We just interviewed the owner of the soon to open penny auction Biddango.com.
Penny Auction Watch: What got you interested in the entertainment shopping industry?
Biddango: I’ve been an entrepreneur for more than 20 years and am always looking for interesting business opportunities. When I discovered Swoopo I was blown away by the concept. It was nice to see something different out there. I view this opportunity as similar to another, yet different, industry that exploded back in the early 90’s (the 900# industry, some of you are too young to remember that one). There is a tremendous potential to make money, yet there will also be a number of swindlers out there that could give the industry a bad name. Sites that are honest and well run will do well, while the scam sites will hopefully be exposed and run out of town. I was very successful back then when I partnered with USA Today, and I hope to be even more successful now with Biddango.
Penny Auction Watch: When do you plan to open?
Biddango: Our grand opening will be Monday October 19th. We will be running auction tests all this week so if anyone is interested let me know.
Penny Auction Watch: What kind of items do you have lined up?
Biddango: We are planning to auction off at least one of the really hot tech items every night such as iPhones, digital cameras, Apple computers, video game consoles like the Wii and xBox 360 along with an assortment of gift cards. We will also be offering theme park tickets to Walt Disney World, Universal Studios and Sea World.
Penny Auction Watch: Will all of your auctions have reserves?
Biddango: We don’t have a defined cut off, but typically the items above $50 will have a small reserve of approximately 1.5% of the item price. If an auction ends and the reserve has not been met, then all the bids will be refunded for that auction. It happens automatically so you have access to your bids right away and can try again in another auction. We do understand the concern that some users will have of, “why should I bid before the reserve”. The answer is simple. Once the reserve is hit, the auction becomes closed to new bidders. So, only those people who bid before the reserve was met, will be allowed to bid after the reserve is met. This prevents users from coming in at the last second, after you have spent so many bids already and trying to take the auction.
Penny Auction Watch: What are the timer increments between bids/does this vary by auction?
Biddango: The timer is set to add 15 seconds with every bid. We will be implementing a feature that will limit the time increase to 2 minutes when there are multiple auto bidders bidding at the same time. We recognize the frustration of having an auction go from 5 seconds to 2 hours in the blink of an eye, so we hope to keep things more exciting with this limit.
Penny Auction Watch: What are your bid prices?
Biddango: Our bid price is 75 cents per bid. More than swoopo and less than some others. We will be paying out 10% of that to our affiliates so the effective rate for us will be less. We want to incentivize all of our users to get their friends to sign up. If you know someone who is a big hitter in penny auctions, make sure you give them your affiliate url.
Penny Auction Watch: What are your shipping costs?
Biddango: For items that we ship from Amazon, the shipping will be free. We discovered that some gift cards have an activation fee and we will probably add that in as a handling fee. Basically if we can get free shipping then we won’t charge a fee, but if there are shipping fees then we will pass those along at cost.
Penny Auction Watch: Are there win limits, limits /household?
Biddango: I’ve been reading some of the discussion with win limits. At the beginning we won’t have any limits, but if we’re lucky enough to attract any power bidders, then we will place some limits. We need to get a feel first of how things go, then we can make adjustments according to the type of bidders we have. We do have beginner auctions, where only non winners can bid. Those will be for the lower priced items. What do PAW members think about a 3 win limit per week?
Penny Auction Watch: Is there a story behind the name/theme?
Biddango: Biddango! Catchy, huh?!Â There is a story behind the name. As an entrepreneur I always love to support other entrepreneurs. There is a site called PickyDomains.com where you pay a small fee, then they have a ton of people send you suggestions for domain names. I did that, and after 2 days and seeing over 500 names, I finally saw Biddango. It had a great ring to it so we chose it.
Thanks for introducingÂ Biddango to Penny Auction Watch. Do you have anything else you’d like to add?
(Disclosure: Links to Biddango are affiliate links, if you heard aboutÂ Biddango on Penny Auction Watch and if you wish to register as a courtesy, please sign-up under our links. Thank you!)
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