Quibids.com Debuts With Micro-Bidding Strategy

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The Quibids site uses a bidding strategy that bears some similarities to eBay in its infancy. Discover how some savvy shoppers are winning included iPads, cameras, jewelry and gaming consoles at far less than retail cost...

Quibids strategy bears similarities to eBay in it's infancy...

Quibids strategy bears similarities to eBay in it's infancy...

The eBay model worked well for many years in the beginning of the site's life, but began to fall apart when the plethora of different eBay vendors, some of whom were dishonest or unreliable, joined the site, according to the Quibids.com team...

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The Quibids.com site has debuted and is one of many penny auctions sites on the web today.

The Quibids site uses a bid based strategy that bears some similarities to eBay in its infancy. However, Quibids has expanded upon the bid based model to offer consumers a wide selection of items at lower prices, from a single vendor. Items are won in "micro-bid" auctions, which increase pennies at a time. The eBay model worked well for many years in the beginning of the site's life, but began to fall apart when the plethora of different eBay vendors, some of whom were dishonest or unreliable, joined the site, according to the Quibids.com team. Because all of the Quibids.com items new, factory sealed items and are coming from one central vendor, bidders will not have to constantly check feedback and communicate with individual sellers. Additionally, shipping costs are completely transparent and are clearly stated on each item, according to the Quibids.com team.

Quibids uses a bidding system that works in extremely small increments: The micro bids will increase one cent, two cents, five cents, ten cents, or twenty cents at a time depending upon the type of item in the auction. Smaller items will typically be in one and two cent auctions while larger electronics and very valuable items will be in the higher denomination auctions. Because the bids are raised only at small increments, items frequently are purchased for less than half of their retail value. Some Quibids.com customers have purchased items for as little as ten percent of their retail cost: Many items are sold for 95 percent discounts, according to the Quibids.com website. According the advice on the Quibids.com website, bidders who stand the best chance to win auctions are generally those who are willing to invest about one-third of the total retail cost of the item or more into the item purchase. However, some items will be sold for far less.

Recent Quibids.com purchases as of press time included iPads, gift cards to Chili's, Applebees, and Outback Steakhouse, Canon cameras, Nikon cameras, diamond rings, Walmart gift cards, and PlayStation 3 console gaming systems. The retail cost of each item is listed on the item's information page, and the bids begin at $0.00. The first bid may be placed as soon as the timer appears and begins counting down. The timer will continue to count down until it reaches zero. If a new bid is entered as the auction comes to a close, the timer will add seconds and begin a new countdown. This process will continue until there are no bids. At that time the last bidder is declared the auction winner.

Quibids.com users purchase the ability to bid on items via "bid packages." Each bid costs users .60 cents as of press time. Some items will be won with only one bid, while others will incite a bidding war that may continue for dozens of bids. The smaller and less valuable non electronic items are generally easier to win with low bids, while highly sought after items such as the iPad or iPhone may bring on protracted bidding wars.

New users may purchase a bidding package, such as the $24 package. This package will entitle the user to place 40 bids based upon the current per bid price of .60 cents. These bids may be used on any auction desired, but Quibids.com does encourage new users to enter into the specially designated "Beginner" auctions on the site. Users may also bid on "Bid Package Auctions," which contain a certain number of bids in an auction starting at $0.00. In these auctions, the user may be able to purchase a number of Quibids bids for far less than their .60 cent retail cost per bid.

The Quibids.com site has ensured that users do not pay more than retail cost for an item by placing a retail cost cap on auctions. Although rare, some auctions will begin to approach the actual retail cost of the item and the site has placed safety checks in place to ensure that users do not pay above the actual cost of the item.

The shipping costs for each Quibids item are published on the item information page, and the item winner is responsible for paying all shipping costs. Typical shipping costs at time of publication were $10 or less, and vary widely depending upon the size and type of item.

At this time, Quibids.com is fully operational and hosts bidding 24 hours a day, seven days a week.

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Christian Cole
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