Sunday 10 October 2010

Penny auctions – What is a buy now option?

Penny auctions are a fun, exhilarating and unique way to shop online and make savings. Penny auctions are pay-to-bid auction sites where users compete against each other to win the right to buy a top brand product for an amazing discount, usually pennies. Sites such as MadBid.com claim that the average saving is 80% and other sites like Flutteroo claim the same.

Whilst they are a great way to have fun, if you are the winner then great but if not you are likely to have lost some money with the bids you’ve placed. That’s why it’s better to use one of the better sites that offer a ‘Buy Now’ option on their auctions.

For example, MadBid.com offer a ‘Buy it Now’ option on the majority of their auctions and those that do not win the auction have the option to buy the product during the auction or for up to 24 hours after the auction has closed. The great thing about this option is that MadBid.com have ‘exclusive’ buy it now prices which are often less than the recommended retail price and the cost of the bids you have placed on that auction are discounted from the final price. So effectively you’re a winner too because you’ve still got your product and the cost of your bids back as they have been discounted from the final price.

Whilst sites like MadBid.com offer these great options, be wary of some other sites that have over inflated ‘Buy it now’ prices, so you end up paying more than what you would elsewhere and some sites only offer a percentage of the cost of bids placed as a discount, so you are not getting the full cost of your bids back and this could end up costing you even more.

Pay-to-bid auction sites...are they worth it?

Thousands of people a day in the UK are registering with penny auction sites in the hope of making a huge saving on top brand products. However, unlike traditional auction sites such as eBay penny auction site use a pay-to-bid model where you will have to purchase your bids in advance in order to be able to bid in one of their online auctions.
The best penny auction sites in the UK have a wide range of products available each day from electronics, kitchenware, jewellery, cars and much more. However the question is once you have purchased the bids placed them on the auctions and pay the final closing price is it worth it? Well with some site yes it is.

Sites such as the UK’s leading penny auction site MadBid.com has over 100 different products a day up for auction and charge only £0.50 per bid. In fact on average users save up to 80% on RRP, this fact was even backed up by The Sunday Times.

The best way to ensure you make a saving is to focus on the product you want to win. Firstly do a bit of research, look in the closed auction section of the site and see how much the product you want has sold for previously, this will help you get an idea of how much it could potentially go for. Then purchase your bids, only buy as many bids as you are prepared to use and set yourself a limit and stick to it.

How do they work? Penny auctions are a form of auction which are designed to be fun and entertaining. Basically an auction will start at £0.00 and will only increase in penny increments every time someone places a bid, each auction will have a timer which can range anywhere from 2 minutes to 30 seconds. When the first bid is place the timer will count down and when another user places a bid the timer will re-set to its original time and start counting down again. This process will continue until no-one else places a bid within the time and the auction will then close. The highest (last bidder) will win the right to purchase the product for the final closing price of an auction.

Monday 13 September 2010

Simplifying Penny Auction Sites

Bidding on sites such as eBay can be long, drawn out and potentially a waste of time, plus a lot of the products are second hand. The revolutionary new concept of penny auction sites brings a new definition of online auctions. The unique auction platform allows users to bid on top brand products and purchase the goods for unbelievably low prices.

Penny auction sites can be confusing as it every site varies and there are a lot of sites. The first thing to do is find the right site for you. The best way to do this is to search on Google with terms like ‘online auctions’ or ‘penny auction’ and make sure you choose a site that is at the top of the results but are no paid for links as a lot of fake sites pay to be in the ‘sponsored links’ section.

When you have chosen your site for example MadBid.com, Google the company and see what results come up and look for external references such as Wikipedia, Forums and articles about the site. See what other users are saying and make sure the site is legitimate.
When you first go on a penny auction site you will have to register, this is free and you usually get between 2-5 free bids when you sign up. Penny auction site are Pay-to-Bid auctions and as such you will have to purchase bids in advance to be able to bid. These prices can vary between £0.50 an £1.50 per bid. Good sites will often run promotions on a weekly or monthly basis.

So when you have signed up to a penny auction website, you’re ready to bid. Firstly take a look around the site and make sure you know how it works exactly. Look out for tutorials such as a ‘How it works video’ or look in the FAQ section of the site. The thing about penny auction sites is that it is all about strategy and skill not luck, there will be regular bidders to avoid as well as times when the site is extremely busy and you should avoid these times. Take your time and just watch and see what you can discover.

