By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    construction analytics
    5 Benefits of Analytics to Manage Commercial Construction
    5 Min Read
    benefits of data analytics for financial industry
    Fascinating Changes Data Analytics Brings to Finance
    7 Min Read
    analyzing big data for its quality and value
    Use this Strategic Approach to Maximize Your Data’s Value
    6 Min Read
    data-driven seo for product pages
    6 Tips for Using Data Analytics for Product Page SEO
    11 Min Read
    big data analytics in business
    5 Ways to Utilize Data Analytics to Grow Your Business
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Alternative Bidding
Share
Notification Show More
Latest News
cloud-centric companies using network relocation
Cloud-Centric Companies Discover Benefits & Pitfalls of Network Relocation
Cloud Computing
construction analytics
5 Benefits of Analytics to Manage Commercial Construction
Analytics
database compliance guide
Four Strategies For Effective Database Compliance
Data Management
Digital Security From Weaponized AI
Fortifying Enterprise Digital Security Against Hackers Weaponizing AI
Security
DevOps on cloud
Optimizing Cost with DevOps on the Cloud
Cloud Computing Development Exclusive IT
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Uncategorized > Alternative Bidding
Uncategorized

Alternative Bidding

Editor SDC
Last updated: 2009/03/24 at 2:46 AM
Editor SDC
4 Min Read
SHARE
- Advertisement -

Over the years, lots of different types of bidding systems have tried to unseat eBay. Some have bid extension (last bid extends expiration by 15 minutes, so no more sniping), some have various step requirements, some only handle B2B and bulk items (UBid is the most famous of these), but none have really lasted in the US. (Note that eBay is a 2nd stringer in most other countries: good, but usually not the leader. Who knew?)

Now, from Baton Rouge, La., comes a strange new play: UTurnBids.com. It’s kind of hard to explain, but basically, its like a reverse auction… only you have to be low and unique. So, let’s say 201 people are bidding. The first guy bids 1 cent for the item, thinking “I’m the lowest!”. Next guy bids 1 cent also, with the same logic. Now, they’ve canceled each other out. On down the line, as each person picks a low bid, if its duplicated, then it cannot win. This implies that in the search for uniqueness, you would try to go to 2 digits, and potentially 3, for your bid. At least, that’s the hope. They also hope you would bid multiple times to find the non-unique one, and they can make money that wa…

- Advertisement -

More Read

big data improves

3 Ways Big Data Improves Leadership Within Companies

IT Is Not Analytics. Here’s Why.
Romney Invokes Analytics in Rebuke of Trump
WEF Davos 2016: Top 100 CEO bloggers
In Memoriam: Robin Fray Carey

Over the years, lots of different types of bidding systems have tried to unseat eBay. Some have bid extension (last bid extends expiration by 15 minutes, so no more sniping), some have various step requirements, some only handle B2B and bulk items (UBid is the most famous of these), but none have really lasted in the US. (Note that eBay is a 2nd stringer in most other countries: good, but usually not the leader. Who knew?)

Now, from Baton Rouge, La., comes a strange new play: UTurnBids.com. It’s kind of hard to explain, but basically, its like a reverse auction… only you have to be low and unique. So, let’s say 201 people are bidding. The first guy bids 1 cent for the item, thinking “I’m the lowest!”. Next guy bids 1 cent also, with the same logic. Now, they’ve canceled each other out. On down the line, as each person picks a low bid, if its duplicated, then it cannot win. This implies that in the search for uniqueness, you would try to go to 2 digits, and potentially 3, for your bid. At least, that’s the hope. They also hope you would bid multiple times to find the non-unique one, and they can make money that way.

http://www.uturnbids.com/ContentImage/How-It-Works.aspx has a picture.

- Advertisement -

Clever idea. Of course, without lots of bidders, it seems that lots of very low bids (all odd numbers, of course) are winning: the Recent Winners shows some good grabs.

Anyway, thought it was interesting. I haven’t signed up to see if it tells you that your bid was duplicated or not. Also, their business model is the “bid credits” system, meaning that you pay to keep bidding (there are some free ones for small items limited to 5 bids a day).

I wish them luck, as I do for any company trying to make it in tech based in La. It’s a nice twist, and it’s fun to learn about how much effort goes into bidding systems. I’ve had the pleasure of chatting with some Yahoo! research scientists about pricing and bid theory, and there are more twists there than you ever expected. See the Auction Theory category in Wikipedia for a collection of topics.


Link to original post

Editor SDC March 24, 2009
Share this Article
Facebook Twitter Pinterest LinkedIn
Share
- Advertisement -

Follow us on Facebook

Latest News

cloud-centric companies using network relocation
Cloud-Centric Companies Discover Benefits & Pitfalls of Network Relocation
Cloud Computing
construction analytics
5 Benefits of Analytics to Manage Commercial Construction
Analytics
database compliance guide
Four Strategies For Effective Database Compliance
Data Management
Digital Security From Weaponized AI
Fortifying Enterprise Digital Security Against Hackers Weaponizing AI
Security

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

big data improves
Big DataJobsKnowledge ManagementUncategorized

3 Ways Big Data Improves Leadership Within Companies

6 Min Read
Image
Uncategorized

IT Is Not Analytics. Here’s Why.

7 Min Read

Romney Invokes Analytics in Rebuke of Trump

4 Min Read

WEF Davos 2016: Top 100 CEO bloggers

14 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence Chatbots Exclusive
data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Analytics Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?