Best,
Sahar
———–
It’s finally here! Bido is excited to unveil quite a few changes to our auction platform. Only moments ago, we overhauled many things to make Bido better, and we’re enthused to share those changes with you. Thank you in advance for reading this message. Let’s get started:
The first of these changes is the introduction on Bido of something we call “BidoPrice“. It’s a new pricing format on Bido. Your BidoPrice is the absolute minimum price that you will accept in order to send your item to auction. It’s “The Price Of Engagement”. When you select your BidoPrice, you should select an appealing price level that will encourage bidders to become engaged and participate. It’s when bidders initially become engaged in an auction that will build pressure to the point where it gets heated and the auction is maximized for the seller. A successful auction has not one bidder but two or more. Use your BidoPrice to encourage bidders to engage early and attract subsequent bidding wars. When you submit your inventory for voting, the voters now vote on two things: the item (domain) itself, in relation to it’s BidoPrice. Your BidoPrice acts as a reserve, and as such we are essentially introducing voting for Reserve auctions. But don’t think of it just as a Reserve, think of it as the price of engagement, and therefore select your BidoPrice accurately to encourage participation - by the voters, as well as the bidders. Learn more here.
The second of these changes is something we call “Vote For Profits“. There were several weaknesses of the previous voting system on Bido, mainly: incentive for voters to participate. The fatigue voters experienced was unjustifiable. In addition, there was little reason for voters to share with other people what they were voting on, and worse - little reason to come back and continuously vote on items to go to auction. We feel that now, however, we brought a change that will address all of those core issues. Bido now makes you a partner in the profits for voting on auction inventory that sells. We call it “Vote For Profits”, and we’re looking forward to paying you a lot of money. Now, when you vote on the submitted domains to go to auction, select the domains that you feel have a BidoPrice that’s likely to sell. If the item gets enough votes and makes it to auction, and the auction sells with a winner, you’ll get a percentage of the sale amount. The earliest voters earn the most. The funds are given by Bido from the typical Bido commission. Learn all the details here.
Buy It Now Pricing - You may now submit your inventory with a BIN (Buy It Now) price. While Bido encourages a price of engagement, we also realize that some sellers have a desire to include a Buy It Now price. The Buy It Now price must be double or more than the BidoPrice. That means your BidoPrice must be half or less than your BIN price. The cost to add a Buy It Now price to any listing is 1 Bido Credit ($8.88 each, discounts when purchased in bulk). A buyer may exercise the BIN (Buy It Now) option even before the item goes to auction, while it’s still up for voting. If an item makes it to auction by being voted in, the BIN option still remains. However, in an auction, the Buy It Now option is removed if bidding becomes within 25% of Buy It Now price.
In this release we also introduce Negotiations to Bido. Buyers and Sellers are now able to negotiate on items before they go to auction. In addition to accepting and countering offers, sellers are able to push any item to auction using the Buyer’s offer as a bid. To get started, visit the BidoPrice tab, and if the BidoPrice isn’t acceptable to you, you may click the thumbs down icon to indicate to the seller that the BidoPrice is too high, and attach an offer.
Autolisting of Auctions with Preliminary Bids. Inventory on Bido that gets a Pre-Bid while still up for voting will now automatically be setup for auction. If the Seller has “autolist” enabled from within their Selling Preferences, the timeframe from that setting will be used. If the Seller does not have autolist enabled, the auction will be scheduled for auction 7 days away, in the first open slot after 1PM Eastern. If the date falls over a weekend or a holiday, the auction will skip forward to the next available day. Bidders instantly know when they place their Pre-Bid the day and time the 1 hour auction will be held, as it is instantly displayed on their screen. Previously, if a Seller did not have autolist enabled, that Seller needed to pick their date and time of their auctions that got preliminary bids, and that step could cause some unnecessary delays. Now all auctions with preliminary bids will be setup automatically, so make sure your inventory list is accurate and up to date. You may check your submitted inventory from here.
The commission to sell on Bido is now 10%. The management fee for buyers has been eliminated. Previously the commission was 8% and previously, buyers paid a management fee on transactions. Transactions that are already in process and were already listed on Bido are subject to the old 8% commission, while new submissions are subject to the new commission.
Thank you very much for reading our message to you. If you have an idea for Bido or some feedback for us, please visit Bido.com/Feedback and please let us know. While you are there, you may vote up ideas that other people have submitted to Bido.
In addition to the large changes mentioned above, there are myriad changes peppered throughout the Bido website. We’re committed to your success using the platform and we hope you enjoy the changes. Please get started, experience the changes, and submit your inventory at this time.
The Bido Chatroom is now open for your participation, hope to see you there.
Regards,
The Bido Team
GREAT STUFF !!
Looks like a lot of information to absorb. Vote for profits is the first thing that stuck in my head checking it out. Everything looking fine!
@Bido Congrats on ur new release!
Bido is producing quite a lot of stuff! Looks like a nice update hopefully i can use all the new features (= Keep up the good work Bido!
Nice work Sahar, looking forward to making money voting.
I like Bido and all, but the voting thing needed to change, it never seemed “right”. I didn’t realize it then but I think that’s what it needed, nice work.
excellent. Hopefully one day you’ll introduce better domains…
With all those new features Bido is adding (and adding, and adding, and adding, and adding..), it’s going to be harder and harder for others to compete.
TP
Quite a few changes to absorb in one day
The BIDOprice might be a little confusing as most domainers are used to the term reserve. But it seems you are avoiding the usage of “reserve” because you want to encourage a competitive “reserve” which motivates multiple bidders to participate in an auction.
If a domain seller wants to set a BIN and a BIDOprice (reserve), on the same domain, is the cost one credit or two?
A marketplace with quality domains will attract buyers…
Agree with the others, but keep it a simple concept.
Tried the new features today and I really really like it and I also saw you now disclose prebids in the ticker
NICE NICE NICE!
Looks good Sahar, congratulations to you, Jarred, Jeff and the rest of the Bido team.
Your friend Paul
Thanks guys. As always, we will see how it goes, and will improve as needed.
Best,
Sahar
Really a good stuff. Full of information abt bido price and vote for profits. good job buddy
Sahar/Jarred,
I really like that you are thinking out of the box and coming up with some very innovative ideas.
Keep up the great work!
Tan