ToVieFor Started Out as a Pay-to-Bid Dutch Penny Auction
Last November we told you about the entertainment-fashion reverse penny auction startup ToVieFor.com. ToVieFor launched at TechCrunch Disrupt, won $75,000 at NYU’s Stern School business plan competition, and raised $237,000 only to never see any of it after demo day. On September 6th they shut down.
When ToVieFor first launched they offered designer handbags and accessories on the pay-to-bid Dutch (reverse) auction platform.
Members initially paid for chances to reveal and reverse prices on popular designer handbag and jewelry items.
A few months back I noticed that ToVieFor changed their model a bit to remove the pay-to-bid requirement and offer a a bid the price you want to pay, and see if you’re the high bidder auction.
Co-founder Melanie Moore said on LinkedIn, “On the surface, we shut down because we ran out of money – However, the root cause of this was a flawed business model. We were attempting to compete solely on price in a world where brands not only do not compete on price, they have essentially formed an oligopoly and set prices (vs take prices). As a result, it was incredibly difficult to convince brands to allow us to change up their pricing structure. And in retail, having those brand partnerships is critical to survival.”
I was really quite surprised that TechCrunch Disrupt chose a pay-to-bid auction start up to present. Melanie did, however, put on a very professional presentation.
OohiLove, which became the largest pay per bid fashion auction, shut down shortly after Swoopo’s parent company acquired it. Luxury fashion oriented penny auctions: FashionBay, TrendyPenny, Dime-Divas, MyChampagneTaste and LuxeWin have all shut down.
SneakPeeq on the other hand, much like a reveal price/ Dutch auction seems to be wildly successful, no fees are charged to participate though in the beginning, as CircusPop, they did charge.
Is pay-to-play e-commerce really long-term sustainable?
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