When you conduct a “reverse auction”, you are asking sellers to compete to obtain business. For example, say that you would like to buy an iTouch; people who have an iTouch would make an offer, versus the alternative, where you would go to a traditional auction service to look for the item directly.

I propose that by using a reverse auction service, you will increase your profit opportunities by:

1. Saving time from searching through pages of listings.
2. Gain clarification on what you need by the community instead of conducting time consuming research.
3. Get competitive pricing through the bidding process.

Here, I am measuring your profit as the difference between having someone bid on your need, versus the cost of finding the service yourself in addition to the final price received from the vendor.

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This entry was posted on Monday, January 7th, 2008 at 2:48 pm and is filed under General, ThemBid.com. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.