points and a discount on transaction fees.
Regarding offline marketing , the company is recruiting specialist in five major industries, including industrial machinery and equipment supplies, computer and telecommunications, apparel and fashion, automotive and electronics.
The company is also trying to establish a business partnership with Info-Alliance, Universal Freight System ,the Trade News and some 20 -odd major press companies at home and abroad.