When you feel you are ready...start bidding, make sure you have enough bids in your account so that you don’t get caught out but make sure that you set a limit and stick to it!! As a beginner you should bid on products such as perfumes, jewellery, DVD’s etc as these sorts of products tend to have less competition and as such tend to go for a very small amount...normally pennies!

Thursday 1 July 2010

Making Penny Auctions Simple to work

A penny auction site is a great way to get your hands on a top brand product for just pennies. Those who have worked to understand how these sites truly work and have developed their own strategy have been lucky enough to use penny auctions sites to buy all sorts of desirable top brand products for just pennies.

Penny auctions sites often have ‘Big Users’ who can sometimes dominate an auction site. Below we have listed the top 5 tips to take on these ‘Big Bidders’ and be successful.

1)Don’t believe that it’s all about luck! You will need skill, judgement and strategy if you want to win consistently and not blow your bids on something you’ll never win!

2)Watch and learn – Every penny auction site will work differently as will other bidders. Make sure you take the time to fully understand how the site works and how its users work. Watch how the auctions work, watch other users and try to identify any patterns or prolific bidders. Do your homework and look for what recently closed auctions have gone for so you can get an ideal price point to start bidding.

3)Bid when others are not – If you can place your bids when other people are at work, on the school run, asleep or elsewhere. On every site there will be regular times and days when the site is much quieter which will dramatically increase your chances of winning and the price will often be lower than at other times on the site.

4)Set your limits and start small – Start by setting yourself a limit and sticking to it. So buy a bids package and don’t buy anymore that day. Then start small, bid on auctions that are less popular and the smaller ticket items. This is a great way to gain experience and grab yourself a few small bargains in the process.

5)Take advantage of special offers – Good sites often have special offers or promotions on such as 50% extra or Bids Back offers. These are a great way to stock up on bids and will give you more firepower at no extra cost so it means you have more chance of winning without spending more money.

How to get Apple product cheaply

Apple have dominated the ‘Must Have’ list for many years now across the world. A huge array of shiny, fun and practical gadgets have made Apple one of the most desirable brands. The only problem with these fantastic products is the cost. The iPhone & iTouch can cost you in excess of £500 and as for Macs you can pay £1,000 upwards.

However now anyone can get their hands on the latest products from Apple for a snip of the RRP. Penny auction sites are now offering these great products that can go for up to 98% off the retail price. iPod’s can go for just pennies and iPad’s & iPhone’s can go for just pounds. A great example of this recently was a brand new iPad 16GB sold for just £42.97 on penny auction site MadBid.com.

The great thing about Penny auction sites is that all of the products are brand new and they come with full warranties and guarantees. It’s a great way to grab the latest gadgets for less.

You must make sure you choose a good penny auction website in the UK as some are scams. You can make sure you have chosen a good one by searching the website name on Google and see what comes up... Keep an eye out for any external sources such as Wikipedia, Forums and any other social networks such as Facebook where you can ask other users about their thoughts and experiences.

Monday 7 June 2010

4 and You’ve Found a Good Penny Auction Site

1) Plenty of closed auctions – A sure way to know how good a penny auction site is or if it is even real, is how many closed auctions they display. A good site will have a list of both the best deals grabbed by users as well as the most recently closed auctions. Look out for when an auction closed if a site has auctions closing regularly (at least 20 a day) then you know you’ve found a good site!
2) A great range of products – Another way to tell if I site is any good is the sort of products they offer. A good site will offer auctions such as Electricals, Vouchers for high street brands and bid packages. An auction site that offers mainly bid packages should be treated suspiciously.
3) A lot of results – Search the name of the website you have found in Google and see what results come up. Look out for links for forums, reviews, Wikipedia and social network sites such as Facebook. Read the reviews of others and join a forum or social networking site and see what other users think of the site.
4) Good press – Any established penny auction site will have good coverage from external sources. Look out on the company’s website for coverage from National Newspapers, TV Channels and Magazines.

