View source for Beezid

{{More citations needed|date=March 2017}}
{{Infobox company
| name             = Beezid
| logo             = Beezid.com_Logo.png
| caption          =
| type             = Private
| traded_as        =
| genre            = <!-- Only used with media and publishing companies -->
| fate             =
| predecessor      =
| successor        =
| foundation       = {{End date|2008|06|06}}
| founder          = Max Bohbot
| defunct          = {{End date|2016|10|11}}
| location_city    = [[Montreal]], [[Quebec]]
| location_country = [[Canada]]
| locations        =
| area_served      = [[United States]], [[Canada]]
| key_people       =
| industry         = E-Commerce
| products         = Online Bidding Fee Auction with "Buy It Now" option & Store
| production       =
| services         =
| revenue          =
| operating_income =
| net_income       =
| aum              = <!-- Only used with financial services companies -->
| assets           =
| equity           =
| owner            =
| num_employees    = 50
| parent           =
| divisions        =
| subsid           =
| footnotes        =
| intl             =
}}
'''Beezid''' was a Canadian online retailer and [[Bidding fee auction|penny auction]] website located in [[Montreal]], [[Quebec]].
== History ==
Beezid CEO Max Bohbot had previously worked on developing other E-commerce websites, and decided on the bidding fee auction model after observing its success in the European market. Following nearly a year and a half of development, Beezid launched in October 2009.<ref name="auto">{{cite web|author1=Patryk Fournier|title=Beezid Online Auction: Easy as 1 2 3|url=http://www.umm.ca/articles/article.php?article_id=1492|website=umm.ca|publisher=Urban Male Magazine|accessdate=12 February 2015}}</ref> The company's name is a play on the word "bid," using a form of slang similar to izzle-speak.<ref name="auto"/>
On September 30, 2016 Beezid auction site was placed on standby.<ref>{{Cite web|url=https://pennyauctionsforum.com/showthread.php?tid=570|title=BEEZID ON STANDBY HOLY CRAP|last=generator|first=metatags|website=pennyauctionsforum.com|language=en|access-date=2017-01-21}}</ref> Beezid confirmed the site is no longer functional on October 11, 2016 on their [[Facebook]] page.<ref>{{Cite web|url=https://www.facebook.com/TheBeezid/posts/10154704092608921|title=Beezid - Dear Beeziders, We realize that by now you must... {{!}} Facebook|website=www.facebook.com|language=en|access-date=2017-01-21}}</ref>
== Auctions ==
Beezid's auctions require the purchase of bids to participate. Members purchase bids in "Bid Packs," with the cost per bid ranging from $0.00125 - $0.90.<ref>{{cite news|last1=Ellis|first1=Blake|title=House-bound Lindsay backs Lohan Penny Auction Site|url=https://money.cnn.com/2011/06/24/pf/lindsay_lohan_beezid_auction/|accessdate=19 June 2015|agency=CNN Money|date=June 24, 2011}}</ref><ref name="auto1">{{cite web|last1=Steele|first1=Chandra|title=Can You Really Buy An iPad for $1.00?|url=https://www.pcmag.com/article2/0,2817,2460600,00.asp|website=PCMag.com|accessdate=13 April 2015}}</ref> Bid packs can be purchased in sizes ranging from 30 to 16,000,000 bids at a cost of $27 to $20,000.<ref>{{cite web|last1=Worley|first1=Becky|title=Hidden Dangers of Penny Auctions|url=https://news.yahoo.com/blogs/upgrade-your-life/hidden-dangers-penny-auctions-163331290.html|website=Yahoo News|date=19 September 2012 |accessdate=19 June 2015}}</ref>
Auctions open with several hours on the timer; each bid placed raises the auction price by a penny, and, in the final seconds, additionally resets the timer to a low value, to allow other members to bid.<ref name="auto1"/> Placing a bid uses up a bid from the pool that a user had purchased, meaning that the cost of placing a bid is relative to the per bid price of the bid pack that you purchased.<ref>{{cite web|last1=Worley|first1=Becky|title=Hidden Danders of Penny Auctions|url=https://news.yahoo.com/blogs/upgrade-your-life/hidden-dangers-penny-auctions-163331290.html|website=Yahoo News|date=19 September 2012 |accessdate=19 June 2015}}</ref> When the timer reaches 0, the auction closes and the last member to place a bid wins the item.<ref>{{cite news|last1=Zimmerman|first1=Ann|title=Penny Auctions Draw Bidders With Bargains, Suspense|url=https://www.wsj.com/articles/SB10001424053111903392904576512280986981242|website=Wall Street Journal|date=17 August 2011|accessdate=13 April 2015}}</ref> Since there can only be one winner for each auction, participants can end up losing money while bidding without winning an item.<ref>{{cite web|agency=Associated Press|title=Penny Auction Sites Could Cost a Chunk of Change|url=https://www.foxnews.com/tech/penny-auction-sites-could-cost-a-chunk-of-change/|website=Fox News|date=27 March 2015|access-date=13 April 2015}}</ref>
In October 2012, Beezid added a "Buy It Now" function to their auctions where, should a participant not win an auction, they can choose to pay the retail price for the item and have the bids that they used in the auction returned.<ref>{{cite web|url=http://www.prlog.org/11989294-buy-it-now-added-to-beezidcoms-massive-repertoire-of-features-most-in-its-industry.html|website=PR Log|accessdate=28 May 2015}}</ref>
== Store ==
In November 2013, the Beezid Store opened as a retail extension of the penny auction site, offering the same merchandise found in their auctions that could be purchased directly rather than having to be won in a bidding fee auction.<ref>{{cite press release|title=Beezid Revolutionizes Online Shopping With New Store|url=http://www.prnewswire.com/news-releases/beezid-revolutionizes-online-shopping-with-new-store-229681921.html|website=prnewswire.com/|accessdate=12 February 2015}}</ref> The Beezid Store additionally allowed the members to sell their auction wins from Beezid directly. Upon winning an item, a user could choose to sell the item instead of claiming it, and other website visitors could then purchase the items in the store.<ref>{{cite web|last1=Lee|first1=Amanda|title=Beezid is No Longer JUST a Penny Auction|url=http://www.pennyauctionwatch.com/2013/11/beezid-store-allows-users-to-flip-resell-items/|website=Penny Auction Watch|date=November 2013|accessdate=13 April 2015}}</ref>
== Critical reception ==
Beezid had drawn criticism of its business model for requiring the purchase of bids to participate, and for not disclosing the cost of bidding in their advertisements.<ref name="auto1"/> Only one person could win any given auction, while the website profited from the bids spent by all the losing participants. Even the winner paid the cost in bids needed to win an item over and above the closing auction price.<ref>{{cite web|last1=Grant|first1=Kelli B.|title=The Truth About a $3 iPad|url=http://www.marketwatch.com/story/how-penny-auctions-work-1300313918147|website=Market Watch|accessdate=13 April 2015}}</ref>
== References ==
{{reflist|30em}}
[[Category:Companies based in Montreal]]
[[Category:Canadian companies established in 2008]]
[[Category:Retail companies established in 2009]]
[[Category:Internet properties established in 2009]]
[[Category:Retail companies disestablished in 2016]]
[[Category:2008 establishments in Canada]]
[[Category:Online auction websites of Canada]]