Online information and advice

Published: 11 September 1999 y., Saturday
When most people make buying decisions, they generally discuss their purchase with family and friends. Now, a new company, Epinions.com, is hoping consumers will supplement those conversations with online information and advice from regular folks familiar with various products. Nirav Tolia, CEO of epinions.com, discusses the firm_s strategy. He appeared on CNBC ondnesday. The online shopping guide, which officially launches Wednesday, is "obsessed with helping consumers make the right buying decisions," according to Mike Speiser, one of Epinions.com_s cofounders. Speiser said that Epinions operates on the premise that when people make buying decisions, they typically do two things: talk to people they know and talk to professionals. Epinions hopes to replicate the kind of discussions that people have with those they know. Epinions provides product information written by everyday people and also includes professional opinions and buying guides. Epinions has plans to branch out into providing local service information as well as international product and service information. Visitors to the site submit their "epinions" of particular products, which are ranked by users according to usefulness. The most useful epinions then come up first in searches, similar to online auction site eBay. Anyone can contribute and each contributor is considered an expert. Each expert_s photo comes up with his/her epinion along with a link to a self-written biography. Experts will be paid per page view and will likely have an option to contribute their earnings to a charity. Individual epinions are not edited and remain on the site permanently. To edit or remove comments, Speiser said, would be biased - and would conflict with the site_s purpose. The only guidelines for contributions are that each epinion be at least 75 words and contain no profanity. Product categories currently include autos, computers, electronics, media, outdoors, sports and travel. Categories will be added or modified based on consumer use.Epinions is different from other consumer information sites in that nothing is edited internally and the site is not a general discussion site, but instead provides highly specific information about products - albeit written by users. The site can accommodate 30 million simultaneous users, the company says. Epinions plans to generate revenue through advertising and relationships with various retailers.The company, founded in April, has generated a lot of discussion over the past few months because the founders all left prominent positions - and millions in stock options - at companies including Yahoo!, Excite@Home, Netscape and AOL.
Šaltinis: Epinions.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Wincor Nixdorf sales up 4% despite slower biz growth

Wincor Nixdorf AG closed the first six months of fiscal year 2008/2009 with a 4 percent increase in net sales and a 2 percent increase in operating profit (EBITA). more »

Raiffeisen Bank in Poland launches mobile banking in Europe

Raiffeisen Bank Polska SA, a subsidiary of Raiffeisen International, a leading financial corporation in Central and Eastern Europe, has deployed "VIP Mobile," a next-generation mobile banking solution. more »

SOS for EU fishing – save our stocks

Commission calls for help with reforming EU fishing. more »

IFC and Lithuania’s SEB Bank Launch Transaction to Help Businesses Adopt Renewable Energy

IFC, a member of the World Bank Group, and SEB Bank today launched an innovative transaction that will support lending of around €50 million to help small and medium enterprises in Lithuania switch to renewable sources of energy. more »

MEPs to debate the 2007 budget discharge

Is your money well spent at EU level? Every year, in April, the EP concludes its examination of EU spending for the financial year closed 16 months previously. more »

Shake-up of gas and electricity market debated Tuesday

The right to compensation for poor service, the right to change gas and electricity suppliers and comparable prices are just three aspects of the proposed “third energy package” being debated today by MEPs. more »

Banks in India halt ATM expansion, consolidate tellers

As access to ATMs became free from April 1, many banks are expected to consider consolidating their teller operations instead of aggressively expanding ATM network. more »

“Smart Security” industry withstands crisis

Crisis or no crisis, secure identity cards will still be needed to cross borders… more »

UniCredit gives 1 million euro to help Abruzzo

A fund-raising initiative has been launched among 170,000 employees in all 22 countries where the Group operates more »

Bank SNORAS Klaipėda branch is among the top ten leaders of „Excellent service” month

This year AB Bank SNORAS also joined the promotional event "Praise excellent service!" which is held in March every year. more »