I was just introduced to the site today, and I am so upset that I didn’t think of this first. Seriously, this is a website made to print money.
Quibids touts themselves as a “entertainment site” but it is basically an auction site with a few novel twists. They sell a number of new, popular items for incredibly low final prices, but of course, there is a catch.
In fact, there are several. Here are the two major ones:
- It costs $0.60 to make a bid.
- Each bid only increases the price by one cent (or some other small, set amount).
Think about it – Quibids purchases a iPad for $800. They sell it for $100, but that’s 10,000 bids or a total of $6000 just in bid fees. Add the $100 for the item and that’s a tidy profit of $5300.
Now, sure, someone could potentially get the item for $100.60 plus shipping, but my guess is that it doesn’t happen often. There is no “sniping” on Quibids. As an auction is about to expire time is added as long as people are still bidding. Plus, they don’t care if you pay or not – you have to prepay for the bids and they don’t ship anything until you pay for the item.
Just to make sure no one feels cheated, they will even sell you the item at their cost minus the amount you paid to bid. So I am sure there are people out their thinking – what the heck, if I don’t win I can still buy the item at full price and not “lose” anything.
It gets better. There are limits to how many auctions a person can win as well as the value of the items they can win in a certain period of time. But you can bid on “limit busters” to remove those limits.
I’m in awe.
There were times I used to think I was clever. I was wrong.