NameSilo posted on Namepros an update to their marketplace numbers. Another heated point in the very long NameSilo thread is about their marketplace and max bidding. Namepros member Keith said he would have paid $10,000 perhaps $20,000 for a name sold there for $75.
This is the first post from Keith and you want to read the next full page, it’s a back and forth between Keith and NameSilo with a few others chiming in. Well worth the read.
Thier expired auction platform is the worst in existence @namesilo
Actually it’s not an auction platform, it’s a buy it now service. They lose thousands of dollars on certain domains while cheating customers out of an opportunity to bid fair market value.
Here are the sales figures:
We made the post above on July 3, 2017. At that time we had just about $600,000 in revenue from sales on our Marketplace covering the period from our Marketplace launch in late 2015 through July 3, 2017.
In the nearly 8 months since then, we have generated $1,260,886 of Marketplace revenue! You can really see the momentum looking at these numbers:
- In the first 20 months of our Marketplace we had ~$600,000 of sales
- In the 8 months since, we have had over $1,250,000 of sales!
To continue with the previously-provided breakdowns, since July 3, 2017:
Note that Offer/Counter-offer sale means a pure BIN sale in many cases
- $1,260,886 in total sales revenue
- $1,245,412 sold via Offer/Counter-offer (BIN) sale
- $15,474 sold via Auction sale
- 1,827 domains have been sold
- 1,688 sold via Offer/Counter-offer (BIN) sale
- 139 sold via Auction sale
- $690 average sale price
- $20,000 largest Offer/Counter-offer (BIN) sale (2 domains)
- $2,470 largest Auction sale
- 222 sales setup with a payment plan (12%).
- Of the 1,605 sales that occurred without a payment plan, 780 (48.5%) had a payment plan as an option.
- 2 Buyer charge backs
- Average payout in 5.8 days
A few other data points that were requested (thanks to @tonyk2000):
- Of the 222 payment plans, 135 (60%) opted for the longest payment plan duration offered
- There is no clear correlation between geo location and propensity to establish payment plans
- Of the 222 payment plans that were setup, 14 (6%) did not complete and the domain was returned to the owner. Of those, 5 of the 14 resulted in the buyer contacting us to report a problem with their selected payment method and us contacting the seller to inform them of the problem o see the domain relisted at the amount of the outstanding payment. In all of these 5 cases, the buyer purchased the domain again at full ask.
- Of the 222 sales setup with a payment plan, they broke down in the following ranges:
- $10 – $100: 14
- $100 – $500: 44
- $500 – $1,000: 71
- $1,000 – $2,000: 37
- $2,000 – $5,000: 34
- $5,000+: 22
We hope this data helps, and we would once again like to thank everyone on NamePros for all of the feedback, suggestions and constructive criticism that we have received. We clicked through a lot of this thread (and others) to find the data points people were most interested in, and it brought back a lot of the things we had worked on over the last few years of enhancing our Marketplace… based very noticeably upon the feedback we have received here!
Keith is just a sour puss who had his eyes on one domain, and is a one hit user, why change the whole system for one lame duck.
Andrea Paladini says
Namepros member “Keith” is just angry because someone else was quicker than him and grabbed the domain he wanted. Typical angry big-pocketed guy … when they can’t buy what they want they lose their temper …
Personally I agree with Namesilo, running a company is not only about short-term profit maximization … unlike many fans of “jungle, deregulated capitalism” and “get money off everything” think.
As NS said, “Yes, making money is indeed an ultimate goal, and our belief is that long-term happy customers is a good step in doing so. We have many customers who tell us they appreciate being able to lock in a win on an expired domain without having to continually refresh pages, write scripts to bid, use proxy bidding, etc. We believe this is a good way to offer a service that people really enjoy using versus maximizing our profits on just that one sale.”
Keep the good work Namesilo, don’t change. 🙂
Yes, definitely sour grapes from that Keith guy, what an obnoxious arse! He just answered his own question in his rant. Why are the Namesilo auctions like that? So that anyone can grab a good domain not just moneybag showoffs that can drop $20K on a Crypto or Porn name.
just think guys if kate was the max bidder of the domain ‘cryptofund.com’ . then ???
he just angry because he loose the domain. but he don’t know many of people loose this domain like me. but i am not angry with this matter or namesilo marketplace. because namesilo is the one of the Great marketplace in the world who give many chances to his users for starting a new journey with a very low profit. specially new domainer. i love namesilo always.
Voucher Ninja says
So someone didn’t know how to watch a domain name for when it expired and it then got scooped up by someone else and put as a premium domain?