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FOR those who stay up late at night with five cups of coffee looking for interesting things on the World-Wide Web, there are new developments that may be of considerable interest, though it may mean staying up even longer.

Launched on November 29, CyberBid is one of many programs planned for the Net Fun Entertainment Site (http://www.netfun.com) by Net Fun, which was established last year with the objective of providing the most innovative interactive services in the world.

The company is a wholly-owned subsidiary of Benelux, a Hong Kong-based, publicly-listed company which is one of the largest floppy diskette manufacturers in the world.

In CyberBid, Net Fun's second product, Net Fun brings the excitement of bidding at an auction to the Internet. Merchants like Emphasis, Pink Box, Swatch, Levi's and Reebok are offering their latest products for bidding.

All products will have a base price of HK$1. The whole bidding process occurs in real-time, and all bids will be closed on a predetermined date or when the hidden bargain price is reached.

Just like any auction, the highest bidder will get the product at the price that he or she bids.

 But it is guaranteed that the closing price at sale time will never be higher than that of the listed market price.

The hidden bargain price set by the merchant can range from anywhere between 20 per cent to 95 per cent of the product's list price.

 If bidders are clever enough, they can get their favourite products, like jewellery, watches, and more for just a little bit over HK$1.

According to Richard Chui Wai Tao, general manager of Net Fun, the line between entertainment and advertising was blurring. Net Fun was trying its best to make their site as entertaining as it was informative.

CyberBid is Net Fun's first attempt to blend these two elements.

 Not only can users enjoy the excitement of participating in an auction, they can also have the chance to buy these products at bargain prices.

Its merchants, in return, will get publicity and increased product awareness. CyberBid, Mr Chui emphasised, is only one of many programs that Net Fun has planned for its Net Fun Entertainment Site.

He said that they would shortly introduce a series of games along this line, so Internet users were encouraged to watch for their next major product coming in January next year.

Other than CyberBid, Net Fun offers turnkey solutions to companies who would like to promote their company and products through the Internet, and basic services such as web page design and hosting, database integration and forms processing.

Net Fun also helps their clients answer the next big question: how does one attract people to come to a site? In the last few months, the company has also launched other products on the Internet with a different focus. The first product called Far East Business Directory (http://www.net-trade.com) was launched in August.

The directory is targeted at traders and exporters who would like to promote their products worldwide with efficiency and economy.

In less than two months the company already received the endorsement and support from major trade associations, including the Hong Kong Watch Manufacturers' Association, the Hong Kong Jewellery Manufacturers' Association, the Diamond Importers Association, and the Chinese Manufacturers' Association of Hong Kong.

'They are trying to introduce this new promotion medium to their members,' Mr Chui said.

 'Our objective is to make this Directory a one-stop sourcing aid for importers and buyers all over the world.

'Before launching our first product, we spent a lot of time understanding the market, experimenting with new technologies and developing the core competencies required for this business.' He believes that interactive services, whether the carrier is the Internet, Microsoft Network or Interactive TV, is going to change dramatically the way people interact with each other. He also feels it will change the way people live and the way they do business.

Mr Chui thinks that the convergence of consumer electronics, computers, telecommunications and the entertainment industries would bring about changes more profound than the industrial revolution.

In the next few years, he expects that we will witness the birth of many new industries and the death of many existing ones. This is a golden opportunity for aspiring companies to make their mark and 'really to make a difference'.

Right now, Net Fun is focusing on the 'early adopters' in the market.

 That is, companies which are more receptive to new ideas, and are constantly looking for ways to leapfrog their competition.



Net Fun starts the 'bidding'