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    Date submitted
  • 31-May-2015

Hotbid.vn- Hot Online Aunction Site

Abstract

Hotbid is an e-commerce website that offers an online marketplace for people to trade used items via auction. Currently in Vietnam, whenever people want to sell their used stuffs, they will post on their facebook or on product-listing forum. However, the market is limited within the networks when selling on facebook; also, unprofessional interface of forums with hundred of threads posted each day without carefully checking, scanning and classifying by administration system makes it difficult for users to sell items. Realizing this opportunity, Hotbid is created to help millions of Vietnamese people to sell their good-quality used products at better prices. We aim to create the first fair, safe and reliable auction website in Vietnam. Sellers can set the price they think their used products worth and allow other people to bid for better price. The regular bid will stay for 3 days, and if a seller agree to the price bid by potential buyer before closing day, he can close the bid and contact the buyer to move forward to transactions between 2 parties. The seller also have options to choose the runner-up buyer if the first one is not available. To ensure the quality of products, we require sellers to send us pictures and detail of the items for checking and verification before approving it to be on our sites. By joining our site, everyone is happy as both buyers and sellers can get the advantage of having what they want. Sellers can sell their products at higher price than they expect, and buyers can get what they want at the price they are willing to pay, and obviously, it is much cheaper than the stores' price.

For even more convenience, Hotbid also offers delivery service for sellers to ship their products to their buyers when register with us.

Additional Questions

Who is your customer?

Our potential main users are active Internet users, who feel eased in online transaction or people who love to try new things. + 18- 40 years old + Living in urban areas

What problem does this idea/product solve or what market need does it serve?

There is no official and reliable page for people to trade their used belongings such as furnitures, books, paintings and equipments. Owners of second hand items have to sell them at very cheap price comparing to the current condition of the products

What attributes will make this idea/product successful? Why do you believe that those features will create success?

+ Prioritize customers experience + Offer a C2C marketplace where both sellers and buyers receive benefits. Sellers can sell their products at higher price than they expect, and buyers can get what they want at the price they are willing to pay.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

We have to cooperate and work with each other to go through each stage of the development of our business from planning ideas, preparation and building website to implementing our launching and sustaining strategies. As the idea of establishing a marketplace where both sellers and buyers enjoy benefits through bidding function has not yet been done in Vietnam, Hotbid can havea chance to be the first and most professional online auction site if we could build good branding as well as offering excellent customer service to our users.