If we did all the things we are capable of doing, we would literally astonish ourselves.Thomas Edison
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The Idea
This would be a new Blind Auction (or offer- better stated) Platform. In the Seller's Market, sellers could create listings for product(s) with a minimum offer price. Buyers would then make blind offers, which would include price and terms of sale. At close of auction (either time deadline or close after a certain number of offers, or whatever comes first.) seller would select offer or offers of best overall offer (may or may not be highest offer). Buyers can only make one bid per listing and seller may only select or deny offer (may not negotiate).
In Buyers' Market, this would be a reverse blind auction where buyers could list an item they desire and the highest price they would be willing to pay and sellers would make offers. The auction process would work the same in either buyers or sellers market. The feedback system would have several differen elements that would go into a ratings as a buyer and as a seller (each user would have seperate ratings as a buyer and as a seller.)
I thought of this idea when I was...
Reporting a fraudulent item on ebay and could not get anyone to help me get the item off and after having last minute bids on a $350 item drove up to $3000 by scammers. Most everyone who uses ebay regularly hates it, but there are few alternatives that could offer the same exposure. You can't attack ebay on its own turf and need a new angle to tap into the huge industry. There is also a significant social network aspect to this site which will probably incorporate into foozzions social network. In this social network members will be rewarded (by credits) for their high feedback and points acquired in the social network.
Comments Posted
It's a simple enough idea, and well stated above. I'm not sure you'll ever knock eBay off it's perch though. It has the advantage of absolute simplicity - everyone knows how an auction works and it's entirely transparent: if you're in the lead at the end of the auction, you know you're going to get the item.
If you do fancy having a go, make sure you give yourself as much of a chance as possible. Your site design, security features and payment system MUST be perfect from the go.
I really like it. It would be neat to study to see whether things in this market sell for more or less than an equivalent e-bay item. Of course, I'm a game theory economist, so I'm a big geek. =P I love the idea and I'd totally sign up.
Sounds good. As Philip said, I don't think you can knock down e-bay, but you will get your share of the market. It's simple and brilliant. Have you done any invetigation if something like this already doesn't exist?
I have seen blind-Unique bid auctions...(which is a form of gambling, in my opinion-see http://www.auction4acause.com) and there are reverse auctions, but I haven't seen the combination of both. Also a key for this will be the feedback system which would work similar to CH, but have seperate ratings for buyers and sellers, and members in general. These point systems would offer credits or a cash back rewards system.
Sorry, I don't even understand this. By bad. So I shouldn't rate it. The elevator pitch took place in a really tall building with lots of stops, right
ditto.
I like it. It's like a more direct version of the Bargain Finder and Craig's List. I could see myself participating.
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