UPDATE 10/1: User to have 11k in won items cancelled because she discussed For10Cents on our forum.
UPDATE 9/29/10: Users are reporting slow ship times & lack of response from For10Cents when asked about their items, see discussion in the forum for more information.
Back in November of last year we posted about how we found that For10Cents had posted a shilled review to our forum, we’ve since spoken with For10Cents‘ co-founder Thomas Zambrzycki and he told us that the marketing person responsible for the fake review, which caused us to remove their advertising last year, was fired shortly afterwards.
For10Cents has just recently received accreditation from the Better Business Bureau and holds an A- rating. We’ve extended the invite for an interview with For10Cent’s management to learn more about this penny auction site.
Penny Auction Watch: What got you interested in the entertainment shopping industry?
Entertainment Shopping originated in Germany in 2005 [Swoopo]. We came across this concept in 2006 while on a trip to Europe. After learning more about it, we became thrilled by with its potential and together with our business partners decided to start our own company. Since we already co-owned a company that developed software for the banking industry, it was almost a natural expansion for us to start this new endeavor. In 2008, our first entertainment shopping company opened its “Internet” doors for business for business in one of the European countries and quickly achieved a leadership position. At the beginning of 2010 the company received substantial venture capital funding that allowed for further growth. Subsequently, We decided to open a sister second company in the US. We felt that this type of shopping experience would bring a new level of excitement to the US e-commerce market in the U.S.
In July of 2009, For10cents.com began operating and quickly gained a prominent market position, regularly placing (we usually place between the 6th and 10th on pennyauctiontraffic.com).
Penny Auction Watch: How long has For10Cents been open?
We’ve been open for a year in the United States and have the advantage of running a successful Entertainment Shopping site in Europe for 2 1/2 years. This experience gave us insights into what bidders value most, getting great deals on great products while having fun.
Penny Auction Watch: What kind of items do you offer/have lined up? Do your auctions run on a schedule?
We concentrate on auctioning highly desirable products – mostly electronics. For10cent.com’s slogan is “Play Before You Buy.” Simply put, if you plan to buy a good top quality laptop, camera, TV, etc. Recently, we are also introducing very super attractive vacation packages (e.g. Caribbean cruises, Las Vegas vacations) which are becoming very popular gaining in
popularity with our Bidders.
Penny Auction Watch: What are the timer increments between bids/does this vary by auction?
We offer 4 increments – 30, 15, 10 and 6 seconds. Depending on the price of the product we start with longer increments and as the auction progresses we make them shorter which adds to the auction’s thrill and excitement.
Penny Auction Watch: How much are your bids?
Unlike a vast majority of penny auction sites, we offer the lowest priced bids in the industry.
Depending on the volume purchased, Bidders can buy bids for 10 to 15 cents each. Average bid prices on most penny auction sites are s is between 60 to 75 cents. This inexpensive bids are great but have pricing has one downside – sometimes auctions take more time than some bidders are used to. To address this we introduced Fast Auctions with a very successful feature – bid multiplication. Auction buttons marked with 3x, 6x etc., are allowing bidders to expedite bid placement, shorten the auction and race to the finish according to the number on bid button and consequently shorten auction time.
Penny Auction Watch: What states/countries are you open to and where are you located?
We are open to the entire US market at this point. We are located in Park Ridge, IL.
Penny Auction Watch: What is your policy for bid refunds?
As you know throughout the industry generally bids are non refundable, but we always try to be as fair as possible to all of our bidders. If the situation warrants a bid refund, we will issue it. Nine times out of ten when a situation arises we side with the bidder. In some cases, we’ve thrown in free Bid Packs! We know that the best way to be successful in business is to take a good care of your customers.
For10cents strives hard to make our customers happy and we are very proud of our accreditation with Better Business Bureau and A- rating.
Penny Auction Watch: Are there any win limits, limits/household?
Yes, we allow 4 Auction and 4 Bid Packs wins in 10 days. This policy allows more people to win and we’re constantly analyzing our policy to accommodate our growing numbers of users. Our goal is to have more and more unique winners on our site and consequently wider appeal.
Penny Auction Watch: Is there a story behind the For10Cents name/theme?
There are two key aspects that differentiate For10cents from other auction sites. First, we are known for auctioning mostly high quality, expensive and, often novelty products. But our second advantage is having the lowest priced bids in the industry – as low as 10 cents per bid. Therefore, it seemed so natural to have the name For10cents. So we continuously strive to definitely bring the most affordable, highest value Entertainment Shopping experience to our bidders.
Penny Auction Watch: Is there anything else you would like to tell our readers?
For10cents has evolved in so many ways since last year and so has the American public. It’s been especially interesting to see this shift first hand and often reminds us of our early days in Europe. It’s the cycle everyone goes through when something new becomes familiar.
We want to thank PAW for granting us this interview and we look forward to helping lead the development of Entertainment Shopping.
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