LiveBids Auctions has recently launched in a bid to take on South African hot shots like BidorBuy and international ones such as Ebay. These are all large tasks for any startup, so we’ve chatted to the co-founder Rory Vollmer and Paul von Hoesslin about their vision for the company.
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The team describes LiveBids as online buying and selling reinvented as it’s said to be the only social online marketplace to empower both the buyer and the sellers.
Though one feature that does sound quite novel is the pay-per-bid model, where would-be buyers purchase credits to bid on items. These credits go to the seller, which is how it is possible to purchase high priced items for nominal amounts.
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“Pay-per-bid is going to empower online sellers and those looking to make substantial profits,” argues Vollmer. “The model relies on the last bid made when the time expires. Should there be bidding in the closing moments, the process is extended by 15 seconds until there are no further bids. The sellers receive the pool for every bid made. Example R1 (100 bids) would equal R300.”
This feature goes alongside the traditional online auction model where items are sold to the highest bidder.
LiveBids says it aims to help buyers and sellers fully connect in trade with seamless transactions. Vollmer describes it as being an online marketplace that is simple, interactive and social. “It allows users to experience a real-time marketplace, buy products lower than the market value and socially follow buyers and sellers,” he says.
So far, the company has averaged a client growth of 35 alongside five new sellers per day.
Vollmer worked in auctioneering for a number of years and also runs an online retail jewelry store. Von Hoesslin is the technical co-founder and runs his own software development company.
LiveBids will help empower online sellers by maximizing the profits they can make on a sale explains Vollmer. “On the buyers side we give them the ability to purchase items at a fraction of the cost. Entrepreneurs trying to start up can utilise LiveBids to move stock,” he explains.
“The LiveBids tool is really a fundamental tool, that can allow any person, especially people in below the poverty line, to empower themselves and to liberate themselves,” Vollmer explains. “We want to be part of liberating the entire community — whether you are rich or poor.”