Website: Moloyo.com
Testimonials: Click here
Terms of Use: Click here
Alexa Information: Click here
Contact Information
- Phone: 205.210.8088
- Address: P.O. Box 1435 / Northport, Alabama 35475 / United States
- Email: team [at] moloyo.com
Promotions:
- None currently
Detailed Description
No longer will auction sites make all the money, it’s time for the users. Moloyo.com is many things; it’s a penny auction, a social network, and a basic auction site. Not only are users able to bid, but they are also able to sell items.
The site is setup with three distinct characteristics; it’s a penny auction, a social network, and a basic auction site. Not only are users able to bid, but they are also able to sell items. All that we require is that the seller has a verified Paypal address, which Moloyo verifies with a custom app through Paypal.
How it works
For the opportunity to win an item at auction, you need to be the winning bidder at the end of the auction. Bids cost $0.75 per bid, but the bid only increases $0.10 each time a bid is placed. Users buy bids which they can then use to bid on and win items put up for auction – by other users! Users can list and sell their items just like any other auction site, but the unique part is their items typically sell for only a fraction of what they’re worth, but they still make a profit much higher than what they set out to sell that item for in the first place.
Social Features
As a registered user on Moloyo, you are not only joining a auction site, you’re also joining a social network. You can be friends with users, follow users, follow items and even favorite items to save for future use. You can also private message other users, view your history, and leave feedback.
Bids Start As Low As: .75 cents
Special Features:
- Ability to list and sell your items at auction, anytime
- Profiles and storefronts, friendships, follow items, and many more social features
- Sellers receive money from both their final auction price value, along with the bid money from their auction
- Ability to set a reserve on your auction
- Sellers first need verified Paypal accounts in order to list an item for auction as added security.
Social Networks
Interesting concept. The 10 cents price increase per bid is unusual, but that could be a good thing. You can cram a lot more bids into an auction before you reach the net expected value threshold when the price increase is 1 or 2 cents per bid.
Yep, it’s one of the ways we’re tried to keep the auctions and everyone involved honest.
Seems like most auctions dont meet their reserve. Any thought of decreasing the reserve requirement?
Hey Rob, I like the name.
We’ve had as of today 225 auctions sell. It’s definitely hit or miss right now traffic-wise, but we’re only 11 weeks old. I understand where you’re coming from, but we’re a user-generated content site, so it’ll take some time for us to gain momentum. At that point, with enough users, I think the reserve won’t be so apparent and ‘in your face’ as it is now.
There is the option to sell an item without a reserve, but we certainly need to have that choice in there. If you were a seller, would you sell an item without a reserve, or would you prefer to use one?
Thanks for the reply.
As an end user I would only concern myself with my overall take home for each item and all my items as a whole. I’m not sure how the details are for a seller account b/c I haven’t signed up for one.
But the math is pretty simple. The average cost per bid is $.75 to the bidders. The auction reserve calculation is exactly the same 7.5/1. These numbers make the a seller content with the amount of risk they are taking by guaranteeing a 75% return on the MSRP. That’s pretty high in my opinion.
I would suggest moloyo making the numbers a little more aggressive for sellers. Meaning maybe you guys payback 8.5/1 or 9/1 initially to get traffic. Honestly, I purchased $20 worth of bids before really understanding how the reserve worked. I hung around a couple auctions, but no one was bidding. Thus, I rarely return to the site b/c I get frustrated when I’m not given the opportunity to win b/c there is no competition.
Don’t want to sound like I’m being hard on you guys. I love the idea of a hybrid between Ebay and a penny auction. I really hope you are successful. I’m just giving you my $.02
Best of luck!
Does anybody know what’s really going on with this site? It appears they may be relaunching, I would live to get a sneak peak of whats to come.
wow, this is the exact idea for a site that I’ve been developing for over a year now, no exact launch date yet, but I’m still planning to launch
As a full time online retailer I am curious as to trying some of my consumer electronics on this website. Per bid how much does the seller recive of the .75 cents?