If you have recently signed up to MadBid and bought a credit package thinking you can buy an iPad for £10, please read this article because it will explain what MadBid credits are and how to use them.
MadBid does sell products for an average discount of up to 80% but this is not a guarantee. Products selling in auctions for huge discounts are only available if you are the auction winner. Example, if you win an iPad for £80, you will need to pay £80 plus shipping in order to receive it. If you spend money bidding for the iPad and you did not win it, you can use the full value of the credits spent in the auction to purchase the iPad for the retail price which is around £400.
Speaking about value of credits, this is how your money is converted to MadBid credits. If you buy a credit package worth £27.99 which is 275 credits, the value of 1 credit would be 27.99/275 = £0.10. Now, if you get the Buy One Get One Free offer, this is how the value of your credits changes: 27.99/550 = £0.05 value of 1 credit.
The purpose of the Buy One Get One Free offer is to give customers extra fire-power in the auctions, when you are bidding to win, the last thing you want is your credits to run out. The extra credits also help with bidding strategy, allowing customers to test the bidding patterns that work for them.
Credits can get a little confusing when you are bidding in more than one auction.
If you join an auction by clicking Bid, you will instantly see your MadBid Buy Now price discount, which is the retail price – credits value spent in the auction. Should you choose to purchase the product you Bid on without waiting for the auction to close, look at the price under the auction closing price, this is what you would have to pay if you wanted to buy the product. This is great if you want to buy the product already, because you can have fun competing in the auction, but at the same time see how many credits you are spending so you can stay fully in control.
Now, let’s take another scenario, let’s say you are just trying the website to see how it all works and have a bit of fun or trying to pass time (MadBid was voted as one of the top 10 ways to beat boredom, which we are quite proud of). You have £27.99 to take part in any auctions of your choice, you have taken part in 3 auctions and won 1. What happens to your £27.99? Well, the credits you have placed in the auction you won are not returned as you probably already have a sweet deal on the auction closing price, but the credits you spent in the auctions you didn’t win, will automatically be reimbursed in your Earned Discount section.
Your credits have not been reimbursed? Don’t worry this is not a scam.
Earned Discount credits are only reimbursed when the auction closes, so you will have to stick around until the auction closes in order to get the value of your credits added to the Earned Discount section.
What is the deal with Earned Discount?
This is a feature that you will only see on MadBid, and the idea behind it came from one of our Customer Advisory Board webinars, so thanks madbidders, great idea. Going a bit more in-detail, the example that follows will explain exactly what happens to your credits from Auction to Earned Discount.
Example: You have purchased 550 credits at £27.99 which means each credit is valued at £0.05 (remember the calculation we done above?). You have your credits and now have joined an iPhone auction. For the sake of this example, let’s say you have placed 400 credits in this auction through your Autobid, which means you have spent £20 in this auction. Now, let’s say the auction is going on for too long and you don’t want to carry on bidding, so you leave the auction to go grab some dinner. The new Earned Discount feature will wait until the auction to closes, it will calculate the value of your spent credits in that auction (or multiple auctions) and will take the value of the spent credits in the auctions that have closed and you have not won and add it to your Earned Discount section. So, do not be surprised when you log onto MadBid in the morning to see £20 Earned Discount.
What to do with Earned Discount.
This is entirely up to you. If you click on the tab that says Earned Discount, you will be able to see products that you can purchase using your £20. You will already see the discount price deducted from all the prices in the Earned Discount shop. Example: If you have £20 of Earned Discount and you see headphones you like that cost £30, you will be shown a price of £10 to pay in order to get the headphones shipped to you. For the types of headphones available on MadBid and which ones to get, read our headphone review. If you feel like you still want to get back to the auction fun and win more products, you can also use your £20 to buy more credits (please note the credits you purchase in the Earned Discount shop are free with no monetary value, because it would be a never ending cycle).
You should shop on MadBid if?
- You are on a look out for brand new gadget
- If you want to have a bit of fun with your shopping
- If you want a good deal on your gadgets.
I forgot to also mention that you do not need to take part in auctions to enjoy discounts on your favourite products. If you think heading down to the Apple store to get your iPhone is the only option, watch out, on MadBid an iPhone 5 64GB costs £599 whereas in the Apple store you are bound to pay over £700.
Revolutionising e-commerce does not happen overnight, so get involved and let us know what you would expect from a fun shopping website. We have already implemented product tracking on most of your deliveries and have listened when you said you wanted extra storage space in your gadgets (the Microsoft Xbox 360 has 250GB worth of storage) so let us know what else you would need to make your MadBid experience one you can come back and use over again.
Oh and one final thing, we are also bringing in a few new products to see how you like them. So enjoy auctions for a Samsung 15.6″ Core i3 6GB LED HD, LG Nexus 5 16GB and Kindle Fire HDX. I wonder if they will make it to our most popular products list.