UPDATE: As of March 31, 2011, Ooh I Love website has shut down after its parent company, Entertainment Shopping AG, filed for bankruptcy. They were sued by several individuals and states and were being asked to pay millions of dollars that had resulted to bankruptcy.
In an effort to share with you the latest craze in the fashion world, MFJ has taken the risk to give the website “Ooh I Love” a try. What if I tell you that you can win a Chanel for less than 10 bucks? I know it sounds crazy, right? And hello? Who will ever believe it’s an authentic Chanel if you only got it for less than 10 USD? Well I do! I have mentioned “Ooh I Love” in a previous post. But I’m just gonna give you a more detailed explanation, after having tried it out myself. People are winning authentic designer items for prices that are way INSANE! But how can the company/website “Ooh I Love” offer such an amazing bargain? Let me show you!
I recently won a pair of Chanel earrings for $3 USD… It’s my second win and my second attempt to bid. You can say it’s beginner’s luck. :)
$3 for $326?
The original price of this Chanel costume jewelry is roughly about $326 (with California taxes/handling). I won the earrings for only $3 as you can see in the highlighted green box in the image above. If you don’t try to analyze the whole thing, you’ll definitely think it’s a scam. Anyone will. I mean, how could a company sell a $300++ pair of earrings for $3? That’s what I thought at first when I heard about “Ooh I Love”. In fact, I just ignored it. But for some reason, I saw an ad again and decided to take a closer look.
Number of Bidders
As you can see in the photo above, the one highlighted with a red box shows the bid history. It only shows the last 10 bids at any given time. So more or less, you’ll have an idea of how many bidders are fighting against each other to win the product being auctioned. These were just some of the bidders who stood by ’til the end. There were a couple of other bidders earlier who either ran out of bids or just stopped bidding. So in the screen shot above, there were 3 of us battling it out. But let’s just give a ballpark estimate of a total of 10 bidders from the start of the auction – and that’s already a conservative estimate! That would mean there were 10 bidders who had purchased at the least the cheapest 30 Bid Pack for $29.99. Bidders have to buy their bids in order to bid on an item. While they give you 1 free bid when you register (it’s free by the way), 99% of the time, it’s not gonna last to win you an auction.
Let’s calculate: 10 bidders x $29.99 = $299.99 -> that’s “Ooh I Love’s” sales even before the auction has started.
Real Bid Price
While you only see that I won the item for $3 USD, I actually paid $25.77 for it. Why? Each time you bid, only 2 cents will be added to the auction price. That’s what makes it so awesome – because that’s the very reason why items are won for $10 USD or less, with the exception of in-demand bags like LV which can go as high as say… $160 – but is totally not bad at all for a $1,200 bag, right? Well anyway, while the winner will pay for the final auction price, in this example, I’ll be paying $3 (plus shipping), I have also used up 23 bids x .99 cents = $22.77. So imagine how many bids the other bidders have lost in trying to win the item. Some will go back to buy another 30-bid pack which will mean more income for the company, “Ooh I Love”.
When Ooh I Love Wins Big
Now how about I show you when “Ooh I love” wins big time? And when I say big time, I mean BIG TIME! And let me tell you, I’ve seen these instances personally… not just once but several times. Take a look at the Louis Vuitton Tivoli GM below. The winner bought it for $1,746.31 which is more than the retail price of the bag. Instead of saving, the winner paid for it for 12% more.
Now let’s take a look at the auction page…
The winner bought the item for $133.60. However, it took her 1,629 bids – which means $1,629 USD in bids! So that’s $1,746.31! But aside from “Ooh I Love’s” earnings from the winner, they also won big time from the rest of the bidders.
Let’s calculate: $133.60 bids (DIVIDED BY) 0.02 cents (because 1 bid will add 0.2 cents to the price) = $6,680 in earnings (MINUS value of the bag) $1,557 (CA taxes, handling) = $5,123 in EARNINGS – for auctioning JUST 1 bag!
Thumbs Up for Ooh I Love
Now as I said, I won a pair of Chanel earrings for $3 plus 23 bids = $25.77. I saved big time but “Ooh I Love” still earned! Now I’m awaiting for my pair of earrings. And when it arrives, I’ll share it here and update you so we will all finally put the question “Is it authentic?” to rest. But judging the earnings and hearing from other winners (who were even able to exchange the item at the boutique because the items you win come with their respective gift receipts from the label), I am positive.
So now do you understand why I know “Ooh I Love” can afford to sell designer items for way way less than the retail price? They are genius, right?