Here is another potential haunt for online shopaholics. LoveLabels is set to launch in May 2011 and promises to be the next happening destination in the area of online auctions and entertainment shopping. The site will be bringing under the hammer a range of goodies including luxury products for men and women and high-end electronics. The sites USP is that bidders could walk away with merchandise from Rolex, Gucci, Apple, Tiffany’s and more at discounts of up to 95 percent.
It goes like this. Interested bidders register at the site for free and get five complimentary bids. Members can buy bids in advance for $0.98 each. The bidder then finds an item to bid on. Each bid raises the price of the item by 1 cent and the time for the auction rises by 20 seconds. The auction ends when active bidding ceases. The final bidder who takes home the item, ends up paying what is potentially a mere fraction of the cost.
Even if one does not end up winning at the penny auction, the item can be bought from the LoveLabels store, using one’s total bids as discount on the retail price. The free-shipping policy is yet another clincher in the auction site’s favour.
LoveLabels.com CEO, Victoria Vo has assured that the site will not resort to computer-generated bidding to raise bids. She added that employees of the company are not allowed to bid on the site. From June, the site will tackle charity auctions as well. LoveLabels has their own charitable initiative, “Pennies for a Cause”, where 100 pennies per auction are donated to The Shriners Hospital for Children.
Via: Newswire Today