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Everyone and their grandmothers are preaching the gospel of Kobobid these days. It’s not uncommon to find articles with catchy captions as shown below everywhere on the internet.
Even Instagram and Youtube comedians like Mr. Macaroni are promoting Kobobid with funny skits that make your stomach hurt with laughter. Kobobid is too popular to be ignored. Every corner you turn on the internet, it’s in your face. I did a traffic analysis of the Kobobid website and found it has over 4,900 daily visits and growing. Wow!
And that’s why this Kobobid review is important. You need to join Kobobid with the right expectations. Is Kobobid everything it presents itself to be? Is it a scam? No and No.
Are the promotions and ads misleading? Yes
I don’t need to get into much detail about what Kobobid is. That’s already pretty much covered by all the articles out there. Kobobid brands itself as a gamified e-commerce platform that grants you access to amazing deals on high-quality wide-ranging products. But let’s make it simple. On Kobobid the highest bidder (once the countdown timer stops) on a product gets to buy it. That will in theory mean expensive products can be sold as cheaply as possible. iPhones worth north of 500,000 naira can in theory be sold for as cheap as 10,000 naira.
If this sounds too good to be true to you, yes it is. Every advert, every skit out there about Kobobid is not showing the complete picture. And I don’t blame the advertisers either. Everyone is working to put food on their table and I’m not about to knock anyone’s hustle.
Enough said, here’s the truth about the Kobobids platform and why I don’t recommend it
- Kobobid works like a lottery. And what you should know about lotteries is simple: they are not doing you any favours and the house always wins at the end of the day. Penny auction sites like Kobobids are designed to make profits for their founders like every business out there. So it doesn’t add up that they’ll be giving out cheap products right?
Here’s the catch. Whether you win or lose, you’re paying. You have to buy bid packs to bid on kobobid and the chances of you winning in the bid are low. I know the ads make it seem so easy: Just go on kobobid, buy packs and win bids to buy products at the cheapest rates. In reality, you don’t get to win as often and you’ll need to buy more and more bid packs to win. Imagine 100 people paying 1000 naira each to buy a phone of 10,000 naira. Even if the winner of the ensuing bidding war eventually wins the item at 2000 naira. Kobobids already pocketed 100,000 naira at the beginning of the bid from the 100 users (100 * 1000 naira). This is just a quick example to explain how kobo bids work. So is it really worth it? You can keep trying and spending more and more money in purchasing bid packs without ever winning an item. Only one bidder gets to win each bid. And whether you win or not, Kobobid wins. In addition to the money they make from users, the platform has also partnered with many companies to promote their products.
Kobobid is nothing more than a lottery and there’s nothing wrong with that. They just need to spell it out to users.
You may only win up to a maximum of 3 (three) items valued at under 10,000 naira within a 24-hour period.
You may only win the bid on 2 (two) items valued at over N250,000 (Two Hundred and Fifty Thousand Naira) within a 30-day period. You may override this limit with a Limit Crusher, 15 days after your last win in this category.
No surprises. Kobobid is a lottery and the house must always win. I wish Kobobid will be more upfront about these limits in their adverts so users can have the right expectations going in.
- Auction sites like Kobobid are not new and the flaws in the system are well known. For example, The platform owners could easily rig the system by running software that could be used to push up the price (through fake auction participants) to make bidders pay more money in bid fees (bid packs).
- It uses false advertising and misleading language. I already covered that a bit above. When you lure thousands to the platform with the promise of purchasing cheap products yet fail to inform them of the complexities involved, it is unfair. All the ads make it seem like it’s so easy to win bids on the platform and purchase items at the cheapest rates. Whereas you have to be strategic to win and luck plays a huge part too.
- Users actually pay more for the product. That’s why many discerning consumers of penny auction websites like Kobobid realize it is not a particularly good deal because participants tend to pay more collectively than an item is worth.
- Penny auction sites like Kobobid can shut down at any time. The management of Kobobid knows this too and are playing it safe. That’s why the domain name kobobid.com will expire 2022-08-25. Of course, it could be renewed but that’s not the point. The point is platforms that register their domain names to expire in just 1-2 years are mostly scam platforms or unsustainable platforms that could be shut down by authorities at any time. Kobobid falls in the latter category.
You can join Kobobid for entertainment purposes or if you feel like gambling away some of your money, it’s fun and very addictive. So have the right expectations going in. it’s just another lottery system that depends on chance so play safe. Buy bid packs with money you can afford to lose and don’t go beyond your budget.
This has been a kobobid.com review
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