So, you have logged online and you envy the people that have won iPods, TV sets and even CD players for just a few pennies. How is this even possible? How can a website consistently afford to give away these items at these ridiculous prices?
Most people are fooled into thinking that lowest unique bid auction sites are too good to be true and therefor must be some kind of scam. Why? They do not understand how these websites can consistently afford to lose money by selling items at such low prices.
Lowest unique bid auction sites are becoming extremely popular with those people that do fully understand how they work. They understand that the website actually makes their money not from the sale of products, but the sale of bids or bid packs. The bids are used on items and then the auction site is able to generate a profit. They use part of their profit to purchase the items, which they then give away to the winning bidder at a massive reduction on the standard retail price.
So how can you get involved?
There are many of these lowest unique bid auction sites out there and admittedly, there are some which you should avoid. Generally, the top 10 in search results are a good place to start as well as looking on forums for other users experiences. Make sure you check the terms and conditions of using the service before signing up. If a particular site has a dedicated social fan page take a look and see how active it is and if you can spot any negative feedback. These sort of things should give you a good feel for the site. Generally if a site only has a handful of followers then it it best to be avoided.
Bid refunds
Some websites will sell items at full RRP, as well as offering them up for auction. This can make a huge difference and be incredibly important. These websites allow you to implement a zero risk strategy. Instead of having to risk lots of bids and potentially waste money, these sites allow you to recover your bid costs even if you don't win. Let's assume that you are going to buy a product anyway from a direct retailer for £300. Some sites will refund all bid costs against the purchase of an item. So if you spent £100 on bids for a laptop and then purchase it after the auction, you would only pay the remaining £200. Basically, it makes sense to use these kind of bid websites first, before paying the full retail price, which is often much more than you need to pay anyway.
Will this be the future of all auction sites?
The reality is that a lot of people find themselves looking for bargains every single day. What happens though is they spend a lot of time searching, but do not really achieve a decent sized discount, so their time has essentially been wasted. What these auction sites allow people to do is to ensure that they get the best deal on high value items. These are items that a lot of people simply would not be able to afford if they were not able to get such huge discounts on them. Even if they could afford them, they might as well try and get them at a huge discount, before paying the full retail price afterwards. There will always be a place for the old standard online auction sites that we all know but these new generation sites that combine excitement and huge savings are certainly a positive move forward.
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Want more unique bid auction site information? BidGrid do a great job of explaining everything, you can also sign up there and bid on their practice auctions for free. This is one of the best ways to get your head around the concept without any commitment https://www.bidgrid.co.uk/en/how_it_works.html
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