Why would they bid beyond suggested retail price? The owners of the site just made $1300+ from that one.
people get invested in the product they're bidding on. they get into bidding wars with other people and the price just keeps going up because they've already spent so much in bids and don't want that money to have been a waste. it becomes like a game where they feel like they need to beat the people they are bidding against, they feel like by giving up the bidding that they are losing and the person they are bidding against has beat them.
The more i look at this thing the more i am amazed at this great business idea. the 1 cent auctions that i clicked on earlier seemed to make the company tons of money. Because ever bid for all intensive purposes does not increase the price so more people will keep jumping. 4500 bids (like the one i linked to earlier) makes an item look like it is selling at a loss, but in reality is selling for 10 times the retail price.
"I do not think baseball of today is any better than it was 30 years ago... I still think Radbourne is the greatest of the pitchers." John Sullivan 1914-Old athletes never change.
There have been, as i type this, nearly 3600 bids on this GPS, which means Swoopo has already made $2700 before even selling the item. You can get the same GPS on amazon for less than $400.
You really are gambling that no else will see the item.
The guy that won that one spent a total of: $101.72
Pretty good deal.
And of course the company made a ton of money too, but that's what they are in business to do (make money).
Yes doctor, I am sick. Sick of those who are spineless. Sick of those who feel self-entitled. Sick of those who are hypocrites. Yes doctor, an army is forming. Yes doctor, there will be a war. Yes doctor, there will be blood.....
This business plan is great. For whoever though it up is ingenious. It works very well in the buyers favor, that who wins the bidding. But the people bidding on it as a whole lose out in the end. Their profit margins must be huge, no advertising, simple website, and 10 fold profit made on ever product. This is a great idea, I wish I would of thought of it
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