faim- was pcln asleep- does it have competition-is this a big deal?Want to send this story to another AOL member? Click on the heart at the top of this window.
FairMarket to Power Excite@Home's Outlet Center
WOBURN, Mass.--(BUSINESS WIRE)--Jan. 2, 2001--
FairMarket's Dynamic Pricing Technology Will Enable Excite@Home to
Offer Discount and Clearance Products from Major Retailers
FairMarket(sm), Inc. (Nasdaq: FAIM), a leading provider of dynamic pricing solutions for companies online, announced today that the company has entered into a new agreement with Excite@Home (Nasdaq: ATHM), "the leader in broadband," to provide the technology for the Excite Outlet Center. The Excite Outlet Center, to be launched later this month in the Excite Shopping Channel, will enable Excite@Home to offer a specialized shopping area that includes discount and clearance goods from leading retailers in auction, falling price and fixed price formats.
The new agreement reflects FairMarket's strategic focus on providing dynamic pricing e-commerce infrastructure services and distribution to companies and portals doing business on the Web.
"FairMarket's technology creates opportunities for networked commerce that enable Excite users to find great deals from major merchants," said Kris Carpenter, vice president of consumer commerce for Excite@Home. "We are working with FairMarket to make the Excite Outlet Center the best online consumer offering for discounted merchandise."
Excite's Outlet Center will offer products from JCPenney, CompUSA, Dell and other retailers who use FairMarket's dynamic pricing technology to sell their merchandise online. FairMarket's automated dynamic pricing solutions are well suited for companies who wish to maximize their yield on discount and clearance goods. FairMarket acts as a "developer" of the online mall and receives a share of the sales transactions generated in the Outlet Center. According to Boston's AMR Research, in the United States alone, $60 billion of off-price retail items are sold each year and twice that worldwide. The industry group has predicted that in 2000, an estimated $600 million worth of discounted goods will be sold on the Net, and that by 2004, they expect that figure to grow to $22.5 billion.
"Our new agreement with Excite@Home represents an area of significant future growth potential for our business. We know that one of the major challenges facing retailers is how to move the billions of dollars worth of clearance and over-stocked products on hand at the end of their sales cycles. Our dynamic pricing solutions allow retailers and online communities to offer discount and clearance goods in a setting that can maximize gross margins and maintain brand identity," stated Eileen Rudden, president and CEO of FairMarket. "We are committed to the promise of network commerce, and the Outlet Center enables us to provide additional network distribution to our retail customers, while creating a new shopping area for bargain hunters on Excite."
About FairMarket
FairMarket, Inc. is a leading provider of dynamic pricing solutions for companies online. The company helps businesses generate online revenue by expanding e-commerce functionality and strengthening brand recognition. In the US, FairMarket's customers include some of the world's leading vendors and portals on the Web. Headquartered in Woburn, Mass., FairMarket has offices in the U.K. and Australia. The company can be reached at 800-531-7871 or on the Web at www.fairmarket.com.
FairMarket, FairMarket Network and the FairMarket logo are service marks of FairMarket, Inc. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
Excite@Home, @Home, Excite and the "@" stylized logo are trademarks of At Home Corporation and may be registered in certain jurisdictions.
This press release contains information about future expectations, plans and prospects of FairMarket, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including but not limited to market acceptance of FairMarket's online auction and other e-commerce services; growth of the market for dynamic e-commerce services; the competitive nature of the online markets in which FairMarket operates; FairMarket's ability to attract and retain qualified personnel; FairMarket's ability to retain existing customers and to obtain new customers; the operation and capacity of FairMarket's network system infrastructure; FairMarket's ability to expand into new geographic markets and the currency, regulatory and other risks associated with expansion into international markets; FairMarket's limited operating history; and the other risks and uncertainties discussed under the heading "Risk Factors" in FairMarket's prospectus filed with the Securities and Exchange Commission on March 14, 2000 in connection with FairMarket's initial public offering and the reports filed by FairMarket from time to time with the Securities and Exchange Commission. FairMarket assumes no obligation to update any of the information included in this press release.
CONTACT:
FairMarket, Inc. Sterling Hager, Inc.
Lisa Dabbon Kelly Cahill
Lisa.dabbon@fairmarket.com kelly@sterlinghager.com
781 376-5812 617 926-6665 ext. 312
KEYWORD: MASSACHUSETTS
BW2422 JAN 02,2001
16:13 PACIFIC
19:13 EASTERN |
