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Itâs finally here! Bido is excited to unveil quite a few changes to our auction platform. Only moments ago, we overhauled many things to make Bido better, and weâre enthused to share those changes with you. Thank you in advance for reading this message. Letâs get started:
The first of these changes is the introduction on Bido of something we call "BidoPrice". Itâs a new pricing format on Bido. Your BidoPrice is the absolute minimum price that you will accept in order to send your item to auction. Itâs âThe Price Of Engagementâ. When you select your BidoPrice, you should select an appealing price level that will encourage bidders to become engaged and participate. Itâs when bidders initially become engaged in an auction that will build pressure to the point where it gets heated and the auction is maximized for the seller. A successful auction has not one bidder but two or more. Use your BidoPrice to encourage bidders to engage early and attract subsequent bidding wars. When you submit your inventory for voting, the voters now vote on two things: the item (domain) itself, in relation to itâs BidoPrice. Your BidoPrice acts as a reserve, and as such we are essentially introducing voting for Reserve auctions. But donât think of it just as a Reserve, think of it as the price of engagement, and therefore select your BidoPrice accurately to encourage participation - by the voters, as well as the bidders. Learn more here.
The second of these changes is something we call "Vote For Profits". There were several weaknesses of the previous voting system on Bido, mainly: incentive for voters to participate. The fatigue voters experienced was unjustifiable. In addition, there was little reason for voters to share with other people what they were voting on, and worse - little reason to come back and continuously vote on items to go to auction. We feel that now, however, we brought a change that will address all of those core issues. Bido now makes you a partner in the profits for voting on auction inventory that sells. We call it "Vote For Profits", and weâre looking forward to paying you a lot of money. Now, when you vote on the submitted domains to go to auction, select the domains that you feel have a BidoPrice thatâs likely to sell. If the item gets enough votes and makes it to auction, and the auction sells with a winner, youâll get a percentage of the sale amount. The earliest voters earn the most. The funds are given by Bido from the typical Bido commission. Learn all the details here.
Buy It Now Pricing - You may now submit your inventory with a BIN (Buy It Now) price. While Bido encourages a price of engagement, we also realize that some sellers have a desire to include a Buy It Now price. The Buy It Now price must be double or more than the BidoPrice. That means your BidoPrice must be half or less than your BIN price. The cost to add a Buy It Now price to any listing is 1 Bido Credit ($8.88 each, discounts when purchased in bulk). A buyer may exercise the BIN (Buy It Now) option even before the item goes to auction, while itâs still up for voting. If an item makes it to auction by being voted in, the BIN option still remains. However, in an auction, the Buy It Now option is removed if bidding becomes within 25% of Buy It Now price.
In this release we also introduce Negotiations to Bido. Buyers and Sellers are now able to negotiate on items before they go to auction. In addition to accepting and countering offers, sellers are able to push any item to auction using the Buyerâs offer as a bid. To get started, visit the BidoPrice tab, and if the BidoPrice isnât acceptable to you, you may click the thumbs down icon to indicate to the seller that the BidoPrice is too high, and attach an offer.
Autolisting of Auctions with Preliminary Bids. Inventory on Bido that gets a Pre-Bid while still up for voting will now automatically be setup for auction. If the Seller has âautolistâ enabled from within their Selling Preferences, the timeframe from that setting will be used. If the Seller does not have autolist enabled, the auction will be scheduled for auction 7 days away, in the first open slot after 1PM Eastern. If the date falls over a weekend or a holiday, the auction will skip forward to the next available day. Bidders instantly know when they place their Pre-Bid the day and time the 1 hour auction will be held, as it is instantly displayed on their screen. Previously, if a Seller did not have autolist enabled, that Seller needed to pick their date and time of their auctions that got preliminary bids, and that step could cause some unnecessary delays. Now all auctions with preliminary bids will be setup automatically, so make sure your inventory list is accurate and up to date. You may check your submitted inventory from here.
The commission to sell on Bido is now 10%. The management fee for buyers has been eliminated. Previously the commission was 8% and previously, buyers paid a management fee on transactions. Transactions that are already in process and were already listed on Bido are subject to the old 8% commission, while new submissions are subject to the new commission.
Thank you very much for reading our message to you. If you have an idea for Bido or some feedback for us, please visit Bido.com/Feedback and please let us know. While you are there, you may vote up ideas that other people have submitted to Bido.
In addition to the large changes mentioned above, there are myriad changes peppered throughout the Bido website. Weâre committed to your success using the platform and we hope you enjoy the changes. Please get started, experience the changes, and submit your inventory at this time.
