There has been little innovation in the online retail sector over the last 10 years compared to the change in the overall internet landscape. More than half of today’s top 15 most trafficked websites (Facebook, YouTube, Twitter) today did not exist back in 1999. Yet, of the top 15 most trafficked e-commerce websites today, just one of them did not exist back in 1999. This reflects an amazing lack of external innovation and disruption.
MadBid is a new online retail format that brings entertainment, skill and the potential for unbelievable value to its shoppers. MadBid sells pre-paid bid packages that allow users to bid for the right to purchase items at a large discount. Each auction has a countdown timer that resets each time a user bids, and each bid increments the auction price by £0.01. If the timer runs out then the highest bidder buys the product for the auction price. It is both fun and fast-paced, and big ticket items like new Mini cars are often offered, as well as many other highly desirable items.
MadBid was founded by Juha Koski in 2008 who was later joined by fellow founders Daniel Rovira, Madhur Srivastava, and Aleksi Asikainen. They are based in London and currently operate in the UK, Ireland, Spain, Italy, and Germany.
