There’s a whole load of bidding websites these days, and more and more are surfacing each day. LobangBids.com is a new start-up based in Singapore.
LobangBids is an online bidding website that allows shoppers to bid for any of the many interesting products offered on their front page. They will require you to pay a ‘fee’ for ‘bidding rights’ to bid on the products; which would in turn cover the cost of each product. This is how most bidding sites work.
However, the site also offers free bidding auctions. Many of the products that are available for ‘free bidding’ are lower-end goods, such as earphones, toys, gift cards, etc. The cost of each product is a lot lower, which means that they can afford to sell them off easily. It is free to bid on these auctions.
At the time of writing, a pair of Phillips earphones are selling at $0.28. If someone was to win the auction, they would only be paying $0.28 in total. Which seems not bad at all.
As far as the premium auctions work: There is a reserve price for some of the auctions, and if the product does not meet the reserve price, it would not be considered sold. For example, we tried bidding for the MacBook Air which did not meet the reserve price. The bids that were placed were refunded immediately. Pretty interesting as no bids were wasted.
Just remember not to overspend when you are bidding for these premium auctions. It is just not cool.