by Arda Kutsal on December 8, 2009
New generation auction service BigiBid.com, which aims to let its users have the products on sale with the lowest prices with a different business model, has entered into the sector a short while ago. The auctions start with “0” Turkish lira and the price goes up when the users bid on the product. In the meantime countdown goes on and for each bid, the time is added a “30” seconds. At the end of the auction, or when the time is out, the product goes to the user who has given the last bid at that price.
Swoopo is another service with the same model which is very popular worldwide. We can give BenKazanicam.com as an example to this service from Turkey and it caught our attention a while ago. In fact, when you search “Swoopo Clone Script” on Google, you can have an idea of how popular this model is.
Here we are talking about a smart business model which brings up some questions concerning security. The model is very easy to set up with ready scripts and in the case that it is not transparent; it makes it impossible for the initiative owner to lose. Therefore, BigiBid.com caught our attention with its corporation structure and its CEO Tanju Erkoç and we decided to share it with Webrazzi readers.
Some of you will recall Tanju Erkoç as he had some senior positions in leading companies of the industry, such as CEO of eKolay and General Manager of Ultra Cable TV and Telecommunications.
So I can give more information on BigiBid.com’s business model now. Even if the bidding users do not win the auction, they can use accumulated bidding prices in their account within 24 hours in “Buy Now” kind of the sales process as discount. However, I do not know if this is a very important option, since perhaps the most sensitive issue is element of trust in this model, and after a while users would give reaction to this option.
On the other hand, this model can be very easily manipulated with “never lose” option on Swoopo ready scripts that you can find on the market. In short, BigiBid management, which say they will be extremely sensitive about “transparency” and “trust” issues, will show how much long-term the company will be in the market with its attitude on this issue.
BigiBid can create significant value to users as its business model is applied correctly, and taking into consideration its management team, I hope that they will stand behind their principles based on trust.
Finally, if you have ever used, or reviewed BigiBid or tried similar initiatives, we will be happy if they share comments and experiences.