Tuesday 1 June 2010

How to win online penny auctions

Penny auction sites are a great way to grab a bargain on top brand products. Unlike traditional auction sites such as ebay, penny auction sites are pay-to-bid but the savings you can make are fantastic. Here we lay out the top 5 tips on how to win on penny auction sites.
1. Learn about the site and its users
Take a look around the site and get a feel for the layout, take advantage of FAQ’s and watch how other users bid. You are most likely to win when you know who you are up against.
2. Get the right time and right product
There are often quieter times on penny auction sites such as breakfast time when many people are getting ready for work or the school run. Also at first bid on smaller products such as bid packages and vouchers to get a feel for the bidding process and you have a much greater chance of winning.
3. Get Free Bids
Some penny auction sites give users free bids upon registration and sites like MadBid.com reward users with loyalty schemes such as ‘claim your daily free bid’ where you can claim a free bid daily for up to 15 days when you purchase a bid package.
4. Make sure the site is genuine and secure
Sometimes penny auction sites can seem too good to be true and in some cases they are. Look out for sites that have secure payment systems such as C.O.M.O.D.O Authentic Secure. Also look out for sites that offer a ‘Buy Now’ feature on selected auctions as this reduces risks when bidding and gives you a back up plan.
5. Research the site
Search the site name on Google and look for articles about the company from trusted sources such as national newspaper, tv channels and user forums.

Penny auctions – Is it a scam?

Penny auction websites have recently grown in popularity and number and like many phenomenon’s for every good site there are 10 bad ones. Below we have listed the three things to watch out for when looking at penny auction sites and choosing a site to bid on.

Get in touch...

• First of all find out if and where the company is registered in the UK. If not steer well clear, look for a company registration number.
• Look for contact details such as phone numbers, e-mail addresses and a postal address. If a site does not have all of these then you could face problems in the near future. Not only does this show that it could be difficult to get hold of anyone but it raises questions as to where they are based.

Be Smart...

• Look for a bidding history on the site... If there isn’t one don’t sign up. A bidding history shows that others are using the site and allows you to figure out your competitors.
• Look for latest winners... Make sure there is a list of recent winners as this indicates that other people are winning auctions and helps give you an idea of what price a product tends to go for.
• Sign-up to a site which offers at least one free bid so that you can try before you buy and find out if penny auctions are for you.

Be Safe...

• As when you are shopping online it is important that you shop safely on penny auction sites.
• Look out for sites that accept payment via multiple methods such as PayPal, Debit Card, Credit Card and uKash.
• Look out for sites with accreditation such as Verified by Visa and MasterCard SecureCode as well as McAfee Security. These logo’s are a sign of safety.

Thursday 4 February 2010

ONLINE AUCTIONS MORE GENEROUS THAN ALISTAIR DARLING

Online auctions continue to dish out top-of-the-range goodies while the chancellor tightens our belts for us.

After giving billions of pounds of our money to the country's top banks so they can lend it back to us at a massive profit, Alistair Darling had some more good news for us all this week. Bingo executives planning to upgrade their boilers would have been yelling "jackpot" at the top of their voices when the chancellor presented us with his practice budget on Wednesday. For the rest of us, everything in the shops is going to be more expensive and whatever it is that the government does that you like is probably going to stop because there's no money left.

Britain is in worst financial shape than Leeds United on the day the fish tank bill arrived. We owe money from Sheerness to Shanghai – and I do mean 'we'. The only reason the government can borrow £170 billion this year is because the investors and pension funds buying the debt know us taxpayers are good for it.

With this big black cloud hanging over us all, it would have been nice of Mr Darling to spread some seasonal cheer beyond Bingo bosses with crummy boilers. Free back rubs perhaps? Tax breaks on World Cup tickets? Or how about a week-long Christmas bank holiday?

The truth is, if you want to feel good, don't leave it to the politicians. They're too busy buying giant TVs, duck spas and porn with your money. If you want to get your hands on some seriously cool stuff in time for Christmas you're going to have to go out and get it for yourself.

Get signed up to an online auction site and test your wits against the experienced punters who regularly take home new cars, piles of cash, PS3s, DVD box sets and bottles of designer perfume for a fraction of their retail value. Unlike bingo – a poor man's online auction – sites like MadBid require skill, guile and bravado. You need a quick mind and a steady finger rather than a pair of fat ladies to outthink the competition and land the biggest bargains.

