Penny Auction

Gobogie is an online auction shopping website where brand new products could be bought with a huge discount up to 95 % of its retail price . When users sign up for Gobogie , they are offered to buy and initial bid pack that has 100 bids for $60 . (price per bid =60 cents ) . Most of the auctions start at a price of $0 and every auction has a certain timer that keeps decrementing , when the user clicks on the bid button the auction price is increased by $0.01 and one bid is decremented from the bid balance of the user . The timer keeps decrementing while users are bidding until it reaches ten seconds , at that point when a user places a bid the timer is reset back to ten seconds. The auction ends when the timer reaches zero and the last bidder is announced as the winner . The user then pays for the final price of the auction and the product is shipped to the user .

Buy Now Feature

In case any of the users did not win an auction they participated in , They have two hours after the auction ends to use the buy now option where it is calculated how much money the user lost by multiplying the number of bids used and the price per bid (0.6 ) . The user gets that amount lost as a discount from the retail price of the product , The user then pays the remaining amount and the product is shipped to the user.

Buy Now Feature Example

Let's say a user lost an auction on a product that has a retail price of $500 and 100 bids where used by tat user in that auction . The user gets a discount of (100*0.6) =$60 . The user pays $440 and the product is shipped to the user .