There has been a huge influx in people getting involved with bidding on auctions. Online shopping, in all different forms, has become massively popular. The fact of the matter is that online shopping is the quickest, easiest and cheapest way to get a product purchased and delivered to your own front door. There is no need to pay travel expenses to get to a store, not to mention the fact that generally, these items are much cheaper than buying them from high street shops in the first place. So where are you going to find cheap items?
Bidding on penny auctions
Penny auctions have started to increase in popularity throughout the internet, as they offer the user a slightly different experience in comparison to what they might actually be used to. The auction format is likely to go a little something like this. The bidder will select the auction that they want to bid on. They will purchase bidding credits from the website. Once they have their bid credits, they will allocate some to the auction.
For each bid that they place, the auction will increase in price, by, one penny! The increments are incredibly small, which is why the majority of penny auctions finish at such low prices. The end price is the price that the user will pay, which is usually incredibly low, sometimes 60% or more below the retail price of the item.
So how do lowest unique bid sites differ?
A lowest unique bid site works in a slightly different way. The user will go through the same process of purchasing bid credits and allocating a certain amount of credits for that particular item. That said, this is where the difference comes in. The winner of the auction will not be the highest bidder, but the lowest unique bidder. For example, if the first value with only one bid is £0.52, then the bidder will win the item for £0.52. The total cost to the bidder will be £0.52, plus the cost of the bids that they used. Some bids will cost them 10p, where as others might cost up to £3.00 or more for a more valuable item, so it is important to try and budget to get the best deal.
Which sites are the best?
Penny auctions and lowest unique bid auctions differ a great deal, so it is incredibly hard to compare them directly. The strategy used on a penny auction website, is similar to that of main stream auction websites, trying to outbid people at the last minute, so there is a lot of luck involved.
The lowest unique bid auctions differ a great deal, mainly due to the fact that there is a lot of strategy involved. Users need to think about what happened in past auctions and from this, try and determine the best route to take in terms of their strategy to win the current auction, using as little bid credits as possible. It seems that lowest unique bid auctions are certainly growing rapidly in popularity, as they do offer people the chance to get savings that are well in excess of 90% off the retail value of the product in question.
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BidGrid are a popular unique bid auction site. They have free practice auctions which are really useful if you're new to this format https://www.bidgrid.co.uk/en/how_it_works.html
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