Contests2win.com has launched a bidding website, www.k3b.in. K3B or ‘Kam Se Kam Se Kam Bid’ is touted as the world’s first free online reverse auction property.
The property allows users to bid for a new and exciting prize everyday and works on the principle of ‘the lowest unique bid’ or ‘reverse bidding.’ The process involves bidding as low as possible and being unique at the same time, that is, no one else should bid the same amount. Such properties are highly addictive as users constantly strive to find that unique and low bid.
While similar models of reverse auctions exist on television, online and the mobile, they have been plagued by certain environmental conditions. Online users in India are yet to get accustomed to sharing credit card details over the Internet while on mobile and television, it is quite an expensive affair for many without any luck. On the other hand, K3B model does not need any payment and is based only on virtual bidding.
The company has claimed that the bidding site is its first property in the Web 2.0 domain. “We plan to launch such a new property every so often and build up several such winning communities. The value of such communities has never been so potent as the likes of Youtube and Myspace have proved internationally. So, watch out for the next big hit from Contests2win,” Raj Menon, COO, Contests2win, said.