The latest trend of E-Commerce in Malaysia - Online Auction

PennyAuction.com.my and MyBid.com.my are some of the famous online auction places in Malaysia which are offering public a new way to play auction.  Both of them very aggressive to advertise itself until I can found them either through Google Adwords networks or Facebook Ad.

How it works?

1. Register your account for Free

2. Buy your bids (usually sell in packages) via secure e-Payment

3.Choose your product and place the bid. Each new bid placed will make the price goes up by RM0.01 and count down time will be added extra second.

4. If you are the last bidder and the count down times reach ZERO, you will win the right to but the item at the current place (the last you bid)!!

I was monitoring the online auctions for couple of minutes and noticed many users are busy with the bidding. Some people may wonder how this auction make money, until can allow the winner of bidding to buy Apple Mac Book at RM79.19!!!

Let study this. A Nokia 5800 was bought by a winning bidder at RM22.59. RM22.59 is equal to 2259 bids. If one bid cost RM2, then 2259 bids is equal to RM4,518 or 4 unit of Nokia 5800!! The auction owners are really making good money. I believe more and more net entrepreneurs will start the same business soon.