TulipTools Internet Business Owners and Online Sellers Community

Quote:Hello Wagglepoppers!

Since our reintroduction into the world of online buying and selling in May of this past year, it has been my distinct pleasure as founder and current CEO of Wagglepop to be able to watch people from all over the country (and now the world) discover our site and participate with such passion and enthusiasm. I cannot express enough how much all of us here at Wagglepop appreciate such support, as well as myself personally. To be able to work to bring Wagglepop to market in it's current form and have such a successful nine+ months to date has been an absolute joy and honor.

There have been a plethora of changes to WP over those nine months with many more to come which we hope will continue to shape WP in the ways that membership values most. We view 2007 as the year we will begin to actively target and acquire market share, and further establish ourselves as a community and company where honesty and personal responsibility are valued above all else.

Below, you will find some information about some exciting new developments, and some general information about the innovate features and elements of WP that we feel strongly can and will mark real and effective changes in the ways buyers and sellers interact and trade:
Marketing and Advertising

The absolute most critical component of building WP for the future is to be able to attract daily traffic to the site. We recognize that and understand that fully. We have worked around the clock (almost literally) to prepare a dramatic and determined site marketing plan, and we feel confident that it marks the entry of Wagglepop into the mainstream online marketplace as we establish our brand. I would describe the plan as being bold while at the same time being grounded and realistic. The updated projections in the current edition of Wagglepop Today outlines the dramatic effect we believe it will have on site participation numbers, reflecting the increase in market share.

I have made available funds to support this plan in excess of $75,000 over the next 6 calendar months, and we are going to spend every last penny of it. There will not be any question about the plan's existence. The conventional advertising elements will be visible and apparent. Dramatic increases in traffic, registrations, sales, and listings will support that assertion. We will be adding all kinds and types of participation programs and promotions along the way all designed with one goal in mind: to accelerate the marketplace and position ourselves for growth over both the short and long terms.
Innovations and Features

We will continue to innovate and rethink convention whenever appropriate and possible. The internet reflects a rapidly evolving landscape of both opportunity and pitfalls, and our ability to recognize and act upon those forces will continue to drive the features, tools, and elements of Wagglepop with each passing day. As the year moves on we will start to market specific elements which differentiate WP from the other options available for online buyers and sellers.

Some of those elements include:

    * SmartSell Pro Package

      The SmartSell Pro Package (available by subscription for just $9.95 per month) will continue to represent the most affordable and powerful combination of features, tools, and exposure available anywhere online. Included with SSP is the SSP Unlimited Listing Pack, allowing for unlimited free listings, and a complete Wagglepop Store with the entire suite of advanced selling and marketing tools of BusinessBuilder. If there is a better or more fully formed package than that available anywhere else online, we have not found it.

      For example, a Store seller with 1000 active listings at $9.99 with a $14.99 BIN and Thumbnail Gallery Image weekly (and including the monthly Store subscription) with main site exposure would have the following insertion fees charged (and it is not a typographical error):
      eBay Wagglepop
      $3415.95 $9.95



    * Fair Final Value Fees

      As important as what it costs sellers to insert listings is what it costs to sell items and products from those listings, and how it affects the overall marketplace. Our Final Value Fees are substantially less than, for example, eBay, at every price point. Additionally, we make no distinction between the listing format and the amount of the Final Value Fee as does eBay.

      For example, a listing that sells for $24.99 would have the following Final Value Fees charged:

      eBay auction format eBay Store format Wagglepop all formats
      $1.31 $2.50 $.75


      The combination of SmartSell Pro and a fair Final Value Fee structure means considerably lower prices for buyers, while at the same time supporting more profit for sellers. What could be better or more appropriate for the 2007 ecommerce environment than that?


    * The Red Carpet Customer Program

      The Red Carpet Customer Program continues as a completely unique and innovative feature designed specifically to reward and retain loyal repeat customers. Building a business (online or off) revolves first and foremost around establishing and keeping a consistent customer base, and the ability to give benefits directly to, and only to, existing customers is a well established smart selling practice.


    * Buy More Now with DynamicDiscounts

      Buy More Now with DynamicDiscounts continues to stand as perhaps the single most direct element in driving additional sales at the "point of purchase" by making the process of adding items a fun and almost compelling activity. Buyers who use BMN will continue to save both time and money and in the process sellers will increase revenues and market share.


    * Scheduled End Times and Automated Relisting

      As general site traffic increases so will conventional competitive bidding on items and products listed under the Online Auction format. The ability to "set and forget" the time that listing will end will become more and more important, as it allows for precise targeting of potential target markets based on whatever criteria or experience a seller chooses. Additionally, the ability to have ended items relisted automatically (yet retain the scheduled end time) will continue to be a valuable tool and time saver.


