In the two weeks since we’ve been back, we’ve ran over 100 auctions. Thanks to all buyers and sellers who have been with us during this exciting part of our journey. During this time, on average, we’ve sold 1 in 8 auctions, with an average sale price of $251. These numbers will fluctuate as time goes by, but it shows us that our system still ticks like a clock to this day. Our intention is to keep these and other metrics balanced in a favorable level and perhaps ever-improving.
Quick Stats aside, we’ve made some changes during these two weeks in order to increase the quality of the listings:
Sellers may only submit 10 domains per day. This change encourages sellers to carefully review their portfolio and not just unload a large list of unrealistic or low quality inventory into the system. In turn, the voters are less fatigued and don’t need to tread through never ending and cluttered lists of inventory up for voting. We also know that sellers are frustrated when their inventory gets bumped off the cliff by an unscrupulous seller clogging the pipes, and so this change to throttled submissions we know will really hit home. We’ve been listening, watching, and adapting, and we didn’t stop there.
In addition to that lovely change, we’ve increased the time that auctions run to 4 (four) days. No more here one day, gone the next. The auctions on Bido are front and center to a wider audience, and in turn, buyers and sellers all benefit. Sellers who take the time to submit high quality inventory are rewarded with long time exposure on the Bido homepage. Our advice: take 5 minutes, identify your 10 best domains for sale, put prices next to them, and submit them to the crowd. We know it takes a few minutes of your time, but this time is well rewarded if you’re bringing quality inventory to the table. The truth is that there’s never been a better time than now to list your domains with Bido.
One of the other ways that we’re clearing out low quality inventory from our auctions (that’s right, we said it) is that we’re handing out less complimentary voting points. This means less domains will be voted in, and we’re perfectly fine with that, and you should be too. Here’s a few reasons why. For Voters: We feel that this will open new opportunities for voters because A) good inventory just might hover in the Recent Listings tab ever so slightly longer, and therefore, you now get more of a chance to spot a gem to cast your vote on, and B) as these new changes at Bido make their butterfly effects, more and more sellers will come forward with higher quality inventory, giving you even more opportunities to earn money for voting for those high quality domains into auctions that end with sales. For Sellers: Your auctions wont be drowned by other auctions that really should have not made it to auction in the first place. More exposure will equal higher returns. For Buyers: Please retrain yourselves to check our inventory lists more carefully. The changes are still making their ripples and full circles, but if you spend the couple minutes to check our inventory emails that we send out almost every day, you will probably find something of interest. Now would be a good time to review your settings and make sure you are subscribed to the emails. Click here and make sure you have enabled the setting that will notify you via one “daily digest” email about all the day’s auctions. The “Daily Digest” is the one you want enabled. There are opportunities if you look for them. Coming to the site rewards you farther, please don’t just check and rely on the email. For example, on the Bido.com site we list revenue stats, when provided by sellers. In fact, there’s currently an auction for a revenue producing domain that the seller states is earning in nearly 1 (one) month what the current bid is at, the reserve has been met, and the auction ends in less than a day. Visit the Live Auctions tab and click to show “Items with revenue”. There’s gold in there and it’s easy to dig for.
Now that we’re back in motion, we’re on a roll. We have work to do, and a lot of it. We want your feedback. As we move in the direction to help the community and as we build what is needed to allow you reach your selling goals, and for buyers, your buying goals, we appreciate your support. We know you have choices when buying and selling your domains, and we hope you consider us if what you are looking for is a great experience, quick turnaround, and favorable results. Thanks for reading. All comments appreciated, and we’ll see you in the auctions.