The Bido Chatroom is now open for your participation, hope to see you there. Thanks for your support and for reading along.
The first of these changes is the introduction on Bido of something we call "BidoPrice". Itâs a new pricing format on Bido. Your BidoPrice is the absolute minimum price that you will accept in order to send your item to auction. Itâs âThe Price Of Engagementâ. When you select your BidoPrice, you should select an appealing price level that will encourage bidders to become engaged and participate. Itâs when bidders initially become engaged in an auction that will build pressure to the point where it gets heated and the auction is maximized for the seller. A successful auction has not one bidder but two or more. Use your BidoPrice to encourage bidders to engage early and attract subsequent bidding wars. When you submit your inventory for voting, the voters now vote on two things: the item (domain) itself, in relation to itâs BidoPrice. Your BidoPrice acts as a reserve, and as such we are essentially introducing voting for Reserve auctions. But donât think of it just as a Reserve, think of it as the price of engagement, and therefore select your BidoPrice accurately to encourage participation - by the voters, as well as the bidders. Learn more here.
The second of these changes is something we call "Vote For Profits". There were several weaknesses of the previous voting system on Bido, mainly: incentive for voters to participate. The fatigue voters experienced was unjustifiable. In addition, there was little reason for voters to share with other people what they were voting on, and worse - little reason to come back and continuously vote on items to go to auction. We feel that now, however, we brought a change that will address all of those core issues. Bido now makes you a partner in the profits for voting on auction inventory that sells. We call it "Vote For Profits", and weâre looking forward to paying you a lot of money. Now, when you vote on the submitted domains to go to auction, select the domains that you feel have a BidoPrice thatâs likely to sell. If the item gets enough votes and makes it to auction, and the auction sells with a winner, youâll get a percentage of the sale amount. The earliest voters earn the most. The funds are given by Bido from the typical Bido commission. Learn all the details here.
Buy It Now Pricing - You may now submit your inventory with a BIN (Buy It Now) price. While Bido encourages a price of engagement, we also realize that some sellers have a desire to include a Buy It Now price. The Buy It Now price must be double or more than the BidoPrice. That means your BidoPrice must be half or less than your BIN price. The cost to add a Buy It Now price to any listing is 1 Bido Credit ($8.88 each, discounts when purchased in bulk). A buyer may exercise the BIN (Buy It Now) option even before the item goes to auction, while itâs still up for voting. If an item makes it to auction by being voted in, the BIN option still remains. However, in an auction, the Buy It Now option is removed if bidding becomes within 25% of Buy It Now price.
In this release we also introduce Negotiations to Bido. Buyers and Sellers are now able to negotiate on items before they go to auction. In addition to accepting and countering offers, sellers are able to push any item to auction using the Buyerâs offer as a bid. To get started, visit the BidoPrice tab, and if the BidoPrice isnât acceptable to you, you may click the thumbs down icon to indicate to the seller that the BidoPrice is too high, and attach an offer.
Autolisting of Auctions with Preliminary Bids. Inventory on Bido that gets a Pre-Bid while still up for voting will now automatically be setup for auction. If the Seller has âautolistâ enabled from within their Selling Preferences, the timeframe from that setting will be used. If the Seller does not have autolist enabled, the auction will be scheduled for auction 7 days away, in the first open slot after 1PM Eastern. If the date falls over a weekend or a holiday, the auction will skip forward to the next available day. Bidders instantly know when they place their Pre-Bid the day and time the 1 hour auction will be held, as it is instantly displayed on their screen. Previously, if a Seller did not have autolist enabled, that Seller needed to pick their date and time of their auctions that got preliminary bids, and that step could cause some unnecessary delays. Now all auctions with preliminary bids will be setup automatically, so make sure your inventory list is accurate and up to date. You may check your submitted inventory from here.
The commission to sell on Bido is now 10%. The management fee for buyers has been eliminated. Previously the commission was 8% and previously, buyers paid a management fee on transactions. Transactions that are already in process and were already listed on Bido are subject to the old 8% commission, while new submissions are subject to the new commission.
Thank you very much for reading our message to you. If you have an idea for Bido or some feedback for us, please visit Bido.com/Feedback and please let us know. While you are there, you may vote up ideas that other people have submitted to Bido.
In addition to the large changes mentioned above, there are myriad changes peppered throughout the Bido website. Weâre committed to your success using the platform and we hope you enjoy the changes. Please get started, experience the changes, and submit your inventory at this time.
The Bido Chatroom is now open for your participation, hope to see you there. Thanks for your support and for reading along.
