Sold.my Is Not A Scam!

By Zairina Zainudin

KUALA LUMPUR, Jan 31 (Bernama) -- Since being introduced in Malaysia a year ago, the pay-to-bid website Sold.my has been steadily winning over customers.

It has literally went viral among the netizens and adventurous individuals in the cyber world.

Sold.my is an innovative auction website that offers users the chance to win brand new and luxury lifestyle products as well as services at greatly discounted prices.

The site is owned and managed by Soldgers Sdn Bhd, a Malaysian based company. It is affiliated to Singapore's premium online shopping website Sold.sg.

THE ACCEPTANCE. A SCAM OR NOT?

Sold.sg and Sold.my co-founders Angeline Tham and Tian Qiuyan told Bernama that the site initially was viewed with suspicion with some thinking it was no more than another Internet scam.

However, after the winners received their goods and the bidders were satisfied with this system the people were convinced that it was a real place to bid and not a scam.

"The community began to believe in the validity of this auction, the testament to this is the increasing numbers of registered bidders," Tham said referring to the 40,000 bidders registered at the site.

According to Qiuyan the auction runs transparently without any internal party interference or intervention in order to ensure the authenticity of the bid.

"Employees, family members and those who work closely with our company are not allowed to participate in any of our auctions. This is strictly stated in our policy," she said.

HOW DOES IT WORK?

To begin, the bidders must purchase some tokens from the site at RM1.50 each as the auction session is conducted using the tokens only.

Six different types of auctions are available -- manual only, five sen, one sen, free auctions, beginner and normal.

"There are strategies involved that make the auctions a lot more challenging and entertaining.

"We recommend that everyone read the tips page beforehand to learn of the strategies to help them win the auction," explained Qiuyan.

She noted that bidders were allowed to use nicknames, instead of using their real name, to simulate the real auction mood and environment.

"We use nicknames that can also refer to the bidder's personality and their strategy," she added.

VARIETY RANGE OF PRODUCTS OFFERED IN SOLD.MY

A whole variety of items is available for auction daily such as Playstation 3, iPads, iPhones, digital cameras, television sets, airline tickets to popular destinations, spa vouchers and many more.

Tham stressed that the items were brand new and sourced directly from suppliers and vendors with accompanying guarantees.

"We work with reputable local suppliers as it will be easier in terms of the product availability, distribution as well as logistics," she said.

There are variety of goods offered in Sold.my with priority given to technology and electronic gadget that are among the latest in the market.

Among the recent completed auction were Apple iPhone 5 which was sold at RM149.60, Olympus Stylus XZ-2 compact camera (RM9.30), Logitech desktop wireless MK710 (RM1.10), RM100 Topman voucher (RM1.05), Playstation 3 Slim (RM7.40), Garmin NUvi 50 LM GPS (RM1.21), Apple iPad Mini (RM4.80) and RM200 Ikea voucher (RM0.85).

PLAN TO EXPAND INTERNATIONAL PRESENCE

After successfully making its presence in Singapore and Malaysia, the company is planning to expand its wings in other regional market.

Both of the co-founders revealed that Southeast Asia countries were in the list with Indonesia included in the near-term.

In order to stay competitive and sustainable in the market, approximately 30 per cent of the group revenue will be put aside for the research and development purposes.

Sold.my will continue to grow its market in Malaysia and partner with more suppliers to increase its offerings on the website.

By end of this year, the company aims to have 100,000 registered bidders. The company also plans to roll out two new business segments at the site called 'Shop' and 'On Sale' within the first half of this year.

For more information and for those who are interested to bid, just log on to the website www.sold.my.

-- BERNAMA