Does MadBid Scam You – Let’s Look at the Facts
Published 31-01-2014 | Updated 07-10-2022
Back in 2008, the founder of MadBid was determined to enter the already controversial shopping market of penny auctions; however the vision he had was something entirely different to the unpredictable and unclear functions of many penny auctions. So let’s have a look at the why this question keeps creeping up, does madbid scam you.
After talking to customers and consultants, the answer seemed pretty clear, people wanted value for money, entertainment and transparency. This is where MadBid’s mission was formed: to disrupt e-commerce with fun shopping, valuable products and provide customers complete transparency.
MadBid was making losses on over 70% of the products that were auctioned, from the Mini One that sold for £6.38 back in 2008 to the Skoda that sold for £45 in 2012. With the auctions becoming increasingly fun and attracting a lot of bidders, MadBid turned their attention to the shoppers that were not always winning the auctions. This is where the horrible question was born: is madbid a scam? MadBid wanted to shout about the amazing savings people were making by winning auctions but it seemed to be translating into something different, people were expecting to buy an iPhone for £5.
MadBid went back to the drawing board and started working on ways it can ensure customers can always be in control of the money they spent when taking part in auctions and understood clearly how the auctions worked.
Reasons why MadBid is not a Scam:
– MadBid has had TV adverts running since 2009, which means advertising bodies need to have a lot of evidence about auction winners and the auction model to allow the company to air their adverts on a regular basis
– MadBid voluntarily asked the 5th largest accounting firm in the world to review its auction model so that their findings would be available to all customers. You can still find the MadBid BDO report here.
– MadBid has also been analysed and evaluated by industry leaders, from Tech Track 100 to E-commerce Site Innovation awards who commemorated the company on the shopping innovation it was bringing to customers
– MadBid is also supported by the Skype founders investment firm Atomico
And even with all of this, MadBid has been getting over 3 million registered shoppers visiting the website and has in place a passionate customer service team, but the question still creeps up ‘does madbid scam you?’
The simple answer to this is, well no. MadBid has just developed a new feature called Earned Discount which allows customers to see where their money is going and ensures customers do not lose a penny. MadBid’s buying department is also working hard to make sure the MadBid warehouse is packed with products that customers want to see in auctions.
After 6 years of developing and growing the company to ensure customers enjoy their experience, MadBid is too busy innovating to think about scamming or jeopardising the customer experience for website visitors. We have our mission which is to disrupt e-commerce and scamming people is for sure not going to get any company far.
MadBid is always improving its service to ensure the company is fully transparent and is constantly looking for ways to make the user journey as seamless as possible. Feedback is always welcome, so if you wish to share an idea or want to comment on the MadBid business model, feel free to send us an email to [email protected]
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