I got a PR email from a site called Lucky Chic. The email talked about getting iPads and other tech toys for almost nothing. They guarantee that their products are the real thing. When I look at the site, I saw bidding on items that looked like this.
I decided to register to check them out. Here’s what I learned.
- The price isn’t really $3.90, it’s $3.90 X 6 or $23.40, which is, of course, still insanely cheap for an iPad. But who knows how high the bidding would go in the next 2+ hours.
- You buy bid tokens for $.60 each. Each bid you place raises the price of an item $.10.
- You must buy bid tokens in advance in multiples of 10, 20, 30, etc. You cannot purchase more bid tokens in the midst of bidding on something. You cannot turn in unused bid tokens for a refund.
- If you don’t win the bidding war, the money is gone – spent. Once you fork over say, $18 for 30 bid tokens, the money is gone whether you end up with something or not. You pay to bid even if you don’t get the item.
I suppose if you are the person who wins the bidding and gets a fabulous tech toy for almost nothing you would be thrilled. The rest of the players are just screwed.
Really, lucky chic? That seems like a way to build loyalty and enthusiasm to you?