QuiBids Positions Itself as an Entertainment Retail Auction Site
This explains QuiBids positioning as an entertainment retail auction site.
One year after its launch, QuiBids has distinguished itself from traditional penny auction sites and has developed a model of its own, an ‘entertainment retail auction’ site, giving birth to the Entertainment Retail Auction Industry. The key component of this industry is a value proposition that says to the customer, "Try to win a great deal, and even if you come up short, you can always have your product without paying more than a typical online price.”
Since the launch of QuiBids in October of 2009, every single auction on the site has been accompanied by a full Buy it Now feature. This feature basically allows purchased bids used in an auction to be applied toward the value price of that product. “QuiBids is an online retail store that offers products for value prices but with an auction twist.” said QuiBids’ CFO, Jeff Geurts. “QuiBids provides a risk free way for customers to try to snag the best deals on the internet, like the iPad we sold for 5 cents a couple days ago.” Late in 2009 QuiBids launched the information portal known as QuiBids101 , which offers tips and suggestions on how to participate in auctions and use the Buy It Now feature.
QuiBids operates on a pay-to-participate business model. Each bid costs $0.60 and can be purchased in bid packs. QuiBids is currently the only online auction site of its kind to offer a full Buy It Now feature on every auction. It also issues a full refund for any unused bids in the event a customer purchases a bid pack and then decides not to use all of his or her bids.
“We’ve come a long way in the online auction space, and we’ll continue to create the best possible business practices for our new industry,” said Jill Farrand, QuiBids’ Director of Public Relations. “We’re entering a new era of ‘entertainment shopping’ and believe it’s here to stay.”
QuiBids is the nation’s largest entertainment retail auction site of its kind. Its mission is to redefine shopping by providing the best deals possible for its customers with a unique, fun and exciting online experience.