Monday, December 24, 2012

Normal, Unique Bid Or Penny Auctions?

Most people have now cottoned onto the fact that online shopping is the quickest way to get the very best deals around. Most high street retailers have had to open an online store of some kind, simply because people prefer to shop online. The great thing is, shopping on the internet is not just limited to online stores. There are lots of different websites to choose from including comparison websites and even penny auctions. By narrowing down the products that need to be purchased, consumers can find the best deal within a matter of minutes.

Normal Auctions
Normal auction sites are those that offer the consumer two options; bid up and buy it now. The consumer can buy brand new items instantly using the buy it now feature, usually getting prices of around 10 percent below the retail value. Bid up auctions are a mystery in terms of price. The discounts are rarely more than 15 percent below the retail value. Bidding on these sites is extremely time consuming. Millions of people use these sites, which means locating a decent bargain can be a challenge in its own right.

Penny Auctions
Penny auctions have increased in popularity dramatically over the last few years. These are certainly not conventional auction sites. Instead of bidding up items in a traditional fashion, consumers must pay for their bids. Each bid will increase the price of the product in question by one penny in most cases, hence the name; penny auctions. Buyers need to be clever about how they structure their bidding, but also the products that they choose. Items that are worth one hundred pounds or more regularly go for less than one pound. That's right, on many occasions, consumers can obtain a discount ninety five percent or higher!

Unique Bid Auctions
The format of the unique bid auction websites is similar to penny auctions, but the aim is slightly different. Again, buyers will need to purchase bids, but they will need to consider what they think will be the lowest unique bid. Instead of bidding "up", like they would on a normal auction site, here it's the lowest unique bid that wins. The great thing is, consumers can look through the past auctions and try to determine which are the best strategies to use. By doing this, they give themselves a much better chance of winning in the long run! Of course, like normal auction websites, it is easy to get carried away, so sticking to a budget for each auction is going to be essential.

There are pros and cons of each different format. The normal websites do not offer huge discounts, but they offer the chance to buy items instantly. The great thing about unique bid and penny auctions is that they are focused on saving consumers money. Getting discounts of ninety percent or more is not unheard of, which suddenly makes some of the most technologically advanced and expensive products extremely affordable for the average consumer. They focus on people that are really looking to save the maximum amount of money possible when purchasing items on the internet.

BidGrid operate the unique bid auction format. All winning bids are under three pounds, they also have free practice auctions which are great for newbies. Take a look

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