    * Expansion

      In the past few weeks we have (under a beta program) expanded the locations from which interested parties may register to buy on WP, and pending successful completion of the beta trial period, expect full integration. Selling locales will continue to be restricted at all times to the United States, Canada, and the United Kingdom, though we are considering expanding that to Australia and New Zealand as the final and only additions.


    * Our Responsibility to Membership

      We take very seriously the responsibility of protecting our membership in every way possible. In support of that, we will continue to operate as a 100% trust-based community by not asking for, holding, or requiring that any sensitive financial information such as a credit card to sell on WP. Billing will continue to be fully active and "member activated" and through PayPal, which is fast, easy, and completely secure. As existing, seller invoice reminders will continue to be issued on the 10th each month with payment in full due no later than the 19th. Accounts which are not paid on time will be suspended under the existing User Agreement, and we will be adding a late fee in addition to requiring the account be brought up to date in order to reactivate the account.

      Registration will continue to use the recently introduced Telephone and Geolocation Verification system, which verifies both the physical location of the applicant and the telephone number as submitted. Since implementation of this verification system, reports of NPBs, fraud, and general malicious "bad faith" behaviors are down nearly 100%. In 2007, it is not enough to simply say we want a community of honest and responsible members. We have to mean it, and we have to back up that assertion with values and systems to support it, and we feel strongly that our message in this regard is loud and clear.

Participation Statistics

To date (through the end of January 2007), we have accumulated a variety of statistics for analysis and to use as a gauge for future upgrades and changes:

Some of those statistics include:

    * Sales By Format

      OneBid Instant Purchase listings (including Store Inventory) continue to drive the marketplace, but we expect that percentage to decrease as participation increases:

      Total Sales Online Auctions OneBid Instant Purchase
      34528 10151  29.4% 24377  70.6%



    * Feedback Relative to Sales

      Feedback as it relates to the number of overall sales is an area where we would like to improve, and we will be making some changes to make the process of giving feedback an easier and faster one:

      Total Sales Total Feedback Positive Neutral Negative
      34528 21191  61.4% 20999  99.09% 53 .003% 139 .007%*


      *Please note that 92.8% of the users who received the 139 negative feedback rating are no longer registered.



    * Membership

      Members Stores Stores Closed Suspended for Non-Payment
      11214 370 135 net 298 net

      Our current retention rate for Stores is 73.2% net, which is about what was expected to this point in our life cycle. Key in 2007 will be attracting considerably more Stores and raising the retention rate, both of which can be fully addressed by increasing traffic (and correspondingly) sales across the entirety of the site.

      Members who have opened Stores and both failed to make payment as per the User Agreement and failed to respond to multiple late notifications reflects theft of service and have been and will continue to be sent for collection as necessary. Unfortunately, for some, operating in a 100% trust-based environment is unfamiliar or uncomfortable territory, but the percentage of delinquent accounts has dropped precipitously (to almost zero) with the introduction of registration verification elements as noted previously above.

The Revolution

I sincerely hope that the information above gives all members a better insight into exactly how we see and judge what has been done or achieved against the work that lies ahead. We believe that Wagglepop as it gains exposure will come to be known as the "main" alternative to eBay for both buyers and sellers and we hope the standard for all auction type sites moving forward.

The creation of Wagglepop and the ongoing development will forever be a "work in progress" as the online marketplace in general discovers, uses, and organically and inevitably changes the ways and means in which we help bring people together to interact and transact.

We have a small but smart staff here of incredibly dedicated and determined people who give it everything they have day in and day out in support of that. As a company we have every expectation that we will continue to grow and will do our very best to make the right decisions along the way so that WP becomes everything it can be.

I come to work every single day full of excitement and ideas and eager anticipation about what the future holds for Wagglepop. It truly feels, for me, like a "revolution" in every sense of the word.

Thanks for letting me be a part of it.

Sincerely,

Ray Romeo
CEO, Wagglepop LLC

Quote:I know I was very suspicious of this whole thing over on the E board because it was started by someone who did nothing but bash WP from the start. I think they posted it over on E to stir the pot. They must still be trying to stir things up.

Quote:We will continue to innovate and rethink convention whenever appropriate and possible.

Quote:Some of those elements include:

    * SmartSell Pro Package

Quote:Scheduled End Times and Automated Relisting

Quote:Fair Final Value Fees

Quote:Total Sales    Total Feedback   
      34528    21191  61.4%

Quote:Our current retention rate for Stores is 73.2% net,