Jump to content

Background Image

Wanna Sell On A Penny Auction Site?

Started by Lioness77 , Nov 17 2010 09:15 PM
auction bid cell phones penny sell

  • Please log in to reply
33 replies to this topic

Poll: Going to Try Moloyo.com? (6 member(s) have cast votes)

Going to Try Moloyo.com?

  1. Yes (2 votes [33.33%] - View)

    Percentage of vote: 33.33%

  2. Maybe (0 votes [0.00%])

    Percentage of vote: 0.00%

  3. No (4 votes [66.67%] - View)

    Percentage of vote: 66.67%

Vote Guests cannot vote

#21

FallingReign
  • FallingReign
  • Member
  • Members
  • PipPipPip
  • 185 posts

Also id like to suggest to add an option that the auction ends when the reserve is met. With no timer.
Penny Auction Project Group!
Don't forget to Rep or Like if you find these posts helpful!

#22

caveninit
  • caveninit
  • Senior Member
  • Members
  • 2,554 posts

Also id like to suggest to add an option that the auction ends when the reserve is met. With no timer.

That's the way it should be...I know they don't do that on Ebay, but Ebay is free to bid. Since we have to pay to bid on these auctions,they should definitely end when the reserve is hit.

#23

Rob
  • Rob
  • Member
  • Members
  • PipPipPip
  • 63 posts

As promised I tested the site as a seller. (I'll test as a bidder soon)
I'm doing something a little different where all my reserves will be randomly calculated.
My first $20 gift card went for only $0.70 so I lost money there. I just put up a new auction hopefully this may bring me more luck.
I think the site has potential if other adopt the same method. Most of the sells seem to set their reserve so they always make a profit. I don't agree with that.
The reserve on my first item was only $0.20

I wont post a link to my page but you can find me if you search for FallingReign.

I think it will take some fine tuning to get it all smoothed out but its a place to start.
Here are some things I noticed.

  • It does not function well in the chrome browser, I had no luck uploading images.
  • When sending messages or adding auction descriptions it does not save the formatting instead just displays plain text.
  • Sellers need to be limited with how many items they can put up. It seems to me that there are way too many auctions, its almost spam.
  • I'd integrate some sort of credit/cash system so you could build up a cashflow on the site instead of it all being handled by paypal. If sellers keep accepting micro transactions we will end up banned.



Wow, it's quite awesome (!!!) for you to test out the site and relay your opinions to everyone. I appreciate a good honest opinion.

As for Moloyo needing some fine tuning, I couldn't agree more. Without boring everyone, I just want to explain a little about us so we're all on the same page.

Moloyo has been built from absolute scratch, there's not an ounce of a pref-fab script in there, which is pretty cool. I'm an M.D., and I was able to convince my wife (we're both in our late 20s, she's an M.D. also and currently in residency) to let me build this website rather than go into residency—I have zero training as far as building, designing, or programming a website, I've taught myself a lot in the past year. I sincerely apologize for being so slow to fix the bugs, and I appreciate everyone's patience and support.


  • With that said, can everyone tell me what Chrome version is causing the the error, and if you've had issues in any other browser, could you tell me which one and what version?
  • The micropayments and the potential issues, I have been thinking about those too. Do you have any suggestions by chance FallingReign, or maybe a direction you can steer me towards?
  • What does everyone think a good item limit for a seller should be? Don't worry, I won't hold you to it :), it's an interesting idea I'm curious to hear more about.
  • With the auction ending when the reserve is met, is that somewhat how speedyfinger works? Please excuse my ignorance, I haven't taken the time to learn that site yet but I've heard great things.

Bottom line, this isn't my site, it belongs to all our users. All feedback or criticism is good feedback and criticism. I think it's my job to help the users build and mold Moloyo to make it better.

Again, thanks for the input.

#24

FallingReign
  • FallingReign
  • Member
  • Members
  • PipPipPip
  • 185 posts

With that said, can everyone tell me what Chrome version is causing the the error, and if you've had issues in any other browser, could you tell me which one and what version?

I'm using Chrome 9.0.587.0 Dev version. I also had the issue prior to the update.

