NewswireToday - /newswire/ -
Singapore, Singapore, 2008/08/05 - HootWhat is officially launched. Based on the auction and crowd-funding ideas, HootWhat allows members to bid for items that will be much lower than the retail price of the item in market.
A new auction site has launched to take on the big players in the online auction industry with a different direction. HootWhat combines the idea of "Auction" and "Crowd-funding" together and aims to offer an much lower bidding price for individuals who are more budget constraints.
How does HootWhat works?
HootWhat will first list an new item for bidding, and this item will be given an maximum bidding price (cap); members who are bidding for the item are not allow to bid amount that exceeds the maximum bidding price. For each bid, members are required to pay a minimum processing fee for the bids to be processed, after which the bid will be confirmed.
The winner who win the bid will be the "Highest Single bidder" among all the bidders of that auction item. This means that if there are 3 bidders in the auction, the one with the highest bidded amount will win the auction. If happens there are more than 1 bidder with the same highest bid amount, the date/time of the bid will be considered; in this case, the bidder who bid earlier will win the auction.
Unlike conventional auction, items listed for auction are from HootWhat. No third party will be involved to list an item for auction. Therefore, it eliminates the trouble of verifying the authenticity of the member who wish to list an item for auction.
For every individual auction item, there will be a a "maximum price" tag, this ensured all members will not be able to bid more than the "maximum price" tag. Instead of competing and pushing the bidding price upwards, members will have to think of a price lower than the bidding price, but higher than other members. Additional, the bidding price of all members who participate is hidden from all members; only the latest bidded price will be shown. Therefore, it would pose an additional challenge towards the members.
Currently, there are only plans to introduce electronics products into the auction. But in the near future, HootWhat will be providing more range of categories of products. In the meantime, HootWhat will be giving serveral poll on ideas of what kind of products will be more preferred to the members of HootWhat auction system.
HootWhat.com, a portal run by Avental Solution is a online auction site to enable budgets individuals to own higher priced items without having to pay for the full sum of money.