I planned an e-Commerce Based business to start in my country and 95% of the required works were done mashallaah, and with some knowledge gained by my self i planned the business and for my eyes and to the people whom I've discussed the business with too didn't find anything in-legitimate, but since recent after a person cross question a small doubt has arisen in me, so please give me guidelines and if you find it in-legitimate please give me a solution as well, because i had invested everything i saved so far and spent 1 whole year in the making of this project.
The details of the business is as below,
Before you start bidding, you have to register an account with us. On the home page simply select the “Register” tab on the main tool bar, or click on the Orange Button that reads “Register Now” along the banner. Once you’re done registering, a confirmation email will be sent to the address you provided. If you don’t immediately receive this email from QuiBids, then check your Spam folder to ensure that it wasn’t mistakenly identified or blocked.
We recommend you add us to your safe senders list in order to avoid future confusion. Once you’ve confirmed your account, you’re free to buy bids and participate in auctions!
There’ll be five different bid packs to choose from, each a different size. We recommend what most users start off with: a Beginner Bid Pack for testing out the auction waters. Once you’ve selected the proper-sized bid pack, simply add your credit card and billing information. From here, you’re almost ready to join your first auction!
Remember, when purchasing bids, you are really buying the right to place bids and that each bid is worth $0.10. Purchasing bids doesn’t guarantee that you’ll win, but the “Buy Now” feature is always at your disposal and it’s basically like spending money toward the desired product.
Learning how to participate in an auction
Now you’ll see bids as they appear in the upper-right corner of your screen. This number will update every time you bid on our site.
Before you start bidding, we strongly recommend you watch a few auctions and – in so doing – take some time to familiarize yourself with the pace and the dynamics of an auction. On the home page you’ll see a section labeled ‘Live Auctions’ that displays the auctions that are currently running.
The timer counts down consecutively until it gets below 20 seconds. From that point on, the timer will reset to 0:20 seconds every time a bid is placed, thereby giving other users the chance to bid again.
If the auction persists after a certain number of bids (it’s not uniform from auction to auction), the timer will begin resetting at 0:15 seconds after each bid. Finally, if we feel the auction has gone on too long, the timer will reset to 0:10 seconds each time a bid’s placed. When the time expires, the auction ends and the last person to bid wins the right to purchase the item for the final price.
So earlier we established that options are good, right? When it comes to bidding, you’ve got two. (A) Simply select the bid button. Your bid will be recorded and your name will show up as the highest bidder. Each time you’re outbid by another user, you’ll need to manually click the bid button again if you wish to guarantee that you’ll win the item.
Option (B) is the Bid-O-Matic, which does your clicking for you! This feature is designed for you to go hands-free, or even Internet-free, as Bid-O-Matic will automatically place bids from your account, per your direction. Simply instruct it how many bids you’re willing to give up, and the price you want to start bidding at!
if 10 People participate in an auction only 1 can win that particular auction, its not only in this module even in the real time auctions. and everyone except the winner have lost in the auction, and all would have spend some numbers of Bids (Which has Value) and they all didn't get anything in return, which is not allowed or legitimate as per my knowledge, so we are giving an option to members who lost in the auction the Buy Now. when the loosing member choose to buy the same auctioned product (we shall have many numbers of the same product) we shall deduct the entire bids the member had spent on that particular auction, example if a member had spent 100 Bids which is equivalent to 100 Bids X $0.10 = $10 we shall deduct this amount from the actual product price and the member has to pay only the difference.
More to the above, the price of the auction will increase by cent. all auction will start with $0.00 Value and every time a member bids, the value shall increase by 1 Cent, $0.01, $0.02, $0.03, $0.10, $0.25 etc... Meaning if the value of the auction has reached $0.25 that means 25 Bids has take placed. (25 Bids X $0.10 = $2.50 Company had made) but this is not the profit because we shall return back when the members who lost the auction will buy the same product at Buy Now.
Product Value (MRP) = $50.00 Product Landed Cost = $30.00 Product AD on our Web Site = $40.00 (Buy Now / Discounted Price)
5 People participated in the auction and each spent 100 Bids. Which calculates to 500 Bids, then the Value of the auction would be $05.00 and if the Clock runs out the last bidder would be the winner and the member shall pay $05.00 for the product which worth's $50.00.
And the rest 4 members had spent 100 Bids Each means $10.00 each. and when these members buy the product we shall deduct $10.00 from the Buy Now Price and the member has to pay only the difference.
The winner of the Auction won, saved $45.00 The Loosing members saved $10.00 and had a great opportunity to win the Auction. The company made through Bids 500 bids X $00.10 = $50.00 and paid back $40.00 to the loosing Members when they used the Buy Now Option. And made $50.00 on Landed Cost. And paid the $45.00 Difference in behalf of the Auction Winner. So the company made a Total Profit of $15.00 in this deal.
If a member choose to buy the above-mentioned product without taking part in the Auction they are more than welcome, and at the same time if they want to take part in the auction they are welcome too. And in the middle of the auction if they choose to quit the and purchase the product we shall deduct what ever the Bid Value and the member has to pay the difference.
Some said, this is something like Lottery, and my argument to them is, in lottery people pay an amount and they get a voucher with some numbers, and in most cases 1 person will win or at times no one will win, now I spend $10.00 on a lottery voucher, and if I didn’t win, my $10.00 is gone for good, and I don’t get any options to get that money back, But in this concept, we are giving full money back to the members who are participating in the Auction and mentioned above.
Sir, as earlier mentioned, I had spend all what I had saved for in this project, and if you find any in-legitimacy please find me a solution to launch this idea.
The reason I started this is, every one wants to buy expensive products and enjoy expensive services, but not all could afford, and by doing this I can give a chance to some at least to own an iPhone or a 5 Star Buffet . because am a layman too.
Please don’t tell me its not legitimate, even if its legitimate please give me a solution.
Thanks and Regards,