The founders of this site are pure genius! First off, they are the sellers of the products. You see items like camcorders selling for $10.10 and at first you wonder how they do this. Well here's how: As a buyer you purchase "bids" for anywhere from .80 - $1.00 each depending on how many you buy. When you bid the selling price increases by 2 cents. Also, the auction duration increases by 15 seconds with each bid. It's an interesting concept.
If we take that $10.10 camcorder as an example you'd see that it took 505 bids to buy it. That's 505 bids at .80 - $1.00 per bid. So, Bidfun actually made at least $404 plus the final price of $10.10 for that camcorder!
There's a Tom Tom portable GPS that is currently bidding at $25.02. This means Bidfun as made at least $1588 on it so far!
Wonder what the chances are of buying something on that site with only one bid? I didn't see anything about shipping costs but the site appears to be from the UK (England). Pretty interesting concept.....everybody at the auction pays for whatever you are buying!
Found a couple interesting things on their site after I looked around a little more:
1) Items are shipped by our fulfillment partners in Canada (Amazon.ca, Apple Store Canada, etc.) and there will be no additional taxes or import duties to pay
2) Delivery charges are currently free in Canada
3) Yes, all products are new, in their original packaging
4) All prices are in Canadian dollars
-- Edited by 67SD396 on Saturday 26th of June 2010 07:16:47 AM
