Some thoughts of Wigix
Wigix
Wigix which stands for Want It Got It eXchange, is prepared to be what eBay is not. Its an online marketplace that does away with hidden fees. The setup is inspired by financial market price matchingbuyers and sellers can list the prices they want to see, thus eliminating auction scams and giving sellers a competitive edge. 3
Some features include: no listing fees, all trades happen immediately, sales data tracking so that users can get accurate market prices. Wigix also has some social networking and community features like blogging, friends lists, sharing, Facebook data access, and inventory tracking. Users can also become category experts and earn a share of their category sales, they can also become SKU owners: any user can add a new item which is not yet registered in the Wigix database, making them the ?owner? Many people would say that it’s about time and that eBay should have done something like this years ago. 2
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The vision Chong and Lee shared was to create an online community where both buyers and sellers are empowered with the market knowledge and product knowledge they need to get the right price. The founders wanted to forgo the restrictions that online auction users face with fees, time lines and regulations. 6
Wigix is launching its online stock market platform for goods today, going up against the eBay auction model. The Wigix system is based on the bid/ask model used by NASDAQ and the other financial stock markets. Sellers offer any price for their items and buyers can pay the asking price or offer another one if they like. This new online trading model should help to eliminate problems like shilling and sniping. 1
There’s no shortage of eBay alternatives out there, but not all of them are as well put together as Wigix. Many alternatives sport attractive layouts but no community, or a large community with ugly pages and poor design. Wigix has both a burgeoning community and attractive design, complete with tools for both buyers and sellers that help them modify their pricing on the fly, keep track of bids and bidders, and get alerts when their item has sold or when they have been outbid. 5
Wigix is hoping to draw in sellers and disgruntled eBay users with its low fees and easy-to-use selling tools. The service doesn’t charge sellers any fees to list their items, only a fee when the item sells. If the item doesn’t sell, the service doesn’t charge the seller anything. Items under $25 are also exempt from fees. Wigix makes its money from charging fees from both buyers and sellers; when an item sells, a standard fee is charged to both the buyer and the seller. For more expensive items, the fee is charged plus a percentage of the item’s sale value. Additionally, Wigix charges no fees for placing an item up with a reserve or for posting “buy it now” items. Wigix also doesn’t charge hosting fees or fees for use of their exclusive seller’s tools, unlike eBay. 7
Wigix, which means WantItGotItExchange, is a new alternative to eBay that was recently launched. It easily provides a straightforward approach for users to get their hands on the products they choose. The first bonus of using this new service is that it will not charge sellers or buyers on items priced below $25. Not having to pay trivial fees on inexpensive products is a major improvement compared to eBay. The percentage of fees that Wigix charges are much easier to deal with. 4
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