The micropayments and the potential issues, I have been thinking about those too. Do you have any suggestions by chance FallingReign, or maybe a direction you can steer me towards?

Basically have a "bank account" type system.
Both seller and buyer should be able to deposit funds.
When a buyer wins an item, the item cost will be taken out of their funds (when approved/accepted), and automatically credited to the seller.
When a seller sells an item, they will receive new funds in their account from both moloyo, and the final price from the bidder, instead of both being sent to PayPal instantly.

With the funds in your account you should be able to buy bids, and withdraw at any time. Withdraw you would have to do manually (so it wouldn't be instant)
You could even have the ability to directly transfer funds between the users. That way you could even allow "Moloyo Fund" auctions. Users could bid on funds that are free of fees.
This would also benefit the site as with those funds users can buy more bids.

What does everyone think a good item limit for a seller should be? Don't worry, I won't hold you to it :), it's an interesting idea I'm curious to hear more about.

Item limit is a tough one. It really comes down to how many auctions you want to be seeing at the same time. Most of it it trial and error.

There should be 3 types of limits.
  • The first is a seller limit, maybe 2 or 3 items per 24 hour period.
  • The second should be a end time limit. Meaning that no auction can end at the same time on the site, they must end at least 15 minutes apart. That gives users the ability to bid on all the auctions if they wanted and help increase the sale price. (the calendar should offer a recommended timeslot that's free).
The reserve auctions I talk about below would of course be exempt from rule 2 as timers wont apply.

With the auction ending when the reserve is met, is that somewhat how speedyfinger works? Please excuse my ignorance, I haven't taken the time to learn that site yet but I've heard great things.

That is exactly how SpeedyFinger and BargainsandFun auctions have been working. Basically each auction is given a range where the reserve is, and its hidden from the user. eg. $0.10 - $5.00
It should be up to the seller the range they want to specify.
There should also not be a timer. Reserve auctions should have their own tab at the top so they do not mix in with the live auctions.

Bottom line, this isn't my site, it belongs to all our users. All feedback or criticism is good feedback and criticism. I think it's my job to help the users build and mold Moloyo to make it better.


I think the main thing, at least from a sellers point of view is to allow more customisation of the listing. If you add traditional auction types such as 100% off, no autobidder, the aforementioned reserve.
These would all enhance the bidders experience.
Penny Auction Project Group!
Don't forget to Rep or Like if you find these posts helpful!

#25

BiggerBidder
  • BiggerBidder
  • Junior Member
  • Members
  • Pip
  • 5 posts

you can Buy and Sell on Bigger Bidder and no one loses, when you bid if you win your get your bids back if you lose we give you 68 cents per bid into your second chance mall fund so when you join we give you 5 free bids thats $3.40 per ref

we will soon be the market place leader so make sure you check my signature link

---------- Post added at 03:09 PM ---------- Previous post was at 03:07 PM ----------

here is the second chance mall video

http://www.youtube.com/watch?v=1KmfgYo5Mb4

#26

PennyDeluxe
  • PennyDeluxe
  • Member
  • Members
  • PipPipPip
  • 139 posts

I wouldn't touch a site that claimed you couldn't lose.

#27

SharpBidz
  • SharpBidz
  • Junior Member
  • Members
  • Pip
  • 7 posts

If everyone is still looking for a penny auction that you can sell on SharpBidz.com is planned to launch on November 1st. It works a little different than Moloyo.com, users still buy bids just like any other penny auction (SharpBidz sells them for $.50) but the sellers will get 75% of the bid profits and it is rounded up so 75% of $.50 is $.375 which is then rounded up to $.38 keeping the reserves extremely low. Also I'm not sure about Moloyo, but SharpBidz doesn't charge anything to sell. Another idea that SharpBidz has employed is called compbidz, these are the total bids that were spent on the auction, the compbidz are awarded to the high bidder in the case that the reserve is not met. This way the high bidder always wins, effectively turning the auction into a bid package auction, and the more bids the higher the bid package. I would like to know what everyone thinks about the premise, and to clear everything up I am the creator of SharpBidz.com so I may be showing bias, however, everything stated above is 100% true.

