UK buyers set for eBay speed shopping challenge

eBay is launching a five minute “speed shopping” auction format aimed at ultra competitive buyers.

The e-retailer will trial Speed eBay at three UK cities this month.

It follows research that found almost one third of British people who use eBay do not place their bids until the last five minutes of a listing.

The auction website will set up touch-screen “pods” in public venues across the UK where up to three shoppers can bid against each other for a maximum five minutes.

The e-retailer itself will be the vendor for a selection of goods such as iPods, a mountain bikes and designer wallets.

Money raised from the hourly “speed sales” will be donated to Oxfam and the British Heart Foundation.

Unlike standard website bidding, shoppers using the touch screens will compete only against each other and not against other online bidders.

Spokesman Richard Kanareck said Speed eBay would bring an extra “adrenaline rush” to the bidding process.

“So much shopping is bland and samey. Our data shows Brits love the thrill of the chase and the win as much as the satisfaction of spotting a potential bargain,” he said.

The touch screens will be set up at venues in London, Birmingham and Manchester for one day each during August.

EBay will publicise in advance which goods will be for sale via the five-minute bidding process.

Shoppers must already have an eBay and PayPal account in order to take part.

The touch-screen pods can be used to bid on the firm’s website as normal in between the hourly five-minute Speed eBay sales.

The system will be demonstrated in Soho Square, London, for the first time today.