BID4 is real-time bidding e-market place where customers can bid or use the buy-now functionality to purchase products and services. One of the key features of BID4 is the fact that only 10 people can bid per similar item, keeping competition high within a small group of enthusiastic buyers and giving the buyers the confidence and equal opportunity of actually winning a bid. We will also have an implementation of a compare API, which tells our customers how much our competition are selling similar items helping them make a buying decision without visiting multiple platforms.
Current Status
- Member of in5 tech incubator.
- BID4 is at a working prototype stage.
- Currently have meetings and negotiations with two angel investors.
- We have been chosen by Dubai start-up hub to join the community.
- We are the first RTB platform to only allow 10 people to bid per item.
- We already have access to over 5000 products and services ready for sale.
- Not a free market platform where anyone can post items and sell.
Market
Global market but currently targeting MENA.
Problem or Opportunity
Problems
- Converting shoppers into paying customers.
- Customers do not have the purchasing power since most products online have defined prices.
- Customers do not have an avenue to attend or engage in online auction events.
- Customers lack confidence if actually winning a bid due to the high volume of people bidding per similar item.
Solution (product or service)
Solution
- Autonomous and algorithm driven online application, which completes a full transaction in milliseconds on pre-set parameters. Depending on the demand of the product, the set timer for each transaction can range from 60 seconds to 24 hours
- BID4 will have a compare API infrastructure, which displays pricing data from other competition, hence making our customer make a buying decision on BID4.
- Only 10 customers can bid per item, increasing competition and maximising sale within a small group of people
- When the timer is over, the highest bidder wins the bid.
- Depending on stock availability, customers who lost the bid will be notified if they want to continue bidding in the next bidding window on the same item
- Bid 4 will also have a buy-it-now functionality on certain product
Competitors
- Christies
- Sotheby
- Ebay
- Emirate Auctions
Advantages or differentiators
- Only 10 people can bid per similar item.
- Compare API to provide customers with price data.
- Use app to engage in physical bidding and buying process, while remaining anonymous or absent.
- AI and geo-location to provide customers with tailored shopping experience.
Business model
BID4 generate revenue by charging each vendor a negotiable 10% commission upon sale per item and also from sales of auction events ticket both online and at physical locations.
Money will be spent on
- Online and Offline marketing
- Salaries for employees
- Migration to iOS and Android application
- Governmental and legal fees for utility patent
Offer for investor
To gain equity within our company every $100000 will give the investor a 5% stake in the company.
If you decide to loan us the money we will provide you with a 25% equity and payback within 0-5 years of the company going live and drop the equity down to 15%.
