Newegg Canada launches NeweggBids 'social bidding' auction site, allowing customers to bid on products based on what they feel they are worth; auction closes when group's average bid level reaches or exceeds predetermined sales trigger price

Cindy Allen

MISSISSAUGA, Ontario , October 29, 2013 (press release) – "Social Bidding" Site Powered by Smart SKUs Allows Customers to Collectively Bid for Popular Brand Name Products

Newegg Canada Inc., a subsidiary of leading electronics-focused e-retailer Newegg Inc., today announced the launch of its new auction site in Canada, NeweggBids (www.neweggbids.ca). Unlike a traditional auction format where bidders compete against one another to win, this revolutionary "social bidding" site, powered by Smart SKUs, combines various offers and creates a group bid with a stronger purchasing power. At the end of the auction, winners that are part of the winning group each pay the price they bid.

Each product has a hidden pre-determined sales trigger price, a set available quantity and is only available for a limited time. Rather than having to pay a set price, NeweggBids allows customers to bid on products based on what they feel the product is worth. The auction closes prematurely and the products are sold as soon as the group's average bid level reaches or exceeds the sales trigger price. If the promotion period expires and the average bid falls below the sales trigger price, the lowest bids are incrementally dropped and a revised average is created for a lesser quantity until the average bid reaches or exceeds the target price. Customers must be registered on NeweggBids.ca in order to place bids; however, membership is free.

"We launched NeweggBids because we wanted to offer a completely new way for our customers to shop and engage with us," said Chris Parsons, country manager at Newegg Canada. "NeweggBids also allows us to gather insight on what types of products our customers are interested in buying and what they're willing to pay for them. Over time, we'll use this valuable information to better serve our customers and provide the best possible shopping experience."

To register and shop Newegg Canada's social bidding site, visit www.neweggbids.ca.

About Newegg Inc.

Newegg Inc. is a leading electronics-focused e-retailer. Newegg delivers a world-class e-commerce platform and is committed to serving the online technology community, from tech-enthusiasts to small and medium-sized businesses. Newegg features a comprehensive selection of the latest computer hardware and consumer electronics products, detailed product descriptions and images, as well as how-to information and customer reviews. Newegg Inc. was founded in 2001 and is headquartered in City of Industry, California.

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