Penny auctions strategy guide

guideWhat you need to know

Penny auction websites can be best described as a unique alluring experience resembling a magic show. Why is this so? First off, penny auction sites may look like shopping sites, but they are not quite that. Secondly, they may feel like gambling sites, but they are not that, either. Finally, the creators of these sites hide their intentions so well that it is easy for users to get lost in the maze of online bidding. It all comes down to realizing that penny auction sites have been created with only one purpose in mind: generate revenues, for themselves that is. Does this mean that everybody should stay away from penny auction sites? Maybe not.

Penny Auction Sites: Building Strategies

Fortunately, there are different approaches a participant to-be could put into practice in order to optimize their involvement in penny auction sites. Successful users have done their research and these are some useful tips they have got to share.

Choosing the best Site

Part of your initial fieldwork should consist in taking a look at the sites available for you. There are three major aspects you should consider before choosing a penny auction site.

  • Appealing inventory: pay close attention to this concept, as appealing will not necessarily mean attractive. For one thing, it should be interesting for you. A site may be popular and long-running, but if the items offered on their inventory are not what you need or like, you will end up spending a fortune on unnecessary items.
  • Popularity: if a penny auction site has gotten too big and competitive, your winning chances will be lower. The number of users in a penny auction site will decide your opportunities of winning. In other words, it is more difficult to win in site if it has risen in usage. This is basically because the odds are spread too far out and each member has a smaller chance to get lucky.
  • Overpricing: Before actually joining a site, compare product prices with retail prices online. If you notice that auctioned items are overpriced. You may want to stay out of that particular site. How do you work out final prices? You should check how many bids would be necessary in order to reach the final leg of the auction. Multiply that figure by the price of each individual bid.

Finally, add the bidding price. This is how much the item really cost. It is essential that you do these calculations in order to determine whether an item is overpriced or not. False advertising is one of the main reasons why penny auction sites have lost much of their initial reputation. Saying that you can buy a laptop at $15 is far more than misleading, especially if you have had to spend $0.60 on each bid. Supposing you bid on the item 100 times, then the final price would be more like $75 or even more considering shipping and handling costs.

Internet Connectivity

An apparently minor issue can end up determining your success on the site. Check your internet connection before you decide to join in any penny auction site. There are speed tests available online if you don’t know exactly where your connectivity is at. Connectivity should be of at least 256kbs in order to play at penny auction sites. Less than that will result in delays up to 3 sec that can seriously hinder your winning chances. You should avoid a laggy internet connection if you want to ensure success. Even a 4 sec delay can put you behind the rest of your bidding competitors; by the time you catch up again you will have lost your place and lots of money on wasted bids.

Usernames: Why it matters so much?

You should choose a smart username mainly because penny auction sites users are ordinary people. Since the only way of winning at an auction is by getting a lucky strike or being smarter than the rest of your competitors, you should so something about it. Luck is something most users are unable to control and will place bid shopping in the gambling category. This is why out-smarting bidders is your best call. There are two types of usernames to choose from: tricky or intimidating. Names like “Auction Closed” “Done deal” “item Gone” or “last Bidder ought to do the trick nicely and get you ahead of less aggressive players.

Get the general picture? The idea is to feel other competitors feel intimidated without being too rude. Don’t be afraid to get creative and come up with unexpected names, after all, a username is a nickname which should represent your alter ego, sort to speak. Keep in mind that, however innovative, if your username has already been taken, you will have to come up with something else. Your competitors should feel uncomfortable around your presence on the site and spot you when you are bidding. If you make a name for yourself, chances are that less experienced players will leave you alone and drop off when they see you online. The fewer bidders there are, the more chances you have to win.

Intimidating Attitude Galore

Don’t just look the part, act it too. When it comes to intimidating other players, a good username is key, but that is not all there is to it. You should also bid accordingly. The best way to do this is by being aggressive, especially in live auctions. If there is an item you are interested and there is another player who places a bid ahead of you, do not hesitate: place another bid right after. As you see, most bidders purchase small bidding packs and never bother to reload along the auction. A fast-thinking bid is regarded as coming from a potential winner, so chances are that your competitors will end up dropping out and leaving the road ahead of your clear for you to nail the prize.

In conclusion, you can make the most out of your penny auction experience by getting a little schooling on what works best.