Understanding Swoopo.com and digital cameras
You may have heard about Swoopo in the forums or seen the ads on websites and blogs. Swoopo.com is a concept that became popular in Europe and it is now picking up momentum in the USA. Already Compete.com has their website as one of the Top 3000 in traffic.
The most important thing with Swoopo.com and camera shopping is to make sure you understand that this is not an eBay alternative. It is not your typical online auction site. They are not a traditional auction site.
Swoopo is like a cross between Vegas and buying lottery tickets. If you take only one thing from this blog post, it is this:
"Every Swoopo auction has exactly one winner who gets a great deal and everybody else who bids loses actual money."
It is not for traditional bargain hunters
If you are the bargain hunter type who loves bargains and our Camera Deals blog, Swoopo is probably not for you. Unlike bargain hunting where you only spend money if you find a good deal you like, Swoopo is the opposite. You spend money no matter what and maybe, maybe, you win a great deal.
Entertainment and Excitement personality types
If you are the type who can spend hours and hours in the Vegas establishments and love the thrill of the game and the chase, then Swoopo is probably a good match for you. You will lose money, but you may hit the jackpot. There are no guarantees of winning anything ever!
How do you join?
1. You register (FREE) - must be 18 or older
2. You buy bids in packs of 30, 50, 100, 300, or 700. Each bid costs $0.75.
3. 30 times $0.75 = $22.50 - that's the minimum you have to spend to "play"
4. At this point, you should assume that the $22.50 is LOST.
5. If that makes you uncomfortable, EJECT now!
6. If you are comfortable with that, then you buy your first bid-pack
7. Find auctions you are interested in
8. Each time you bid, the auction price goes up a little bit, and you are charged $0.75
9. Each time there is a new bid, the auction is extended by a few additional seconds
10. You can place automated bids with the BidButler
11. When there are no new bids, a winner is declared
How they make their money
+ Digital cameras often have penny price-increments
+ Each new bid raises the price of the camera by 1 cent, but the bid costs each bidder $0.75
+ So if a digital camera that is worth $500 in the open market receives 1000 bids, it means Swoopo takes $750 (1000 times $0.75) in bid earnings and only spends $500 on the prize = $250 profit
+ the winner of this example would pay $10 (1000 times 1 cent) plus reasonable shipping (eg $13 S&H for the Nikon D5000 kit) to get her/his camera