Bido Updates: Introducing Lower Fee Structure (Reserve Auctions), Autolist Feature, +

[MediaHound]

Reserve pricing Format Change, listing fees now cost credits

Reserve auctions on Bido previously cost a minimum of $29.99 upfront (3% of the reserve requirement or $29.99, whichever was greater). From today forward, however, the reserve pricing schedule is 1 credit per $1,000 of the reserve (capped at 10 credits maximum). Credits are available for $8.88 per single credit, and Bido offers discounts for bulk packages. Previously, the listing fee was returned if the auction completed with a winner - as well as in the case of “reserve not met”, if the seller selected the high bid within 24 hours. The reasoning is to hold sellers accountable for quality listings with realistic reserves and accurate pricing. Now, with our new format using the tiered credit structure, presents a world of savings to sellers looking to list reserve auctions. A reserve auction of $900 would previously cost $29.99, however now it only costs 1 credit ($8.88), a savings of $21.11. The credits are returned in the same fashion if the auction completes with a winner. If the auction sells, you can reuse the credit(s). We feel that this change will allow Bido to truly be there for you when you need to liquidate your domain names. Bido Credits are available at this link. As an extra bonus for sellers, we now cap the maximum of credits ever needed to list a reserve auction at 10. So submissions with a $50,000 reserve will only cost 10 credits (as opposed to 50). Previously, there was no cap on listing fees, making it astronomical to list well priced high quality domains. With this change to credits, we also introduce this 10 credit cap. 10 packs of credits cost $79.99 - so in the above 50K reserve example, this presents an upfront savings of $1,420.01 passed to the seller.

Autolist & Preferred Preview Window setting

This new feature of Bido is something we’re really excited to announce. It’s a setting for sellers to enable that allows the Bido system to automatically list the auction in the next available timeslot (all auctions on Bido are currently staggered apart by 1 minute). Sellers may now pick their preferred amount of days for the preview window (default is 5 days away, but sellers may select anywhere from 1 day up to the maximum of 20 days of preview). Once the setting is enabled, based on the amount of days the seller selected, the auction will be automatically listed with no intervention by the seller. Sellers may then write their auction’s description as normal any time up until the auction starts. One of the other highlights of this new setting is the ability to have listings setup for auction only 1 day away. Previously, Bido mandated a 1 week minimum preview window, this change allows Sellers more control over this amount. We feel this feature also allows Bido to truly be there for you when you need to sell sooner rather than later. Once you enable the setting, as soon as your submissions get enough votes (or if you accelerate and skip voting), they’ll automatically be setup for auction. Reserve auctions are treated in a similar fashion, once you assign the credit to the submission, it’ll automatically be setup. The feature is a great time saver and reduces fatigue on sellers. Simply enable the setting, submit your domains, kick back and watch your auctions roll.

Many other minor changes, security enhancements, ease of flow, and others have been included as part of the release. As usual, we welcome your comments, feedback, and all other motions in our direction.

[Doc]

Jarred , just want to make one suggestion , as much as Bido is an auction platform , can there be an " Buy Now " option . So that if a seller wants to sell at a fix price , it becomes more convenient.

[Domain Jedi]

Originally Posted by Doc

Jarred , just want to make one suggestion , as much as Bido is an auction platform , can there be an " Buy Now " option . So that if a seller wants to sell at a fix price , it becomes more convenient.

I like this proposal. The ability to ad a Buy Now option at any time during the auction would be very nice.

[randomo]

The new reserve pricing is structure is nice, and I'd be tempted to list some good domains ... if there were a way to make them stand out from the mass of poor-quality no-reserve domains auctioned there each day. Any thoughts?

[H2FC]

I also support the BIN option.....hope you agree.

[MediaHound]

Thanks for the feedback everyone, really glad to see the discussion starting to happen about the new changes, and suggestions for other changes.
We are hard at work for the next set of large changes at Bido. I cannot speculate on anything that we are working besides letting you know that we are aware of the various needs of sellers and we aim to serve a greater portion of the market's needs than we currently can support with our formats of today. Remember, a lot of what we have today is because people asked for it, so we welcome and value your feedback and suggestions and we balance what we create on the Bido platform according to the dynamics of how they'll play out.
Randomo - we currently don't have any way to make your listing stand out. We do encourage sellers to market their auctions and our interface currently does not allow some to stand out in front of others. We suggest that you do some marketing things off-site to attract attention to your auctions. More info and some videos about it are here: http://www.bido.com/Info/Marketing+Tips Again, though, we are aware that a desire of sellers is the ability to make a listing stand out, and we are reviewing this suggestion as well.
Thanks for the discussion and looking forward to more.

[H2FC]

I just ran into what could be a big problem if you want to list on Bido without paying the upfront fee.

There are over 7000 names waiting to get the required 5 votes before being listed. With this many names it doesn't seem very likely anyone will scan though that many to find your name.

I would like to get some opinions on this because I did notice the most recent names posted are the ones you see when you click on the "vote" button.

It appears that if your name doesn't get the necessary votes within a couple of days its lost in the long list of 7000 or so.

Anyone want to comment on this problem.....no need to tell me I can pay the $8.88 listing fee....I already know that.