For example the Americans think that everyone has a zip code [...] they were a little late in and then they launched in US dollars." Morgan took time off from the stress of running the booming Trade Me site in September 2001, and went to the United Kingdom to manage an IT team in London.

When he returned to his role at Trade Me the site had become profitable, with a membership of 100,000 and growing. In August 2003 Trade Me went live with Trade Me Motors.

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Morgan describes the initial designing and building of Trade Me thus: "Some time later we were in a backpackers in Sydney and got evicted because it was overbooked.

We went up to some backwater because it was the only accommodation we could find.

With little money and time available to work on the site, Morgan made the critical decision to sell almost half of his new company to his former Deloitte colleagues, bringing him around $75,000.

By August 1999 membership had risen to 3500, and Morgan could dedicate most of his time and funding to the site.

The site initially used web banners, but falling prices for advertising made web-banner revenue insufficient to cover expenses.

Trade Me then introduced fees for auction services: first for features such as bold titles; then in September 2000 it introduced "success fees".

Some of these features include "Buy Now", "Auto bidding" and the Safe Trader escrow service.

Members in New Zealand can become "Address Verified" by confirming their street address, and sellers may choose to block unverified members from bidding.

Anyway, there was nothing to do, so that night I started drawing a data model. Then when I came back to Wellington I literally sat on the couch and built the site on a laptop over a five- or six-week period." In its early stages Morgan humorously listed Trade Me for sale on e Bay with a

Trade Me then introduced fees for auction services: first for features such as bold titles; then in September 2000 it introduced "success fees".Some of these features include "Buy Now", "Auto bidding" and the Safe Trader escrow service.Members in New Zealand can become "Address Verified" by confirming their street address, and sellers may choose to block unverified members from bidding.Anyway, there was nothing to do, so that night I started drawing a data model. Then when I came back to Wellington I literally sat on the couch and built the site on a laptop over a five- or six-week period." In its early stages Morgan humorously listed Trade Me for sale on e Bay with a $1 million buy-now price.Though e Bay withdrew Morgan's auction, the prank sparked some interest among New Zealanders who realized the potential of online trading.Many buyers pay cash on pickup with larger items — probably partially due to the relative concentration of the New Zealand population in a relatively small number of urban areas.

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Trade Me then introduced fees for auction services: first for features such as bold titles; then in September 2000 it introduced "success fees".

Some of these features include "Buy Now", "Auto bidding" and the Safe Trader escrow service.

Members in New Zealand can become "Address Verified" by confirming their street address, and sellers may choose to block unverified members from bidding.

Anyway, there was nothing to do, so that night I started drawing a data model. Then when I came back to Wellington I literally sat on the couch and built the site on a laptop over a five- or six-week period." In its early stages Morgan humorously listed Trade Me for sale on e Bay with a $1 million buy-now price.

Though e Bay withdrew Morgan's auction, the prank sparked some interest among New Zealanders who realized the potential of online trading.

Many buyers pay cash on pickup with larger items — probably partially due to the relative concentration of the New Zealand population in a relatively small number of urban areas.

||

Trade Me then introduced fees for auction services: first for features such as bold titles; then in September 2000 it introduced "success fees".

Some of these features include "Buy Now", "Auto bidding" and the Safe Trader escrow service.

Members in New Zealand can become "Address Verified" by confirming their street address, and sellers may choose to block unverified members from bidding.

Anyway, there was nothing to do, so that night I started drawing a data model. Then when I came back to Wellington I literally sat on the couch and built the site on a laptop over a five- or six-week period." In its early stages Morgan humorously listed Trade Me for sale on e Bay with a $1 million buy-now price.

million buy-now price.

Though e Bay withdrew Morgan's auction, the prank sparked some interest among New Zealanders who realized the potential of online trading.

Many buyers pay cash on pickup with larger items — probably partially due to the relative concentration of the New Zealand population in a relatively small number of urban areas.