Yahoo was founded by Jerry Yang and David Filo in January 1994 and was an early pioneer in the dotcom boom, but was quickly overhauled by Google and others. In 2008, it rejected a US$44.6 billion bid from Microsoft, and subsequently Yahoo’s market capitalisation slipped to just US$22.24 billion just three years later.
Big discounts are just a click away at Yahoo Outlet
Yahoo caters to the needs of users by enabling them to buy discounted branded items without hassles at any time on its new online outlet
Internet giant Yahoo launched in Hong Kong yesterday Yahoo Outlet, an online shop selling discounted branded products ranging from apparel, electronic devices, stereo and hobby items to home decor and appliances.
The outlet is offering a discount of 90 per cent off the original price on one item a week for the next four weeks.
"Shopping online is a daily habit for many of our users," said Jenny Li, the director of e-commerce at Yahoo Hong Kong. "Yahoo Outlet is aimed at catering to the needs of our users so that they can purchase discounted and hassle-free branded items any time they choose."
The firm partnered with 10 well-known brands including Lenovo, Nissen Hong Kong and Logitech in December to advance its reach in the online shopping community.
Alice Ong, the general manager of Lenovo Hong Kong, said: "Yahoo Outlet more than satisfies our criteria and will ensure that the Hong Kong community can reach out to our products and services at their convenience."
Although Yahoo Outlet offered a wide range of products, Li said, the company planned to focus on apparel, electronics and household products.
"We are actively looking to recruit top-tier brands into Yahoo Outlet," Li said. "The beauty about the Yahoo Outlet model is that as soon as we determine which brands and products we want, we are able to integrate them into our online platform extremely fast."
In an online poll conducted by Yahoo last month and this month, 83.8 per cent of the respondents said they were interested in shopping via the Yahoo Outlet platform.
When asked what made them consider buying at an outlet, 87.1 per cent cited the attractive discounts.
Yahoo Hong Kong started to operate its e-commerce platform in 1999 and has since introduced Yahoo Auctions and Yahoo Deals.
The firm said Yahoo Deals had achieved a local market share of 68 per cent in the 22 months since its introduction, adding that Yahoo Outlet was expected to increase the company's share of the pie.
According to a survey on online shopping behaviour that Yahoo commissioned pollster Nielsen to conduct last year, price, product and service quality, as well as reputation of the online shopping site were the top factors considered by consumers when buying on the internet.
Yahoo said the new shopping platform was designed and built to meet those criteria.
The company said local delivery for all purchases would be handled directly by each individual brand.