#28

LauraH
  • LauraH
  • Member
  • Members
  • PipPipPip
  • 46 posts

Okay, I just checked out Sharpbidz.com and I have a couple quick questions and a few suggestions...

First, I wonder where is the incentive for a bidder to place early bids on an item that will obviously have a high reserve price? In looking at the site I see a jetski, a truck, a flat screen tv, a Sandals vacation, and a four wheeler. With items that expensive, I wouldn't bother bidding early because so far the highest item is at $.18 ($9.00 on an ATV that, without knowing the specs, probably costs around six or seven thousand dollars); I understand that if an item doesn't make reserve my bids will be returned but why spend the time? Also, IF the item should ever sell, I would be out all of the bids that I placed early. Providing comp bidz is a decent idea, but I think you may find a rash of folks bidding to win the comp bids rather than bidding to win the item. Maybe you should consider offering comp bids to the person who places the most bids?

The next thing I would point out is that all of the auctions are set to end at 1:00 in the morning here on the east coast; not exactly user friendly to a large portion of the continential United States. It may also be helpful to have your timers on the main page. If I want to see when an auction ends, I have to go into the item detail. A counter, especially when the auction is nearing its end, places a sense of urgency to bid.

Next, I would say that you should provide better contact information than an e-mail address. If you're a legit business and you provide great customer service, your users should be able to contact you through other avenues. There have been too many shady businesses out there that only provide an e-mail address.

When you discuss "how it works", you're marketing to the sellers. I think your information needs to be geared more to the buyers. They have to show up, so you need to market and cater to them as much as possible. Finding sellers will be the easy part. While you may want to focus on the idea that your site is a great way to turn a profit, you're kind of alienating buyers by talking about it so blatently in the "how it works" page. You may want to move that information to the "sell an item" page and make the "how it works" page more or less a pitch to your buyers.

You also go on to claim that you will allow people to sell their item at "no cost to you", then later elaborate that you will be taking a 25% cut; that's a significant cost. Yes, even though I don't have to reach into my pocket and pull out money to give you, I'm still paying a hefty percentage, therefore in my mind it is very much a cost. Your sellers will realize that once they see the selling price of their item and start working the numbers, and believe me, they will. Maybe try re-wording it and advertise that it's a no-risk venture for the seller, or that there will be no up front charges. Either way, you may want to set things up so that you can market to sellers separately from marketing to buyers. Buyers are the tough part of the traffic, and I would think that many of your regular buyers would become sellers as well.

Finally, it looks like all of the items up for auction at this point are your own, which is fine because the site is new. I would recommend that you consider getting some lower ticket items up there in order to get bidders to place bids on items that will actually sell. This will also give you a chance to demonstrate your commitment and willingness to ship the items that were received and establish some trust among your customer base, as well as encourage the average seller to give it a try (because your average seller might do things like a gift card, jewelry, video games, etc.). With the comp bids that you're distributing (and you will do that a lot unless you've seriously marketed this site enough to generate enough bidders to cover the high dollar items you have listed), you risk putting yourself into a hole until things balance out. I hope you're financially prepared for the hit because you could get into the position where you will have to pay out money to sellers rather than earning anything.

I wish you luck in your venture and hope that things turn out well for you, but I think it may be worthwhile rethinking a few things in an effort to ensure you get off the ground.

By all means, this may be a very well marketed site... there may be a logical master plan behind it all... I may be totally wrong in my assessment... but the site went up on November 1st and judging by the number of bids you've accrued so far I think you need to think it out again.

#29

LauraH
  • LauraH
  • Member
  • Members
  • PipPipPip
  • 46 posts

A couple of quick corrections:

The auctions will end at about 11 PM EST, not 1 AM; it's better, but many folks shut down earlier than that.

