[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]
Editor's Note: This post was published at the Carnival of Personal Finance #74.
Jellyfish has the potential to make us laugh merrily on our way to the bank to deposit our savings. It is a great tool that can be used for holiday shopping. Often, when we think of buying a gift or a commodity we compare the prices of the item at a brick and mortar store and its online equivalent. Among the online stores the most popular choice that comes to our minds is ebay. Generally most of the stuff sold at ebay is based on the model of auctions though we can use the Buy It Now feature to buy an item immediately. Those of us not willing to go in for auctions, might hop to sites like amazon, bizrate, edealinfo, yahoo shopping, pricegrabber, froogle, etc to do a price comparison. If the online store offering the lowest price (along with shipping and handling costs) beats the brick and mortar store we go ahead and buy it online.
But now comes Jellyfish with the idea of "reverse auction" through their Smack of the Day. Hang on tight, it is really fun! The way it works is that an undisclosed number of a particular item will be put up for auction starting at its regular price and FALLING in price every few seconds or might be every second. Buyers watch the price fall, waiting for it to fall further down every second or deciding to purchase it before the unknown quantity of items gets exhausted. In this game buyers also get to read real time comments from the Jellyfish community who are logged on and are tracking the reverse auction.
On the first day the event was held, 10 people got Apple 2GB iPod Nanos for FREE! 50 SD-P1700 Portable DVD Players were sold in the Smack, some for as low at $60. PowerShot SD450 Digital Camera never fell below $100.
[Please click on the above picture to see a bigger and clearer version of it]
Catching on the fever of reverse auction we chose to watch it too. The Smack of the Day is released sharp at On our day the particular item was a Microsoft Wireless Optical Desktop 3.0 Keyboard & Mouse. Its store price is $64.91. We did a price comparison at bizrate. Mwave.com offered the lowest online price for the same item at $32.90 (with Shipping & Handling). Jellyfish was offering FREE shipping and handling.
So with bated breath we remained hooked to our monitors till the reverse auction was over. The lowest price at which the item sold at Jellyfish was $11.73!! That means a saving of 81.93% over the store price and 35.65% over the lowest online price found by us. The deal stole the show and the fun of reverse bidding really added a thrill to shopping!
Since there is a different item every day the surprise factor builds up the curiosity to flock to the site to check which item was the queen of the show for the day. Here is a list of all the Smacks of the Day till date, the savings are really amazing!
Other than the Smack of the Day Jellyfish also offers various items from a network of merchants at several discount rates. Its standard practice is to share a part of its revenues from sales performed through CPA advertising on its site with its customers. That is a neat concept.
Check it out yourself and enjoy the thrill of reverse bidding! And no Jellyfish has not paid us to write this post for them. We genuinely liked the concept of reverse auction manifested by them and the cash discounts on most items at their online store. So we decided to share Jellyfish with our readers. Happy JellyFishing!