Unique Auction Site Swoopo Expands To Canada, Testing ‘Buy It Now’
It’s been a while since we last took a look at Swoopo , the “entertainment shopping” site that’s one part auction-house, one part virtual casino. Since launching in late 2008, the site has closed a $10 million funding round led by August Capital, and has grown to over 2 million members. Now, the site has quietly expanded to launch a Canadian portal , and is also beginning to test a ‘buy it now’ function on its German site that allows users to apply the costs of their previous bids towards the purchase of an item. For those that aren’t familiar with Swoopo, here’s how it works: the site uses a unique pricing model that invites you to purchase virtual “bids” for 75 cents, which can then be used to bid on goods ranging from video games to high-end televisions. Whenever you bid on an item, its price increases by fifteen cents and an extra 20 seconds are tacked on to the duration of the auction. Oftentimes items wind up selling substantially below their market value, but this lower price comes with some …
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