Also, I wanted to point out the 25 free bids incentive that everyone gets when they join the site; a great idea, but these bids represent 0 income for you and could become a liability. I'm under the impression that you don't own anything that has gone up for auction which makes me suspect that you're not investing a great deal in this; your strategy isn't unusual because other sites have sold items that they couldn't actually afford to buy until the auction closed. Just be prepared because you will have to pay out to make this endeavor work; either by placing lower dollar items on your site now, or by paying future sellers. If it were me, I would prefer the former because it allows me to control my expenses a little better as well as giving the bidders something to seriously bid on. You should avoid having to depend on the income of the sale to purchase an item though; that's an easy way to get yourself in trouble. What if you sell a large ticket item and then a number of sore losers decide to chargeback?

Finally (again), there is no place on the site that informs bidders that their bids will be returned in the event that an auction doesn't meet reserve

#30

LauraH
  • LauraH
  • Member
  • Members
  • PipPipPip
  • 46 posts

You don't ask for address information at registration. So tell me, if I bought an item how would you know where to send it?

Upon returning to the site, I see that there are more items under "newly listed", however, I'm on IE and don't get a scroll bar showing those listings. The scroll bar did come up in Safari, you should have tested sites' compliance with all major browsers before going live.

Your TOS should have a link somewhere down there at the bottom of the screen; I didn't see it in any of the menus or other visible area of the site except for the registration screen. That link leads to a page that is a disclaimer from your host (LightSpeed). Your privacy policy is a cut and paste.

You don't provide any information on shipping charges for large items; you're on the internet, most bidders won't be from your home town. Items that do have shipping charges are outrageous... $30.00 shipping for a watch? Really? Are you going to drive it to my house?

Finally, you've had 990 visitors; let's pretend that 250 of them bought bids. With 250 people each receiving 25 free bids, you're at a total of 6250 free bids floating around, plus the 10% on each bid pack. Let's pretend that each one of those people bought 25 bids; that's another 500 free bids out there floating around. Now, add to that the 6250 paid bids; generating an income of $3125.00. That's 13,000 bids out and only an income of $3125.00. Do you realize that mathematically speaking you could be spending a tremendous amount of money here, even if your reserve is the actual MSRP? I can tell that since you've only had 62 bids placed that you're probably not hitting those kinds of numbers, but in reality you have to prepare for the worst case scenario. I don't get the sense that you're prepared.

Something about this site makes me feel like someone rolled out of bed one day and said "you know, I think I'll start an auction site and get rich", then spent a couple of days getting things together and opened up without really thinking things through. Another tip off is the fact that you have "Sharpbidz is a registered trademark of Sharpbidz.com"... you should really just erase that from your template rather than leave it on there because it's silly; I've seen nothing here that would indicate that you would actually ever take the time to register a trademark. Your descriptions are copy and paste, the pictures are stretched and crunched.

Sorry, I know I'm being forward here, but this all smacks of fly-by-night get what I can get, give nothing in return, and close up shop with a nifty profit.

#31

Lioness77
  • Lioness77
  • Junior Member
  • Members
  • Pip
  • 8 posts

Hi, I wanted to let everyone know that I have found 2 more auction sites that you can also sell on!
Here are their links:
Where you Can Buy and Sell Penny Auctions | ThePennyFlyer
http://www.bestebazaar.com

Happy Bidding OR Selling!!!

#32

eta420
  • eta420
  • Member
  • Members
  • 523 posts

Hmm.. what happened to Moloyo you loved so much???

#33

Bidpit
  • Bidpit
  • Junior Member
  • Members
  • PipPip
  • 26 posts

Hi everyone. If you guys are interested in selling your items on a penny auction site, check out our User Auction feature. Here is a link on how to get started... Save up to 95% on How It Works - Sellers | Bidpit.com ».

#34

bestebazaar
  • bestebazaar
  • Junior Member
  • Members
  • Pip
  • 1 posts

Sell your items by reveal auction style.
interesting concept which is profitable for sellers and buyers both.

Now for the first time sellers can list their items for free to sell on a reveal style of auction.
Penny Auction Sites : Bidding Websites : Best Online Stores : sell online & sell on line : selling online & selling on line : online selling : online mall : online stores : Bid Penny : Buy Sell Online : Live Auctions : Cheap Home Shopping : On Line S
online shopping based on reveal auction style.





Also tagged with one or more of these keywords: auction, bid, cell phones, penny, sell

0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users