SAN FRANCISCO, Jan. 12 /PRNewswire/ -- Bido.com, the Social Auction Platform, has officially released their "Vote For Profits" program. The auction selection process at Bido.com is now crowd sourced, and those who participate in screening the inventory are rewarded as a partner in the auction's proceeds.
"We had a vision to create an auction platform that would become viral, social, and scalable, reaching far beyond stagnant transactions into a true social network", said Jarred Cohen, Chief Operating Officer at Bido.com. "This creates enormous exposure, with multiple vested parties interested in the success of the auction, therefore maximizing returns for sellers and locating buyers far and wide."
Bido.com has developed an interactive online auction with three distinct groups of members who participate in the auctions: Buyers, Sellers, and now, Voters. These professional Voters are compensated for selecting inventory to go to auction based on the item itself in relation to its 'BidoPrice', and marketing those items to the world to increase exposure of the auction.
How It Works For Sellers
Sellers with domain names to auction on Bido.com submit them to the Bido.com community to be voted into auction. If the domain receives enough votes, the item will go to auction on the Social Auction Platform. The logistic process produced an auction to sales ratio in 2009 of 1 in 3 auctions ended with a winner. With the recent addition of the Vote for Profits program, sellers now have partners who assist with marketing their item for auction. For example, in the recent sale of pepe.com, the winner of the auction saw it in the Twitter stream of one of the voters.
How It Works For Bidders
The inventory listed for auction on Bido.com has been pre-screened by the Voters. Each auction has a specific start time and a live portion that lasts approximately 1 hour, and bids placed in the last 5 minutes of a live Auction Event will reset the clock to 5 minutes remaining. These auctions have been pre-screened and are items that are in-demand. Bidders may also place a preliminary bid on items that are still up for voting by the members.
How It Works For the Voters
Each item submitted on Bido.com must receive 10 votes to go to auction. Voters may place between 1 and 3 votes per item, until 10 votes are received. The earliest to vote earns the most, up to .77% of the sale price. On the first of each month, all members are given complimentary Voting Points to cast their votes, and if they are used up during the month, more may be purchased. The number of Voting Points required is dependent on the item's BidoPrice. In a recent auction, pepe.com was sold for $15,000 and the Voters earned several hundred dollars just for voting the item to auction.
Since 2008, Bido.com has changed the familiar auction process by introducing industry-first innovations on its Social Auction Platform. Bido.com is currently in the business of auctioning domain names, however will soon expand into website sales and related offers, then beyond into other industries. For more information, please visit http://www.bido.com.
Jarred Cohen, Bido.com COO