Penny auctions are quite new and have only been around since 2009. Nevertheless, these online auctions are becoming more and more popular. Those who are interested to participate in these online bidding sites must pay a certain fee before being permitted to place bids.
The fee paid cannot be refunded afterwards. With this payment, those who join are often handed free bids, which they can therefore use for placing bids on products that they like. Each time a bid is placed on the product, its price will go up by a cent or a penny, and almost simultaneously, the duration of the bid will extend as well by a few seconds. When the bid clock ends, a winner is declared, which would be the final person who placed the bid. This person wins the right to buy the item at a low price.
Penny auction site owners make an income through two ways. Number one is with the fees that participants pay to become members of the site, and the second is with the payment paid by the winner for the item. When the auction finishes, the site will receive the final price that has to be paid by the winner for the product, and also the amount received through the bids.
The popularity of these bidding sites is brought about by the interest of participants in getting expensive products for low discounted prices, far less than the selling retail costs of the items. These deals enable bidders to save a lot of money on purchases rather than buying them for full price in a shop. Many items are offered from different sites from iPads to TVs for as low as fifty dollars. Other similar items are available so those who are good at bidding can receive huge discounts.
Individuals who participate in penny auction sites need to be aware that plenty of people bid for these things, especially if the product is in demand. The best way to win is to have a good strategy and to play wisely so that you can get ahead of others. One technique is to only start bidding several minutes prior to the end of the auction. Doing it this way will lessen the bids you shell out and will also lessen the chance of other players to out-bid you.
Remember that as a winner, you will be paying for the final auction price of the product in addition to the bids you paid for. You need to realize that you won?t be winning them all and at some instances you may lose money. To win more than lose, have a strategy in play. Find out what would work best for you. If you are fan of playing poker, penny auctions are somewhat similar. Although there is a portion on luck, there is also a skill part.
Learn about bidding sites. Make sure to drop by www.bidsites.livejournal.com.
For more information...
penny auction websites
Source: http://homebusinesswinners.com/blog/4519/online-penny-auctions/
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