The single most visited webpage on this blog is my article about “One Day Sale” Websites.
It gets 700 unique visitors a day (growing by 5% every week) and is #2 on Google.co.nz for the search for “one day deal“.
Why is the webpage so popular? For 3 reasons:
- Because people are getting tired of the market leader: 1-day.co.nz and are looking for alternatives
- Because my webpage lists all the alternatives
- Because the 1 day deal business model works so well, so clones are popping up all the time to try and cash-in, so the list of alternatives grows every month
I have just been exposed to what I believe will be the next business model to be cloned. It’s called “BidRivals“.
Here’s how Bid Rivals works:
- It costs $1 to place a bid. The price increases by 2c each time someone bids
- If no-one else makes a bid within 14 seconds, the auction is over. If someone does make a bid the auction extends for another 14 seconds
- If a $2000 digital camera sells for $300, BidRivals gets $15,000 for the bids ($300 / 0.02 x $1), and $300 for the camera!!
- I just watched this happen. Screenshot on right
- And the lucky last bidder gets a $2000 camera for $300 (+ $1 for every bid they placed)
Bid Rivals only loses money if the item sells for less than 1/50th of it’s RRP.
In this example, the $2800 camera would have to sell for $56 ($2800 / 50) for Bid Rivals to break even.
There are 3 barriers to this business model going mainstream and being cloned extensively:
- It hasn’t got a name.
- It is difficult to explain how it works.
- People who try it and burn through $20 making 20 bids and get nothing to show for it, will leave and never come back
Have you tried it? Did you snag a bargain?
Let us know in the comments below.