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Business  »  Auctions

Strategies You Could Employ to Ensure That You Are Successful At Penny Auctions

By: Awesome Bids

Date Added : August 6, 2011 Views : 449
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Penny auctions have become an increasingly popular trend on the internet. This is largely due to the fact that people who take part in penny auctions stand the chance of winning some fabulous products almost at ninety-five percent off of the recommended retail price. Most people assume that penny auctions are largely based on luck. Although they do have an aspect of luck attached to them, this is not the entire truth. There are several strategies that one could employ to ensure that they have a higher chance of winning at these bids than the average person.

The first thing that you should consider when it comes to penny auctions would be the value of the products that you have decided to bid on. This means you will have to consider several factors which will affect the sum total of the price that you are looking at. The first of these would be making note of any shipping fees or processing fees that you may incur from the auction. These two need to be clearly indicated beforehand so that you do not just find out about them after you are done bidding. The next thing you will need to consider would be the recommended retail price of the product you are looking to bid for. This will enlighten you on how much you would be paying for it if you were not bidding and thus know whether you are getting it at a discount or if there is no difference. Lastly, also find out beforehand if you will be required to make any PayPal payments once you are done bidding. These payments are also inclusive of the sum total of what you will be paying for the product thus if they are high, there would be no point in bidding. After you have made all these calculations, you then know the true price of the product that you are bidding for. This will also enable you to come up with a realistic bid limit to ensure that you are making the most of the penny auctions.

The next strategy you could employ when it comes to penny auctions would be researching on the website’s auction history. Typically, bid sites will have a history detailing how much past products were sold for. This will give you a good idea on the sites most popular products. The more popular a product is the more people will be bidding for it. This will decrease your chances of being able to win that penny bid. Once you have an idea what the most popular products are, target the less popular ones as this will ensure you are contending with less people thus increasing your chances of winning the bids that you place.

Lastly, do some research on the times of the day that most bids are placed. Some bid sites may offer the same products at two different times of the day. It would make more sense for you to take part in the penny auctions when there are less people bidding as this will increase your chances of winning your bids.

Doug Schieffer is the author of this article on Buy Electronics Auction. Find more information on Penny Auctions here

Article Source: Strategies You Could Employ to Ensure That You Are Successful At Penny Auctions

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