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Morgan commented on e Bay's attempt to penetrate the New Zealand market in an interview: "...
Australian sellers must have a New Zealand bank-account, while sellers from other countries are not allowed on the site without special approval, which reduces the potential for fraud.This action proved the turning point for Trade Me, saving the site from potential financial disaster.Much of the success to come was based around the 'Trade Me Manifesto', a series of ten values for keeping the site fast and the company technology focused.e Bay tried to enter the New Zealand market in 2001, but had little success.Trade Me has remained the major Internet-auction site in New Zealand, with both international and smaller national competitors gaining relatively little market penetration.On 6 March 2006 the Australian media company Fairfax acquired Trade Me in a deal worth NZ0 million, with an additional NZ million payable if the organisation met earnings-targets over the next two years.
(Those targets were met.) Sam Morgan and other executives remained with Trade Me.
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 ,000.
By August 1999 membership had risen to 3500, and Morgan could dedicate most of his time and funding to the site.
The early strategy for Trade Me involved simply increasing its user-base and encouraging members to refer their friends to the site.
Trade Me launched the Safe Trader escrow service about this time.
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.