Anyone who’s seen the rock-bottom prices on goods sold at penny auction sites like SkoreIt, Swoopo or Lucky Chic must be at least a little tempted to find out how they can get the same fantastic deals on the most-wanted consumer items. Whether you are in the market for a new computer, or simply looking for good fashion deals, learning about penny auctions can help you get that must-have without going over budget. Here are a few tips to get you started.
Firstly, do some leg work before signing up. As with other online transactions, you should check the reputation of any penny auction site you plan to join. While penny auctions are a legitimate way of selling, there are many companies getting on the bandwagon. Some sites have been branded as scammers for setting up unfair auctions, while others have a good track record. Because you pay for each bid, you should make sure that you are dealing with a company that plays fair. While there were a number of bad pennies, no pun intended, in the penny auction game when this online shopping trend started out, customer feedback has weeded them out. It shouldn’t be hard to find a reputable auctioneer with some simple research.
What should you look for? Check the penny auction site for a list of previous winners, final price and bid history. Honest sites will not hide this information as it gives them good marketing mileage. Also, read the rules for each site to find out how much each bid is worth, how much it will cost you and any other instructions for new bidders. Check the history of the site and find out as much as you can about the company which runs it. Several sites also have additional features, for example, Pricebenders has a contest called ‘Pick-the-Price’ while Beezid gives away 10 bids to new sign-ups.
Once you’ve chosen a trustworthy penny auction site which lists products you would like to buy, don’t be too hasty to place your first bid. Watch a few auctions in progress, so you can see how other bidders strategize. Read each product description carefully, so you don’t get any nasty surprises. It may seem an obvious detail, but be sure you know the true market value of the item you are bidding on. More user-friendly sites will display the market value of each item, next to the auction details, but it can’t hurt to confirm this.
Expert bidders recommend starting out on low-ticket items with fewer bidders in play. This lets you ease into the process without getting left behind in a fast-paced auction. Some sites offer bid-bots or automatic bidding programs to avoid losses while you are offline. However, these need to be used with caution and only if you truly understand exactly what you are doing. Experienced bidders also stress that one should never bid when exhausted, hungry or under the influence of alcohol. Finally, set a limit for yourself and stick with it. Now sit back and let the auctions begin!
Learn how to get discounts of up to 95% on virtually any item. Click on this Penny Auction Link for our insider’s guide on winning the best penny auction deals on computers, designer apparel, accessories and much more.
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