Bids ‘N’ Bobs: Auctions Where Prices Go Down?

Wed, Jun 10, 2009
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bids n bobs auction website
A new digital startup called “Bids n Bobs” has just launched in the UK, it’s an online auction site with a really cool concept to make it stand out, where each bid you make actually brings the price down! Yes, I can already hear everyone crying foul… So it works on a few different levels, firstly, you have to BUY bids, and every time you place a bid the price goes down, so I guess your essentially offsetting the price drop with your bid purchase.

Secondly, (and one of the really smart things they are doing) is adding additional time for every bid made, which actually helps attract more bids, which means a lower price for the eventual winner! The only real catch I can see is that you buy Bids at 25p per bid, but a product only drops by 1p per bid – that’s 25 to 1 in favour of Bids N Bobs. But if you plan it smart, and get in at the right time (if there is one) and you’ll get a ridiculously low price!

Ok, so here an equation to test them out, they are offering a 63″ Plasma for $50 starting price (rrp $3k). Lets say there is a whopping 4000ish votes, and the bid comes down to about $7-$8 for the eventual winner. Bids n Bobs get about $1000 (pounds) of subsidy from the bid purchases and both parties walk away pretty dam happy happy! Meanwhile, the loosers have forked out who knows how much?! But who cares right? You won!

However, step to the right on the home page, and there is a Playstation 3 starting at $25 (rrp $300) run the same equation down to about a $7 winning price, and Bids N Bobs is actually making a $200 profit on top of the RRP price! Interesting, but the winner still gets that dirt cheap price!

Pretty cool concept, probably more different than cool, but enterprising none the less. I’ve seen a few others doing this around the place, although its more competition based and you pay with SMS instead of cash! Check them out here to see if you get lucky!

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