A few weeks ago we interviewed Jacky Lai, the founder of Atlanta based Wavee.com. We wanted to let you know that Wavee has successfully completed weeks of beta testing  and just yesterday launched nationwide.
About Wavee:
“Wavee creates a rewarding shopping and auction experience. The site introduces the concept of “Shoptions†(shopping options), which allows consumers to bid on must-have items at steep discounts off retail via an exciting auction with the option to apply the full value of bid credits towards the purchase of the product. Wavee addresses gaps in existing auction sites by awarding bidders with bonus credits through a proprietary bonus program (reducing the implied bid-to-buy price), tools and analytics that give bidders additional insight, a rewards program and more ways to win.”
Wavee has a very unique and user friendly interface, complete with a few features that are not commonly seen on other penny auction sites.
Below the current auctions Wavee displays “best deals” of previous days. On November 15th a PlayStation 3 received only 17 bids when it ended and just yesterday a $100 Amazon gift card received 7 bids total. Other features of Wavee include a bonus & rewards program and an analytics system:
- “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.)
- 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.”
Products on Wavee include many popular consumer items that are not only limited to must-have electronics. Â Wavee may also appeal to the fashion conscious consumer with their top quality product offerings including Louis Vuitton & Burberry accessories and designer fragrances.
“As consumers spend more time shopping online and seek new entertainment options, we founded Wavee.com to transform the online shopping experience into one that can be thrilling and competitive,†said Lai. “We are proud to launch with features that no other existing online auction site offers, and believe we are raising the bar for the industry and what shoppers can expect. Our philosophy is that no auction on Wavee is limited to just one winner.
The starting price for every product is always $0.00 (USD) and there is no minimum selling price. Each bid placed increases the product price by the preset auction increment, and the timer is increased to a maximum of 20 seconds. The highest bidder when the timer reaches zero wins the auction, typically at deeply discounted prices. In addition, Wavee’s ‘shoptions’ (shopping options) concept allows bidders who do not win an item at an auction’s close or at any point during the auction to purchase it at retail value, less the dollar amount of their submitted bids.”-Wavee.com
Have you tried Wavee? Discuss your experiences with Wavee and other entertainment shopping auctions in our forum.
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