subject: Finally An Online Pay-Per-Bid Express Auction Site Where Customers Can Sell Their Own Items [print this page] Finally An Online Pay-Per-Bid Express Auction Site Where Customers Can Sell Their Own Items
Anewpay-per-bid online auctionwebsite that enables users to list their own itemshas opened in the United Kingdom. Bid1O1.com is unique in that it has democratised the pay-per-bid auction process by enablingusers to share in the bid proceeds generated by their individual auctions.
The company founder and CEO, Omo Okuonghae, said, "This is a first in the world of reverse and express auctions. Bid1O1aims to bemany things to many people, a source of affordable luxury items, a virtual marketplace with excellent customer support, a quality auction site,a fun way to get round the deficit blues AND a fast-growing social community of like-minded buyers and sellers looking for good deals."
Bid1O1uses the express/reveal auction format where the price of an item goes down with each bid. The format has been further developed by Bid1O1 to enable users to list their own items at close to market or cost price. This implies thateach time a bid is placed on that item,the bid proceeds generated are purely profit to be shared betweenthe seller and the host site.Thewebsite founder added that the Bid1O1 approach would be a great way for individuals, small businesses and larger businesses to get rid of any excess stock and make money at the same time.
Apart from user-generated auctions, Bid1O1 will be offering buyers a range of items, from the latest must-have electronic items like iPads, iPhones, 3D TVs to unique lifestyleexperiences, with some of the items at significantly discounted prices.
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