The system that lets you buy an iPhone for pennies
Online retail is a very competitive sector at the moment with discounts being offered on most sites. However with penny auctions, customers can save up to 80% off the retail value by bidding in online auctions. The concept is simple; you purchase credits which you can then use to bid on auctions. If you are the last bidder then you win the product!
One of the most successful penny auction sites is MadBid.com. This London based company started business in 2008 with products ranging from smartphones, tablets, laptops, household appliances and a wide range of other consumer goods with unbelievable discounts. A new iPad recently sold for £48.31, a brand new HP laptop for £28.76 and a PlayStation 4 for £22.89. Of course all products are brand new and come with manufacturer warranty.
How is this possible
The cost to participate in auctions (in the form of pre-paid credits) allows MadBid to sell products with up to 80% discounts. There are no reserve prices so it is possible for products to be sold for 1p, and we’ve seen it happen many times, and yes in that case MadBid does make a loss.
MadBid has continued to innovate the business model
Raising £4m in VC funding from the founders of Skype in 2010 has allowed MadBid to continually improve the service. MadBid recently launched a new feature called “Earned Discount” which allows users to pool money spent on bidding towards buying any product of their choice hence the No Lose Guarantee. MadBid CEO Juha Koski says:
“It took us over a year to develop this feature but it was worth it to see how customers use our platform as a fun way to buy their favourite products. As far as we know, we are the only company in the world that are currently offering this way of shopping. Innovation is key…”
Juha Koski, MadBid CEO
Why you ALWAYS win at MadBid
MadBid aims to buy products at the best prices working closely with product suppliers to ensure savings are passed on to customers. They also aim to beat or match larger online retailers prices such as Amazon and Apple. Together with the Earned Discount feature, it really doesn’t make sense to shop anywhere else.
Become one of the over 730,000 winners
MadBid has produced over 730,000 winners and more and more joining the winners club daily.
Michelle said “What I like the most is when I am winning! It’s fun and the fact that even if you don’t win, you can still buy the item for a discounted price”
Alex said “Yes I purchased a kindle fire, great news that I won and I received products within a week also so happy all around”
Detailed instructions on how to get started
Step 1: Create an account on MadBid. Click the exclusive link to get extra free credits.
Step 2: Look for an auction that you are interested in and start bidding (and earning discount).
Step 3: If you win an auction, you’ll be redirected to the payment page where you’ll proudly buy your item at a massive discount!
Conclusion
Whether you want an iPhone, iPad, New TV or laptop why not check out MadBid? It’s free to register and only takes 30 seconds. With the Earned Discount feature you’re guaranteed to get a great bargain.
Try this out and share your experiences below.
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The post Branded products for a few quid? The penny auction revolution makes it possible is from World Observer Online.