After reading the reviews here on SiteJabber, I decided to give this site a try. When I went in I didn't find any actual auction information; I registered, thinking that they don't share this information unless you are a registered user. Still no auctions. The page that they provide has links for FAQ and a Wiki, but none of them are working. It looks as if it's closed down or something.
Highly recommend this site, customer service is outstanding.
This is a young site, though, I can say from experience, auctions are carried out well, the look of the site is innovative & clean, & customer service is highest I've seen in the penny auction world. There is a forum implemented just for the users' take on how to change/better the site. The user data coming into the site is open to the public, displayed on a stats page, unique. -Quite promising.
There is not enough bidders. I have not seen one auction take place. Everytime I try to win, my bids are returned because the reserve has not been met.
Ok here goes, I have been an avid "Ebayer" for quite some time now both as a buyer and a seller. Recently I was turned on to penny auction sites & found Moloyo. I will admit at 1st I thought it was another typical scam and I was leary. I also have to admit that I was proven wrong ! The site seems to be honest and up front, and the folks I have talked with that run the site are good people. Hats off to you Moloyo- job well done. The only con I can see right now is that it is rather new to the market & is dealing with some growing pains. That could effect your bidding on items with a reserve set until word gets around and the popularity grows. But the worst that happens if the item doesnt meet the reserve is that you get your bids back ! Pretty cool in my book.
ahh yes...another penny auction site. One of the literally millions of them out there. If you have just found out about this site, just a warning...penny auction sites are not yet regulated by the FTC, but since they are basically close to a gambling site rather than an auction site you can bet the FTC will eventually get around to it.
a pretty funny article describing how penny auctions are evil business plans here
Moloyo is a well-designed community for buyers and sellers.
A combination of penny auction and social network, Moloyo lets users list items that they want to sell and set a reserve price for those items. Buyers have a chance to win expensive items at considerable discounts.
Moloyo is a new twist in the Penny Action genre. In this implementation, you can be either a buyer or a seller. Sellers but reserve amounts on their product, and then buyers bid like other penny action sites, buying bids but winning the auction based on the final bid price. If the reserve isn't met, the bids are returned to the buyer.
It looks right now like there isn't enough activity to support the model. What I have seen so far is a lot of bids where the reserve hasn't been met. I don't think I have seen a winning action. But, it is different.
long time penny auction user here
I agree with Tantrumm for the most part. once this site gets rolling I think it'll be hard to stop. I've spoken personally to the owner and I don't think this is your typical shill site. Hopefuly the traffic picks up, I wanna sell some stuff I've won on other PA sites!
Moloyo seems to be an awesome auction site. It's new, and therefore the only downfall I've seen as a bidder, is that there are few members on the site. There is a reserve on most items, but its pretty low from what I'm seeing. Items are sold by other users and not from one company, which is cool, because it's a win win if you're a bidder and seller. I won a Juicy Couture perfume for $5.40 today. Though others have won items for $.70, coach items as well, etc. I would recommend this to anyone looking for a great deal, they seem to have a lot of gift cards and things that bidders are looking for at a deal, as they are sold by bidders. They're also pretty cool about their bids, Black Friday deals and such. So, check it out - Moloyo.com.
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