Thursday, November 13, 2014

QuiBids Expanding Into Women's Fashion?

As penny auctions fall out of favor, more or less, with consumers (yes, the industry is not even close to its peak in 2010-2011 where a new site opened up every day in all kinds of niches, without regard to potential profitability), QuiBids is one of the oldest and most trusted sites still standing and going strong. However, it knows that it isn't going to see an expanding industry anytime soon, so it makes sense that QuiBids is trying to diversify. And it is doing it well.

Recently, QuiBids started featuring more items in women's fashion world. This is significant for a few reasons -

  • Women's fashion items have a very high margin. This means the mark-up for Buy Now is significant. On an average, therefore, it is easier for QuiBids to break even and make a profit off these items. I can guarantee their profit margins on this category are significantly higher than say electronics. 
  • QuiBids seems to be forming strategic partnerships. In fact, I wouldn't be surprised if they are actually getting paid for the publicity or able to get really nice deals on the items themselves. Mind you, these aren't world renowned fashion brands but the ones I'd classify more as "upcoming". The exposure these brands get from tens of thousands of QuiBids shoppers is significant - they don't (yet) have much clout. 
  • For the future, the fashion industry seems like a nice category to expand business in. It attracts a different set of users, who might be obsessed with a deal (if you don't believe me, check out a sample sale event in New York and you'll know what I am talking about!) in the fashion industry. They could then become regulars. 

QuiBids is slowly moving away from the traditional penny auction model and towards more lucrative eCommerce type business. Time will tell how they succeed. 


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