Penny Auction Strategy
Penny Auctions are one of the latest trends on the internet, popular because the winners often win fantastic products at 95%+ off the RRP. However penny auctions are not just a game of luck - although luck plays a part, skill and analysis must be used if you want to win on a regular basis and ensure you get the most for your bids.
Value of the Products
The first thing to consider is the value of the product you are bidding on. Things you need to consider are:
- What are the shipping and processing fees for the auction (these should be clearly labelled on the auction itself)?
- What is the true RRP of the product, i.e. what is the cheapest that you could buy it for if you weren't bidding for it?
- Are there any Paypal fees to pay?
Once you have worked out the true value of the product you know what your bid limit should be. Don't forget that you will also need to factor in the price of the bids (which you will need to purchase in advance) to the true value of the product too. It is really important to work out this ceiling price ahead of bidding on any penny auction to ensure that you don't end up losing money for a "win".
Popularity
When looking through penny auctions, take a look at the penny auction site's history. Usually, penny auction websites will show how much some of their previous penny auction products have been sold for. From here, you can see what the most popular products are. The more popular a product is, the more people and bids the product is likely to attract. Therefore it makes sense to target the less popular products as you will have a better chance of winning the penny auction for a much lower price.
Times of Day
If you can, study when the most popular times of day are for people bidding. If a penny auction website is offering the same product in two different auctions at two different times of day, it is better to choose the auction which is at the less popular time of day as this means there is less competition and you have a better chance of winning for a lower price.
Automated Bidding
Most penny auction sites now offer automated bidding services where you can enter automated bids for the auction. Automated bid systems are a great strategy because it means you can bid on auctions at times of the day when you don't have internet access and it also means you don't have to continuously keep an eye on your favourite penny auctions.
Questions and Answers
These online auctions have a social entertainment approach for bidders to obtain new name brand products.No matter which auction house the bidder chooses...the winning bid will be at a price...that is greatly reduced from the normal sale price or free! The system is simple and fun: 1.Register online 2.Buy some bid credits 3.Select an auction house 4.Place bids.The business opportunity associated to this unique concept has huge growth potential.
Bid To Zero at online auction sites.This unique reverse auction site...has taken the best of the best methods....to create fun entertainment in online auctions. In this simple system: 1.You register online so you can login later. 2.Buy some bid credits. 3.Bid on top brand products.If you win your bid....the price will be vastly reduced from the normal sale price. One reason this system is different is because it incorporates a business opportunity. Business associates are the marketing channel.
Zapadeal Online Auctions fully launched Jan 2009. It's a brand new concept in social interactive fun in the form of auction houses. All auctions deliver the winner quality new products at huge reductions or free! Biding is done with 'bid credits.' The 'Penny Auctions' are fast and furious. The 'Down to Zero' and 'Buy Anytime' auctions are special in that they can save the winning bidder a lot of money. 1. Register Online 2. Buy Bid Credits 3. Choose Auction House 4. Choose Product 5. Place Bids.
English auction consists of the bidding taking place openly with each bid being higher than the previous one. In this type, the bidding ends when no one wishes to bid higher or when the "buy-out" amount has been reached.
I wanted to cover this initial in my evaluation of Beezid simply because it has turn out to be a buzz around the net and there's alot of false info available. Beezid just isn't a scam, no matter what individuals who cannot win auctions tell you. Beezid wouldn't be aloud to keep operating particularly putting commercials on T.V. if they were scamming people out of their cash.
You must have participated enough in online auctions before right? However the important part is that the amount of money we always lose while we bid our denominations during the bidding process. Now you can simply purchase yourself an account on Zeekler where you can immediately have your emails brimming with free bids hence you can witness daily how these online auctions taking place in the website will give you direct access into the purchasing products which normally are simply sold at very
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5 top tips for bidding on penny auctions to help you maximise your auction wins
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