OhMyBidness is an online platform where you are able to buy top-notch consumer products enjoying a never-seen-before discount.
How can we make a profit selling an Ipad, for example, at £10?
We operate through an innovative ecommerce & auction business model whereby placed bids are not refundable. This allows our customers to buy the Item at a heavy discount while OMB makes a profit out of all the collective bids placed in that auction.
• Item on auction: Samsung 40-inch Smart TV
• RRP: £1,200
• Number of Bids placed for this auction: 3,636 (21 bidders)
• Value of placed bids: £ 1,454.50 (average of £ 0.40/Bid)
• Actual item cost for OMB (bought on BestDeal.com): £ 870
• Highest bidder: £ 368
• Profit achieved by OMB: £ 584
To cover our downside, at each auction we set a Reserve price of collective bids amounts. If the Reserve price is met, the auction starts; otherwise users will have their bids returned to their account and the auction ends without any winners.