DALLAS, Mar 11, 2011 / — Combining the thrill of an online auction and an amazing selection of luxury men’s and women’s merchandise and high-end electronics, LoveLabels.com is sure to make a name for itself in the online auction/entertainment shopping arena when it officially launches in May 2011.
Unlike other online auctions, LoveLabels.com will engage their customers with the site’s stylish design and easy-to-use features. The site will offer the opportunity to purchase authentic designer products for up to 95% off the original price from such names as Louis Vuitton, Chanel, Dior, Burberry, Tiffany’s, Gucci, Apple, Rolex and more.
How the LoveLables.com auction process works: First, a potential bidder registers at the site. Registration is free and includes five complimentary bids. Members buy bids in advance; each bid is $.98, and bids are sold in packs via credit card or Paypal. Unlike some other sites, LoveLabels.com bids never expire.
Once a bidder finds an item to bid on, live bids are placed. With each bid placed, the price of the item increases by 1 cent. Each auction continues as long as people are actively bidding on a product. Every new bid resets the remaining time for an auction up to 20 seconds so others have an opportunity to bid.
Like a live auction, the person who makes the final bid wins the item and pays the bid price which is usually a fraction of the item’s original cost.
Because there can only be one winner per penny auction, all those who placed at least one bid can then apply those used bids towards the retail purchase of the product. This option is called “Love It Now” and allows shoppers to try their luck at winning the item they wish to purchase in a penny auction first in hopes of saving up to 90% off the retail price.
However, if the shopper does not win the auction, they can still purchase that product from the LoveLabel.com e-commerce store, and simply apply their bids as a discount.
Victoria Vo, CEO of LoveLabels.com seeks to introduce transparency into the world of penny auctions. The company which is owned and operated in the US guarantees that all items on the site are purchased directly from the actual designer’s stores or high-end department stores such as Neiman Marcus, Saks, etc.
“Our unique business model allows us to provide our customers with authenticity guarantees including copies of receipts or gift receipts,” says Vo. She also stresses their site has no “Shill/Bot Bidding” meaning they do not use computer generated sources to raise bids and that company employees are prohibited to bid on the site to generate sales.
In June 2011, the site will expand its offerings to include charity auctions. Vo says talks are under way with major charities interested in partnering with LoveLabels.com.
LoveLabels.com is also giving back to the community with their own initiative titled “Pennies for a Cause.” Every online auction means 100 pennies ($1) is donated to The Shriners Hospital for Children. The organization’s focus is to improve the lives of children.
For more information, visit http://www.LoveLabels.com
