On MokiMarket.com it’s not uncommon to find auctions for free hugs, hookahs, and 1 billion Zimbabwe dollars – that’s because MokiMarket is a brand new marketplace-based penny auction that launched on October 14th.
The site lets bidders be sellers, and list their own items for free. The only fees are a 20% of bid pack purchases go to the site, with 80% and the final bid price going to the seller.
We recently interviewed MokiMarket’s owner to find out more about their penny auctions:
Penny Auction Watch: What got you interested in the entertainment shopping industry and starting MokiMarket to allow bidders to be sellers?
MokiMarket: We were interested in staring our own business and the penny auction market seemed like a great idea; however upon doing some research we realized that the market was saturated with traditional penny auction sites and we would need to carve out a niche market to survive.
We saw the need for a marketplace that allowed users to have more control over the items posted on penny auction sites. Therefore, we created a site that allows users to easily create penny auctions without the hassle of managing a site.
We envision this site to be a place where bidders can get great deals on quality products and sellers can make a quick buck on stuff they don’t use anymore.
Another cool thing about our site is it can be used as barter system; you don’t have to have money to utilize the site. You can sell your items you don’t want and earn credits to bid on stuff you do want!
Penny Auction Watch: Can you tell us more about the buyer/seller process?
MokiMarket: We have many features on our site that you won’t find anywhere else. Our whole system operates on credits (this is to reduce the transaction fees associated with small payment transfers), quite simply: 1 credit=$0.01.
Sellers can choose how much they want to charge per bid for their item, from as low as 1 credit ($0.01)/per bid to as high as 10000 credits ($10.00)/per bid. They can also choose how many hours they wish their auction to run for. We have a very simple “Create Auction” module in the user profile that allows any user to create penny auctions live in minutes if not seconds!
Buyers can purchased credits to bid on item on our site, credit packs starts as low as $1 for 100 credits and go up to $50 for 50000 credits. There are no reserves and free shipping on all auctions so buyers can focus more on winning!
Penny Auction Watch: What happens if a seller does not ship?
MokiMarket: Any buyer can enter a dispute on an item they won for non-shipment or misrepresentation of product; we will hold the sellers percentage of bidding commissions until we personally resolve these issues by contacting both parties. Sellers with consistently negative disputes/ feedback will be banned from the site.
Penny Auction Watch: How do sellers get compensated?
MokiMarket: The seller receives the final bid price plus 80% of bidding commissions paid out in credits. These credits can be used to bid on other item or the user can simply use our “Cash out” module in the user panel for payment through PayPal for their credits (providing they have a credit balance of at least 1000 credits or $10.00).
Penny Auction Watch: What are the fees to sell?
MokiMarket: Posting items is free; mokimarket is compensated by our percentage (Currently 20%) of bidding commissions. Right now we are giving 100% of commissions to the first 10 sellers on our site that receive positive feedback.
Penny Auction Watch: What is the required time frame for shipping? Do you have a feedback system?
MokiMarket: We have a feedback rating system; in which winning bidders are allowed to give feedback to sellers on our site. This feedback will be clearly visible on any other items that sellers posts. Sellers with consistently negative feedback will be banned from the site.
We hold the seller’s percentage of bidding commissions for 7 days after the sellers has submitted shipping details to buyer. If buyer receives the item early and leaves positive feedback, the seller can get their commission earlier. (Seller receive final auction payments directly from the buyer, commission payments are paid out by MokiMarket)
Penny Auction Watch: How much are your bids?
MokiMarket: The cost per bid is determined by the seller of each individual auction, could be as low as 1 credit ($0.01) per bid and as high as 1000 credits ($10.00) per bid. The cost per bid is clearly labeled on each auction.
Penny Auction Watch: What states/countries are you open to?
MokiMarket: U.S. and Canada.
Penny Auction Watch: What is your policy for bid refunds?
MokiMarket: We will issue refunds to bidders in the case of fraudulent sellers. If there is a major glitch in our system, we record the credit balance of every user every day and we will be able to appropriately compensate our users.
Penny Auction Watch: Are there any win limits, limits /household?
MokiMarket: Absolutely not!! We don’t discriminate against Winners. Free Shipping/No Reserves/No Winner discrimination!
Penny Auction Watch: Is there a story behind your name/theme?
MokiMarket: “Moki” is the name of our dog
Penny Auction Watch: Thanks MokiMarket, is there anything else you’d like to add about your penny auction?
MokiMarket: Rather than focus on big marketing campaigns or the high valued items, Mokimarket focuses on value products, personal customer service (I give out my personal phone number you can use to text me), and fast shipping on any products we post. Our strategy is growth by high customer satisfaction.
Have you bid on or sold an item on MokiMarket? We want to hear from you! Join our penny auction forum (it’s free).
Do you have an entertainment auction product and would like to be featured here, contact us!