Executives at eBay have a new headache today, thanks to new competition called Wigix, or the “Want it, Got it Exchange.” The new service, just launched into public beta, aims to simplify the process of listing and searching for online auction items. Sellers will be able to quickly place new items by relying on a database of descriptions, photos, and prices, rather than having to do their own legwork. Buyers will have access to “smart” searches as well as detailed specifications, reviews, and pricing information on a single page.

Bloggers clearly welcome the competition to eBay, hoping that Wigix will prove to be more user friendly. The service is also being lauded for its relatively low user fees. As Mark Hendrickson notes, Wigix’s biggest challenge lies in convincing a public already sold on eBay to give something else a look.