|EcommerceBytes-NewsFlash, Number 2374 - September 21, 2010 - ISSN 1539-5065 1 of 7|
Bonanzle is changing its name to Bonanza and has acquired artisan marketplace 1000 Markets, a site founded by John Wedgwood and Matthew Trifiro in 2007 and funded by PayPal-backed Founders Fund. According to the company, 1000 Markets items will soon be listed on Bonanza, and its URL will redirect to Bonanza.com. Terms of the deal were not disclosed.
1000 Markets is an artisan marketplace much closer to the culture of Etsy and ArtFire than eBay or Bonanzle. It only allows the sale of finished goods, not supplies, and does not allow the sale of digital goods.
Bonanza founder Bill Harding said the cultures of the two sites were eminently similar, which was a big reason he felt the acquisition made sense. Both marketplaces are focused on SKU-less, non-commodity items, and both communities have passionate seller bases who are have a "can-do" attitude, he said. "Certainly, there will be significant differences between the sites, but we think most of those differences will be positive for merchants (e.g., lower fees, more payment types accepted, more buyer traffic)."
The founders of 1000 Markets will not be joining Bonanza, and Harding said he is still evaluating which 1000 Markets employees to bring on board - "We would like to see at least a couple join."
Bonanza also underwent some design changes in addition to its new name. In an announcement to users, Harding wrote: "You'll note that we kept the color palette quite similar as we didn't want to change the core elements that make Bonanza what it is today. Even the grass remains in the footer. However, we did change a few things. We love the hand-crafted feel of the paper texture in the header - it nicely says "a bit out of the ordinary.""
As for the name change from Bonanzle to Bonanza, Harding told users, "While I'm proud of our growth I'm also far from satisfied. I want Bonanzle (wait, Bonanza - this is going to take a while) to be a household name."
Both sites will be live for the next few days, and, according to the FAQs, in the next couple of weeks, "we will update the old domain or address will redirect to the new one automatically. So when you type in Bonanzle.com your browser will automatically redirect to Bonanza.com."
"We expect that by the time the holiday season has started in earnest during October, traffic should be at levels equal to or higher than they had been before the transition."
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About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to email@example.com.
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