Trust issues are considered the number one cause of relational breakups. Not just in romance, but in business too. The trust in businesses to deliver on brand promises, to be fair, transparent, and uphold integrity in big and small ticket transactions. Trust is such an important factor, yet so often underestimated in the world of business. In this case, when it comes to penny auctions.
Penny auctions are a variation of auctions found in other parts of the world where users can bid on big ticket items and win them at greatly reduced prices. This happens by increasing each bid by a single penny. Although the goal is to be the highest bidder when the auction ends, unlike traditional auctions, the starting price for penny auctions is zero and the auctions are timed, making them a cheaper, more fun alternative for bidding.
Everyday, people bid on penny auction sites without any real assurances or accountability of the process. This has weakened the level of interaction Nigerians are willing to have with penny auctions sites and even e-commerce sites – either as business owners or consumers – deeming them to be fraudulent at worst and money pits at ‘best’.
Startup e-commerce company Kobobid does not subscribe to either of these narratives. With the launch of their fast-paced bidding website, they are set to prove that the penny auctions industry is not only legitimate, but can also be transparent, enjoyable, and definitely rewarding when done right.
Kobobid offers users the opportunity to win and purchase a wide range of items, from household appliances, to gadgets, to even cars for really low prices. Sometimes, as low as N100. Their platform is Nigeria’s bold venture into penny auctions on a large scale, using their spin known as “kobo auctions” as an interactive model that aims to inject some fun into auctions and the Nigerian e-commerce webspace, while providing an alternate way for people to afford otherwise expensive goods.
From the get go, the company has taken all the doubts consumers have about penny auctions sites into consideration such as trust, transparency, reward, resource management, and have built their core values around them.
When it comes to trust, Kobobid takes pride in the source and quality of its goods, as they have partnered with top manufacturers and distributors across the world to provide users with authentic, high value items. Their bidding process is properly broken down for users in details across their site to allow for transparency in engaging with the platform.
In terms of users getting rewarded for the participation while still managing their two most important resources, time and money, users will quickly find out that Kobobid takes those aspects seriously. The timers for auctions across the site countdown rather fast (which is also an acronym for how they conduct their business at Kobobid) and the auctions themselves are not allowed to go on for too long.
This does two things – it keeps the competition between bidders lively and engaging, and it keeps the final prices for the items ridiculously low. In addition, if you don’t end up winning an auction, you can take advantage of their “Buy It Now” feature to purchase the same item at the same discounted final price.
Between remarkable features such as these and the company’s value proposition, Kobobid is determined to set a new course for penny auctions in Nigeria.
The company believes that given the opportunities and benefits that penny auctions provide participants, more people can have the chance to enjoy quality items and improve their general standard of living which in turn helps Kobobid with its vision to see everyone have access to the good things in life.
