Penny auction Wavee.com just opened. A few weeks ago Wavee allowed us to beta test their auctions and donated a netbook to the Boys & Girls Club on our behalf.
Read our interview with Jacky from Wavee:
Penny Auction Watch: What got you interested in the entertainment shopping industry?
Wavee: Wavee wanted to create a new shopping paradigm where items weren’t just at fixed prices and there was an element of fun and competition.We sought to offer a unique shopping experience, where you never walk away empty handed: you can win the item at a huge discount, apply your bids towards purchasing the item at a competitive price, purchase the item at retail price without bidding, and/or earn bonus points and prizes just for playing.
Penny Auction Watch: What kind of items do you have lined up?
Wavee: Must-have electronics, including Kindles, plasma/LCD televisions, cameras, game consoles, and more. We will have an excellent product selection at very competitive prices (even bid to buy)
Penny Auction Watch: What are the timer increments between bids/does this vary by auction?
Wavee: The auction timer is always increased by / reset to 20 seconds (maximum). The auction price will increase by preset auction increments.
Penny Auction Watch: How much are your bids?
Wavee: $0.60 cents; however, our implied bid cost will be lower due to our Bonus Credit program.Bidders have the opportunity to win bid credits with each bid placed, which can be used immediately, banked for future auctions, or applied toward bid-to-buy items. (If they don’t win an auction, they can apply the dollar value of their purchased bids toward the item’s retail value.)ÂIn other words, many users will have a bid cost that is lower after winning bonus credits on a regular basis.
Penny Auction Watch: What are your shipping costs?
Wavee: Our shipping costs vary by product, but they will be competitive UPS Ground or USPS shipping.
Penny Auction Watch: Are there win limits, limits /household?
Wavee: There is a 4 auction limit per month (per user). We want to enable many users to score great deals at Wavee!
Penny Auction Watch: Is there a story behind the name/theme?
Wavee: In traditional live auctions, the auction paddle is waved in the air to represent a bid.Wavee is bringing the thrill of the live auction atmosphere to the Web, while dialing up fun, interactive features.
Penny Auction Watch: Thanks Wavee, is there Â anything else you’d like to add?
Wavee: Wavee offers the latest in brand name consumer electronics at bargain basement prices and features not found on other online auction sites, including:
Bonus program bidders have the opportunity to win bid credits with each bid placed, which can be used immediately, banked for future auctions, or applied toward bid-to-buy items. (If they don’t win an auction, they can apply the dollar value of their purchased bids toward the item’s retail value.)
Bid to Buy
At Wavee, we give you an opportunity to apply the value of your bids towards purchasing the product after an auction has ended. In effect, your credits never go to waste, as you can use them to buy the same item you were bidding on.
Below is an example of how Bid to Buy works:
- Product’s Retail Price: $250
- Number of Credits Placed 100
- Value of Credits 100 x $0.60 = $60
- Bid to Buy Price for Bidder $250 – $60 = $190 plus delivery
Rewards program bidders earn Wavee points each time they place a bid. Points are redeemable in the site’s online store, which offers bid credits and Wavee branded merchandise.
Analytics Wavee’s bidding process is focused on transparency. Bidders can access an industry-leading, real-time snapshot of the number of people participating in an auction and their historic win rates, as well as analytics of past auctions, to help strategize.
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