GoDib.com - Online Reverse Auction

We recently broke the news on what GoDib is all about. From the comments that we got for the post it was clear that we didn’t add enough details about our site. So here we go…

The concept of reverse auction is not new. It has been around for sometime. I have pointed to different sites that are using this concept today. But I would like to point out some key concepts of these sites on how the auction process works. Bidnation.co.uk uses closed bids. No details of the bids are disclosed until the bid ends. This means that the user is just shooting in the dark hoping to get the lowest unique bid. Note, as a user you are paying money to put your bids in. We didn’t think this was fair. BidJam.co.uk uses open bids. In this case the entire history of bids is published. So a person joining the auction during the last 5 minutes looks at the entire history and makes a guess of few possible lowest unique bids that might win and places his bid and finally might win it. There might be users who have been bidding for a longer time (and thus spending more money at the site) but still lose the auction. To bidjam.co.uk the person who was spending money through out the auction and the person who came in the last 5 minutes are just the same. We felt this was unfair too.

Our concept of the auction is to remove the unfairness of the open and closed bids. We are not claiming that we invented Reverse Auction bids but we do have a unique way in how the auction works on our site. Come back again when we launch and you will know how the process works. Just 10 more days!!