How it Works @ TravelBid.com.my

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TravelBid.com.my is Malaysia's 1st Reverse Auction website to fully specialize in Travel & Lifestyle Products. It is created for today's online savvy and contemporary pop-culture audience, highly appreciative of innovative travel shopping, and buying it in style!

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How it Works @ TravelBid.com.my

  1. 1. TravelBid.com.my Escape · Explore · Enjoy In a regular auction, purchasers are allowed to place a bid on an item, which is the amount they are willing to pay in order to buy the item. The person who places the highest bid usually ends up with the item. With a reverse auction, however, the opposite is true. More specifically, buyers outbid each other by placing bids for the lowest amount they are willing to pay for a specific service or item. Generally, the buyer who places the lowest bid will secure the item. During the bidding process, each Bidder is required to pay an Administration Fee (herein known as "bid cost", in form of bid points) in order to place a bid. If your bid is not duplicated with others, and is the lowest among them, you would be a successful bidder. This is best illustrated with the following example: Website www.TravelBid.com.my Facebook www.facebook.com/TravelBid Email info@TravelBid.com.my Twitter www.twitter.com/TravelBid
  2. 2. TravelBid.com.my Escape · Explore · Enjoy Product Type : Travel Voucher for a 3D/2N Trip to Langkawi Trip Value : RM199 (Price you can expect to pay if buying from the normal market) Bids Required : 100 (Number of bids required to take place in order for an auction to end) Cost Per Bid : 2 Bid Points (Number of points deducted upon each bidding) Bid Increment : RM 0.01 (The bidding is conducted in minimum blocks of RM0.01) Bid Range : Between RM0.01 (The minimum and maximum range to bid on. Bidders can expect the final to RM10.00 product bid price to be not more than RM10.00. This range varies by product.) At the end of the auction, the lowest ten bids may look like this: Bid 1 : RM 0.01 Lowest, but not unique Bid 2 : RM 0.01 Lowest, but not unique Bid 3 : RM 0.08 Not unique, Not lowest Bid 4 : RM 0.08 Not unique, Not lowest Bid 5 : RM 0.08 Not unique, Not lowest Bid 6 : RM 0.63 Lowest Unique Bid Bid 7 : RM 0.85 Not unique, Not lowest Bid 8 : RM 0.85 Not unique, Not lowest Bid 9 : RM 1.03 Unique, but not the lowest Bid 10 : RM 2.34 Unique, but not the lowest Bid No.6 is the Lowest Unique Bidder and is awarded the auctioned product! He/She would only need to pay RM0.63 for the Langkawi Trip, and has therefore purchased the trip for: RM 0.63 (Bid Amount) + RM 2.00 (Admin Fee/Bid Coast. Generally, 1 bid point = RM1.00) RM 2.63 (Equals 1.3% of the Retail Price of RM199, with 98.7% Savings!) Website www.TravelBid.com.my Facebook www.facebook.com/TravelBid Email info@TravelBid.com.my Twitter www.twitter.com/TravelBid

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