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Wednesday, September 22, 2010

Emaja

I ran across the penny auction site eMaja the other day. It is has a different business model than other penny auction sites. Since the business model is unique, I will take some time to explain it. Below is the site explanation listed on Emaja.com:


"eMaja is a unique online auction house were the participant who has posted the most points to their auction score by the close of the auction wins the right to purchase the item at a fraction of the retail price. Points are gained from both bidding on items as well as from the Point Bank found in all eMaja auctions."

One concept that I really like about eMaja is that you have an option to cash out. Thus, if you won Mario Kart Wii at the auction price of $0.46 you have the option to buy the video game at that price + shipping, or collect the cash value (estimate $45.00).

The bid packages might seem higher than other penny auction sites; however, this is not the case. Each time you place a bid on eMaja, you receive a point in your account that can be used on another bid. Thus, one bid acts as two bids. eMaja also sells smaller bid packages. Thus, if you want to give the site a try, you only invest $10 as opposed to $30-40 on other penny auction sites. See prices below:

10 bids - $10.00
20 bids - $20.00 
30 bids - $27.00
50 bids - $45.00
100 bids - $90.00 

The site has a 7 step process to explain the bidding process as opposed to the 3 step process most penny auction sites offer. Below is the 7 step process:
  1. Purchase bids 
  2. Select an auction and make a bid
  3. Every time you place a bid on an auction you will receive: 1 point in your point account, 1 point in your point bank, and 1 point to your auction score
  4. Every time you place a point from your point account, 3 points will be added to your auction score
  5. View the point bank for an auction, you have an option to remove points from the auction
  6. There are 2 types of auctions - reserve position (limits participants) and open auctions
  7.  Once you have won the item you can choose to purchase the item at the low auction price or cash out at retail value.
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