New to the US market is swoopo.com an auction site, but not one like you know and
hate love like eBay. No, swoopo is a very different and interesting concept. The price you pay is the cost of bidding plus the ending final price. Confused?
Each bid costs $1. Yes, you pay to bid. You can buy bids in groups of 20 up to 500. So every time you bid, you are charged $1. Now the flip side of this is the prices are very low on goods. For example, a 2nd gen 8gb iPod touch just went for $73.80 (final sales price, who knows how much that person spent in bids to claim it). They seem stocked with lots of gadgets, laptops and even jewelry.
But wait, there is more
It gets more interesting. The rules are bids are increased in $0.15 increments. So, that iPod grossed the site $565.65 (final sales price divided by the number of bids plus sales price). Each bid pushes back the auction timer 15 seconds giving others a chance to respond to the bid. Bidding starts for each product at $0.15, which is figured into the above equation.
It looks like the company will do OK. Getting paid $565.65 for a $229 product says there is some power in this model.
Like anything though, some people believe it is a scam.
“This site is a complete joke! It is just a big SCAM. I stared at the counter until it went down to 1 second hit bid, and NOPE I didn’t win…”
One commenter on that complaint site says swoopo isn’t a scam, and he himself had won several laptops at amazing prices.
Buyer beware. Let us know in the comments if anyone gives this a whirl. Math majors only, please.