The wellbid.com Service belongs to the entertainment shopping segment on the Internet. Entertainment shopping is a specific method of shopping that combines obtaining a product with less tangible emotions than is associated with shopping. The market of online entertainment shopping is an alternative to shopping at online stores.
The Operator of the Service is the company Welmory Limited conducting auctions in Europe and the USA. Wellbid.com Service is systematically developed. Our goal is to offer users the most interesting forms of competition for exhibited items as well as to provide the most attractive prices of goods and services auctioned.
The idea for the site originated from observations of standard auction sites available on the Internet. Typical Internet auctions have deviated far from the classical concept of auctions that have a very long tradition and are organized, for example, by auction houses dealing with the sales of art works. In a classic auction an item is offered at a starting price and those persons present who are participating in the auction outbid the current price by a specified amount. The auctioneer strikes with a hammer three times and the good is sold for the last stated price unless someone offers a higher price before the hammer strikes the third. The Welmory Limited Company has decided to create a website that reverts to the classical approach to auctions. The traditional auction house has been moved to a virtual space, and bidding does not require the direct presence of participants. The three strikes of the hammer was changed to a clock which measures the time to the end of the auction when no further bids are given (according to the current price - 60, 30, 15, 10 or 5 seconds).
