Introducing ReefnBid.com

[Pieces of the Ocean]

What is ReefnBid.com?​

A one-stop, easy-to-use auction website where sellers and buyers gather to sell and bid on corals and anything related to the reefing hobby.

• Why ReefnBid?
  The reefing hobby lacks a one-stop auction site where sellers and buyers can converge on the same platform designed exclusively for the reefing hobby. eBay can be intimidating to navigate due to its broad audience and its long, high fee structure. Facebook groups aren't the right platform for scalable auctions. While some vendors run auctions on their own sites, it can scatter audiences, resulting in lower participation. Existing auction technologies on the market are designed to be plug-and-play, but they are challenging to work with and customize, leading to a poor user experience. ReefnBid.com solves these problems.
  
  
• Who built ReefnBid.com?
  ReefnBid.com is built by POTO (Pieces of the Ocean).
  
  
• Why did we decide to build ReefnBid.com?
  Since 2017, POTO has been the first to run live coral auctions on its website outside of eBay on a weekly basis. In a poll on R2R, users voted overwhelmingly in favor of auctions on our site over eBay. Speaking with fellow vendors, they expressed interest in running their auctions, but were hindered by the complexity of existing software. While we enjoy the friendly competition with other vendors, a thriving hobby relies on a vibrant marketplace that users love. Today, auctions are a preferred way for many hobbyists to buy corals, and POTO is uniquely positioned to build a platform for it. Over the years, we've learned that the key to successful auctions is selections and user participation. No single seller can offer all the corals available in the hobby. However, by bringing more sellers to the platform, it means more selections that will lead to higher participation, resulting in a more successful auction turnout for all sellers. Recognizing the mutually beneficial reasons to build an auction platform open to everyone, it makes sense to lend our success and experience to building ReefnBid.com.
  
  
• For Buyers
  ReefnBid.com will offer a wider range of selections and a user-friendly bidding process - a genuine auction website without unnecessary noise. Highlights include:
  • Sniping protection: If someone bids in the last minute, it will extend the auction end time by 1 minute.
  • Auto-pay: You can save your payment info and let ReefnBid.com automatically charge your card when you win an auction. We use Stripe, an industry powerhouse in online payment processing, to process payments securely and safely.
  • Mobile-first: Over 95% of our customers participate in our auctions on their phones. ReefnBid.com is fully optimized for mobile, end to end.
  • All won auction items will automatically be placed in your cart, making it easy to check out (for those who don't have Auto-pay enabled).
  • Seeing all your favorite vendors' corals on auction on one site.
  • And more!

• For Sellers
  In addition to the benefit of a wider audience for increased participation, sellers can expect to leverage a fully integrated dashboard for order fulfillment, including printing packing lists and shipping labels with either FedEx or UPS without leaving the platform. The seller program is part of the present roadmap currently under development.
  
  
• Low Fee
  Our plan is to only charge a small fee to the seller when an item sells. We will never charge anything for listing. If an item doesn't sell, you don't pay. During the beta, the site is completely free for sellers.
  
  
• Beta Version
  As we delve deeper into building ReefnBid.com , we've realized the magnitude of the website we're creating. We won't rush to launch the site and know that some issues are expected. To manage this effectively, we will launch the public beta of ReefnBid.com on August 27, 2023, with POTO as the first seller. Meanwhile, we will continue the private beta seller program, slowly onboarding select vendors, and have a tentative launch date for the public beta of the seller program toward the end of 2023. Yes, it means POTO auctions will be run on ReefnBid.com starting August 27th, 2023!
  
  
• Stay up to date
  Buyers: Visit ReefnBid.com and subscribe to get the latest updates on the site.
  Sellers: If you're interested in being a seller, please leave your information here.

 

[Charlie the Reefer]

It seems like a great idea, wish you guys the best of success and I plan to be a user.

One thing I might add is to enable the option for things like “sniping” (as opposed to de facto default). Auctions are a great way for a seller to get the best price for what they’re selling. I think popcorn bidding furthers this effect (to the benefit of the seller). I was surprised benefit to buyer was mentioned first. See the poll results:

Reef auctions with FIXED END TIME -vs- MOVING END TIME ("xyz" minutes after last bid): Which do you prefer?