Credit crunch or fruit punch, when it comes to online auctions it's your bottle and your brains that matter, not your country's debt rating. If you've got what it takes to be a successful MadBid bidder you can have Christmas fit for a king and not even worry about what VAT stands for.

Saturday 2 January 2010

How will a Trader in Stock Exchange Bid on Penny Auctions

Game theory is “the mathematics of strategy”, it assumes that if all players in a game play the most rational strategy the result of the game is predictable. “Successful bidding isn’t just what you bid on, it is also the way you bid.”

Just as with a good strategy, “knowledge and information are two critical success factors in bidding for the best approach to winning, you want to build your knowledge and find quality information first. The way in which the different types of bidders utilise knowledge and information to build their bidding strategies gives rise to different types of bidding techniques and winning trends.

Bidders’ Strategies and Bidding Trends

The identification of bidding trends is essential to determining a bidder’s strategy. Penny auction bidding strategies are based on the identification of the bidding trends.

Bidding on News

Another important technique is News Playing. The basic strategy is to avoid bidding if the website you are bidding on is in the news or bid when there is no news about the site. Typical events that can cause lot of people coming on the website which inflates the cost of products are positive news reports about the website, News on Penny Auction or large advertising, marketing or PR stunt. Example Swoopo was in news when it got a large VC funding in the US. Two impact, immediate impact of news was high growth in traffic and long-term impact Swoopo will do much bigger advertisement campaigns and hence more competition.

Suggestion – Follow your auction site on Twitter, Facebook etc and setup a Google news alert for your company

Guessing the Players

The whole system is highly dynamic. Big movements in a small time are possible. The penny auction bidder has to guess the action of the major actors on the auction market. The interpretation of the signals of the big players is crucial. Most big players will enter a penny auction early in the game if they smell quick win. Understanding the actions of big players can give a good insight into how the future of that auction will pan out.

Suggestion – Keep a record on big players and possibly their winnings

Bubbles

Price of a stock is much higher than the value of a product. The Bubble comes into existence due to high speculations and is by far the most dangerous to short term speculations. It is easy to predict by comparing the price and average closing price of all the products.

A Bubble comes into being when unsophisticated/new players get pulled into an auction where they hope to make big returns. More they get into that auction more they get a feeling of being invested. An unsophisticated player doesn’t think in terms of sunk cost and doesn’t set a limit beyond which he/she will stop the bidding. Sophisticated or long-term player can still profit during these bubbles by understanding and following the unsophisticated players quite closely. Once the unsophisticated players move out the more patient players dive in for a kill.

But bubble remains the most dangerous and unpredictable auction and even sophisticated players stay out.

Suggestion – Avoid bubbles like plague

Friday 1 January 2010

Briatore turns to online auction for next manager


QPR's playboy owner Flavio Briatore plans to bid for his next manager on an online auction site.

Flavio Briatore, QPR's gregarious owner, parted ways with his sixth manager in two-and-a-half years this week with Paul Hart the latest coach to join the dole queue. The playboy Italian, who recently overturned a lifetime ban from the Formula 1 authorities, will now scour online auction sites in search of a replacement.

A source close to the former Renault F1 boss said he had commandeered the QPR youth team, who are now manning PCs in the basement of his mansion, monitoring online auction sites and waiting for someone with top level coaching experience to be auctioned off.

Briatore has heard that online auctions are offering all kinds of top prizes these days from DVD players to dates with underwear models and he is confident that it will only be a matter of time before bids open on the right candidate.

One lucky punter on the online auction site MadBid picked up a brand new Mini for £6.83 recently, which has convinced Briatore that he can avoid expensive compensation payments and agent fees by putting his steely nerve to the test against the online auction community.

The next time an out-of-work football manager is up for grabs, Briatore plans to get bidding. He is confident that he has the staying power, the patience and the bravado it takes to win even the most competitive online auction.

There's no sign of QPR's next manager among the live auctions currently running on MadBid. However, if Briatore fancies flexing his bidding muscles he could land himself a Phillips Wake Up Light, a Nintendo Wii or a Samsung 46" Ultra Slim TV for up to 90 per cent off their retail value. Briatore isn't short a bob or two, but you don't get rich by spending all your money so some of these treats might just tempt him and will provide some useful bidding practice.