Monday, 28 March 2011

What is QuiBids? Are you aware that Quibids upping The Monthly Win Limit

If you haven’t heard of QuiBids it is a pretty cool place to check out. Basically you sign up, buy bids and if you were the last one to bid then you get the product that you bid on. It’s pretty simple but the prices that things are going for on there is insane. I have a feel I will be visiting QuiBids more now that I know about it.
QuiBids just sent out a press release stating that the site is going to be upping the monthly win limit. Before you were only allowed to win 8 times but now you are going to be able to win 12 times a month. Jeff Geurts which is QuiBids’ CFO says “We believe our customers will see more value to the site by raising the monthly win limits.” He added “We’ve had a lot of customer feedback to raise the limits, so we’re giving our customers exactly what they want.”
There are about 15,000 plus auctions each day and this is the largest auction site of its kind. The limits are set in place to make sure that a few people do not take all of the goodies each month. The daily limit is 3 wins per user. QuiBids loves to make things fun for its users.

QuiBids Provides Consumers with More Opportunity to Win.

QuiBids is giving consumers the opportunity to win more auctions on its site by raising its monthly win limit from 8 to 12. This allows users of the site the ability to win more products at great deals.

Over the past year, QuiBids has continued to add more features to its site in an effort to add more entertainment to create a better overall experience for the user. “We believe our customers will see more value to the site by raising the monthly win limits,” said QuiBids’ CFO, Jeff Geurts. “We’ve had a lot of customer feedback to raise the limits, so we’re giving our customers exactly what they want.” Many of QuiBids’ customers hit their daily and monthly win limits early on during the first week or two of the month, which then disable them from participating on the site until their 30-day period is up. This win limit increase will give customers more opportunities to win additional products over a month’s time, yet still keep the site fair and exciting.
QuiBids currently has around 15,000 plus auctions a day and is the largest auction site of its kind. Daily and monthly win limits are set in place to “spread the auction love” and to give every user a fair chance at winning. The daily win limit of three is still in place.
“We listen to our customers, so when they suggest a way to improve our site, we take it seriously,” said Jill Farrand, QuiBids’ Director of Public Relations. “We review our policies and procedures on a regular basis and improve upon those procedures when we see fit. The increase in the monthly win limits was an item we felt our customers would appreciate and will provide them with additional ways to win.”
QuiBids is the nation’s largest entertainment retail auction site of its kind. Its mission is to redefine shopping by providing the best deals possible for its customers with a unique, fun and exciting online experience.

An iPad for $3.20? A designer handbag for $41.80? It is possible, due to a new and growing segment of online auctions. Yet it's not as likely -- or as cheap -- as sites would like you to think.
They're called "penny auction" sites, because bidding typically starts at zero and goes up by a penny, and in the last two years, they've moved from the novelty fringe firmly into mainstream. Unheard of in 2009, there are now more than 120 such sites, according to Technology Briefing Centers, a consulting firm that tracks the sites. Like with other online auctions, the sites offer the possibility to buy, or win, gadgets, designer accessories or gift cards for a fraction of the retail price, and plenty are finding that alluring: Fifteen-month-old site, for example, boasts 1.1 million members in 22 countries and estimates that it gains 1,200 new users daily.

Complaints about the industry, however, are growing nearly as fast. The Better Business Bureau is still tallying 2010 figures, but a spokeswoman says that just four local branches reported more than 1,500 complaints about penny auction sites – more than the total number of complaints logged nationally about internet auctions the year before. And the sites' biggest critics say they're no better than playing the lottery or the slots – without the regulatory oversight. "It looks and smells like gambling to me," says Joseph Lewczak, an attorney at Davis & Gilbert LLP, which specializes in sweepstakes and lottery law.

For their part, the sites say the auctions aren't gambling at all. Rather, they're a new twist on retail sales. BidHere CEO Rick Day notes that on his site, auction participants have the option to buy the prize, whether they win or lose the auction. And some sites refund part or all of the fees participants pay as credits toward future auctions.

The potential for problems lie in the very structure of the penny auctions. For each one- or two-cent bid, participants must pay a fee, typically 50 cents to $1, depending on the site. In comparison, eBay ( EBAY: 30.34*, -1.36, -4.29% ) users bid for free although each bid typically $1 or more to the previous bid. Another difference with penny auctions: Each new bid extends the auction time by 15 seconds, similar to a real-life, going-going-gone scenario. So while an eBay auction with two minutes left will end in exactly 120 seconds, a penny auction with 15 seconds left could go on for several hours. A penny auction winner doesn't collect the object with his winning bid, either: He wins the chance to pay the final price for the prize on offer. Some sites will let the losers use their fees as a credit toward buying the item, but not always.

It's a structure that can be incredibly lucrative for the sites, while still enabling them to offer goods at prices that seem low. On, a Canon digital SLR camera recently sold for $194.16 – at least $1,000 less than retail prices elsewhere on the internet. But that final price represents 19,416 bids. At 60 cents per, that's as much as $11,650 in fee income for the company. "It's simple arithmetic: if sites weren't getting more for an item than it's worth, there wouldn't be so many of them out there," says mathematician Glen Whitney, the executive director of the Museum of Mathematics in New York.

The winner doesn't come out quite as far ahead. In this case, he shelled out almost $825 on bids, plus the additional $194.16 for the camera – $1,019 in total for the camera, or about an $80 discount off the price of the same model offered elsewhere on the web. Auction losers who applied their bids toward buying the camera from QuiBids paid that site's price of $1,417.50. It's not uncommon for prices on penny auction sites to be higher than on other sites: BidHere values a 32GB iPad with 3G and WiFi at $729; Apple ( AAPL: 350.44*, -1.10, -0.31% ) stores sell it for $100 less. Pricing is based on what the site pays its suppliers, says BidHere's Day.

For their part, sites say users have ample opportunity to avoid bidding fees, including sign-up bonuses and special auctions that refund a portion of fees. "We want everyone on our site to absolutely know what they're doing," says Joel Fan, chief executive of "There are signs all over the site telling you how many chips you're used, and how many you have left."
Paradoxically, the frustration of shelling out so much with nothing to show for it spurs users to try their hand at still more auctions, hoping to ease their losses with a big discount on something else, says Jack Vonder Heide, the president of Technology Briefing Centers. This, along with the fact that the sites sell chances to buy an object – rather than the object itself – contributes to the allegations of illegal gambling.
A class-action lawsuit filed in November against alleges its pay-for-play format essentially constitutes an illegal lottery, and that the site engages in deceptive marketing by selling bids without disclosing the likelihood of winning. QuiBids says it's not gambling because every participant can apply fees spent toward the purchase of the item at the site's full retail price. "No customer has to walk away empty handed," says a spokeswoman. The suit is pending.
Of course, people do occasionally win at very low prices, which can be a boon. With the cost of bidding, that $3.20 iPad sold for less than $25 – a bargain under any circumstances. Spokespeople for penny auction sites say general auction strategies work in these situations too, in particular, knowing the value of the item and how much you're willing to spend. It's possible to review recently-ended auctions to see what similar items have sold for, and also the names of past winners. Seeing the same names next to lower winning bids may indicate a small set of users, which is a good thing; next to relatively higher winning bids, the same names over and over could signal a big subset of highly-skilled veteran bidders.'s Day says his site, like others, has a subset of "super users" who have the bidding down to a science, and love to compete. Site newbies don't stand a chance. "Don't go for the MacBook Pro right away," he says. "You're not going to win it."

No comments:

Post a Comment