Moving end time is a joke. This benefits the seller only by allowing the price to continue to hike up. Main part of the fun is competing with other buyers into coming up with the winning number that'll win you the auction at the very end. Sure there are sniping tools, just like there are hacks...

www.reef2reef.com

But as a buyer if you really want something in an auction it’s frustrating to know that you may be pushed out just because you can’t be present for the duration of the auction. For example, If there is an auction and I really like something, I will plan my evening around being present for the end of the auction for that one item. For this reason I will probably never participate in an auction where “sniping” is enabled. My time is just too valuable and I can’t afford to commit to an auction that “strings on”….That said I see where they can have their place. Thus, my suggestion to make popcorn bidding an option as opposed to a de facto default!

All in all I wish the best for your success in this endeavor and you have my full support! I’m all for mediums which consolidate our fragmented trading mechanisms in this hobby!

Best of luck.

 

[Pieces of the Ocean]

It seems like a great idea, wish you guys the best of success and I plan to be a user.

One thing I might add is to enable the option for things like “sniping” (as opposed to de facto default). Auctions are a great way for a seller to get the best price for what they’re selling. I think popcorn bidding furthers this effect (to the benefit of the seller). I was surprised benefit to buyer was mentioned first. See the poll results:

Reef auctions with FIXED END TIME -vs- MOVING END TIME ("xyz" minutes after last bid): Which do you prefer?

Moving end time is a joke. This benefits the seller only by allowing the price to continue to hike up. Main part of the fun is competing with other buyers into coming up with the winning number that'll win you the auction at the very end. Sure there are sniping tools, just like there are hacks...

www.reef2reef.com

But as a buyer if you really want something in an auction it’s frustrating to know that you may be pushed out just because you can’t be present for the duration of the auction. For example, If there is an auction and I really like something, I will plan my evening around being present for the end of the auction for that one item. For this reason I will probably never participate in an auction where “sniping” is enabled. My time is just too valuable and I can’t afford to commit to an auction that “strings on”….That said I see where they can have their place. Thus, my suggestion to make popcorn bidding an option as opposed to a de facto default!

All in all I wish the best for your success in this endeavor and you have my full support! I’m all for mediums which consolidate our fragmented trading mechanisms in this hobby!

Best of luck.

Thanks for the feedback and support. Sniping protection is an option that can be enabled/disabled by the seller. An icon will indicate to users whether an item has it enabled/disabled. I think that works along the line of what you described right?

 

[Charlie the Reefer]

Thanks for the feedback and support. Sniping protection is an option that can be enabled/disabled by the seller. An icon will indicate to users whether an item has it enabled/disabled. I think that works along the line of what you described right?

Exactly! Good deal.

 

[Pieces of the Ocean]

Reminder that we'll be launching beta this coming Sunday 8/27 at 12pm EDT. Excited to have you guys try it.

 

[hexcolor reef]

What guidelines do you in place for ppl who may send the wrong order or scammers who state they never received an item?

 

[Pieces of the Ocean]

What guidelines do you in place for ppl who may send the wrong order or scammers who state they never received an item?

That's a great question. ReefnBid's goal is to bring all sellers together, large and small. And it allows the buyers to decide who really succeeds on the platform. That's the beauty of a true auction platform. POTO has gotten our own fair share of criticism and was forced to act on those feedbacks or lose customers. Those that have quality corals and a good shipping practice will do well. Those that don't will be forced to step up their game.

In addition, sellers will go through an onboarding process that is more extensive than just filling out a form. Before you can list an auction on ReefnBid, you have to provide specific and personal information to the payment processor Stripe as part of their identity verification requirement. If you don't complete the process, or can't be verified, your payment account isn't active on Stripe. And if you're not active on Stripe, ReefnBid won't allow you to list. So it's only in a seller's best interest to provide honest and true information in a timely fashion so they can get paid.

For buyers who are bad actors, it's not something limited to ReefnBid. There are bad buyers on every platform. We will have a rating system that's two-way - seller and buyer can rate and give feedback on each other. But if you have a tracking # that says the package is delivered, you shouldn't have an issue with the bank.

 

[d5332]

What is in place to safe guard fake bidding?
i.e. shadow bidding to inflate prices and create ****