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Monday, November 29, 2010

Interview with the CEO of

Below is an interview from Penny Auction Watch on Quibids:

January 24, 2010retweet logo
We recently interviewed CEO Matt Beckham of US based penny auction Mr. Beckham tells us that is the largest US penny auction in terms of auctions per day (about 200). Over the last three days, since January 21st, 2010, there have been 485 ended auctions.  Possibly more ended auctions than any other penny auction site?
A few PAW forum members have received items with, read comment from users in our forum, but don’t forget to tell us about your experiences with Quibids.
With all the penny auction websites out there these days, how do you feel you’re any different than any of your other competitors? : That’s a great question.  When we decided to enter the penny auction space, there were about half the number of competitors as there are today; and that was 6 months ago!  With all of our competition running this model in a similar manner, we realized the best way we could differentiate ourselves from our competitors was by providing our users with auctions that are easy to win. Moreover, we strive to provide our users with excellent  customer service , and to get our products to our winners as quickly as possible.
In the next 6 months, however, you’ll see some substantial differences in the way we run the penny auction model versus our competitors. So stay tuned…
What got you interested in the entertainment shopping industry? We felt it was a fun business model.  Penny auctions are fascinating in many aspects.   There is a lot of economics, marketing, finance and many other facets of business, involved in making a penny website successful. We thought this would be a wonderful challenge in a fun niche market.
How long have you been open? We launched QuiBids in late October of 2009.  Since then, we’ve experienced substantial growth and are looking forward to the year ahead.  We’re pretty pumped about all the things we have planned for 2010.  Some of these plans include ways to change the landscape of penny auctions in regards to not only how they’re run, but also how to create the best user experience for our customers.
What kind of items do you offer/ have lined up?  Do your auctions run on a schedule? We are currently auctioning off HDTVs, MacBooks, smart phones, gaming consoles, digital cameras, a variety of gift cards to many popular stores, various kitchen appliances, and much more.
Yes, we do schedule our auctions to give our users a chance to see what’s coming up.  This way they know when to come back and bid.

Penny Auctions can sometimes get a bad reputation, due to the fact that some employ bot bidding scripts and shill bid.  What do you have to say about those who say “QuiBids is a scam” or “Penny Auctions are scams?”
I feel that anytime a consumer potentially spends money and gets nothing in return, (other than the experience of competing for prizes), you are going to have those who say it’s a scam.  Given the model of penny auctions, there are many companies that run these sites only to make money. These companies do not put an emphasis on building long lasting, valuable relationships with their customers.  At QuiBids, we didn’t want to just be another penny auction site that cycles through new customers in order to make the model work.  In order to make this happen, we’ve dedicated ourselves to giving out the most wins of any penny auction website, as well as making it easy to win.  Because we do this, and do it quite effectively, anybody that uses our site for a few hours and watches auctions will clearly see we aren’t a scam.
What are the timer increments between bids/does this vary by auction?
We want to allow time for everyone to have the option to think about whether he/she wants to bid on an item. We use 20 second/15 second/10 second progressions; this is essentially the internet auction equivalent of ‘going, going, gone’. All auctions start off and as they gain more attention and bids, the timer increment goes down to 15 and then finally 10 seconds.
If a user does not win an auction, we do offer the ‘Buy it Now’ option, which is where the user can purchase the item at retail minus the cost of bids placed.
How much are your bids?
We also offer free bids for a person’s birthday (5), for referring friends (25 bids), and for other promotional offers!

Each bid costs just $0.60 and you can buy them in the following bid pack sizes:
40 Bids = $24
75 Bids = $45
300 Bids = $180
600 Bids = $360
800 Bids = $480

How many auctions do you currently run each day? We currently run over 200 auctions a day. In terms of the number of auctions and winners we have daily, this makes us the largest US penny auction website. We take great pride in not only having the most auctions, but also giving our users the best chance of winning.

What are your shipping costs? How long does it usually take for users to receive their items? Our shipping costs vary from item to item.  Users should expect to receive their items anywhere from 5-10 business days… In other words, pretty quick!
What states/countries are you open to? We are currently only open to the United States; however, we are considering whether we want to offer QuiBids internationally.  At the moment we feel we are able to give the best user experience and customer service by staying within the United States.

What is your policy for bid refunds? We are happy to refund any unused bids, though we do not offer refunds on bids that were placed during auctions, unless there was a glitch in the system on our end.  This is a very rare occurrence, but in the event that this does happen, we’re happy to assist in the situation.
Are there win limits, limits /household?
Yes, there are limits. While some exceptions may apply, only one account is allowed per person, per household.  Our support team would be happy to answer any questions regarding this policy.
We limit a total of eight wins every 28 days and only three wins per day per account.   Additionally, only one win of the same product is allowed, on items with a value price of over $285, over that same 28 day time span.  Similarly, only one win is allowed per 28 days on items with a value price $1,000 or greater. These limits are in place so that we can give everyone the best chance possible to win an auction.
Is there a story behind the name/theme?
QuiBids is pronounced (Kwi-Bids), as in Quick Bids.   We’re just chopping off the “c” and the “k.”  This has led, unfortunately, to people pronouncing QuiBids in all types of different ways such as Kwee-Bids, Q-Bids, etc.
Is there anything else you would like to tell Penny Auction Watch readers? Our mission is to redefine shopping by providing the best deals possible for our customers with a unique, fun and exciting online experience.  We give out the most wins (for US residents) out of any penny auction website and we do this because we want users to continue to use QuiBids for their shopping needs.  Also, we pride ourselves in being the beacon of moral and ethical business practices in our industry. We define success through the creation of long-term, mutually beneficial relationships with our customers.
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