In recent years online auctions have increased in popularity due to real time access on smart phones and computers. Our auction websites has successfully sold over 600,000 gemstones and opals.
With over 4 million bids placed on our online gemstone and opal websites, we have compiled our top bidding strategies to help you win online bargains.
If you want to be a successful online bidder and possibly save thousands, here are our top bidding strategies.
Take the time to understand your favourite sellers auction strategies. This can reveal a pattern which can help you save time and money. You can follow your favourite items and sellers by using the ‘Item Watch’ function. Watching items that interest you can reveal how much they are selling for. Sellers tend to show a variety of patterns such as listing only low value items or listing items with a lot of character to attract bidders to their stores.
For the No Reserve Auctions, there are sellers that constantly list items based on the 1/3 rule, where they distribute their items on auction as 1/3 below cost, 1/3 above cost and 1/3 for high profit. This can be helpful as you can formulate your maximum bid with these sellers.
A small percentage of buyers make low bids or $1 bids in the hope of winning a bargain. In the No Reserve Auction category, many sellers have a starting price of $1, however the environment of online bidding is to compete for items until you reach your maximum price.
In the past, buyers have won auctions with this particular bidding strategy, but now it is unreasonable to presume that you will win an item for $1. With real time auctions being accessible on smart phones, buyers are now receiving instant updates if they get outbidded.
Make sure you set a reasonable maximum bid so you don’t miss out on winning a potential auction.
It is handy to know that placing a bid in the last five minutes of an auction will extend it for another minute. This is to allow other bidders an opportunity to bid. It also protects genuine bidders from sniper software, which works by placing an automated bid in the last few seconds of an auction.
Our online auction websites are open 24 hours, 7 days a week, which means you can make a bid anytime, any day. The sellers on our websites are also based internationally. That means we have auctions finishing at different times as our sellers are based in many countries across different timezones. This strategy may reduces your competition and also may increase your chances of winning an auction.
Our auction websites have a maximum bid function. This means you are able to enter the highest amount that you are willing to pay. The website works by automatically entering the minimum bid for you, and at the same time ensuring you are the highest bidder until your maximum bid has been exceeded. Many people find that this an easy and efficient bidding strategy. You can feel safe knowing that you are not paying more than you intended and you can always choose to increase your maximum bid amount if you are outbidded.
When there are major sporting events or weather occurrences in the world, there are less people bidding on our auctions. This is a perfect time for you to snap up a bargain. Timing is important as it can possibly determine the price an item will sell for.
If you find an auction bargain you can always chose the Buy It Now option. The benefit of this bidding strategy allows you to buy an item without having to wait until the auction ends. This rules out all other competition and it is very useful if you are in a rush to buy an item.
If you have the time, bidding in small increments is a fantastic way to grab a bargain. Incremental bidding is when you continuously place small single bids on an item to ensure you are always the highest bidder. Constantly outbidding other people in small amounts can filter out your opposition, all the non serious buyers and increase your chances of winning the auction. This may increase the bidding amount earlier however you might still win the auction at a bargain. Even though this bidding strategy is very successful, the only negative factor is the focus and time it takes to bid on an auction using this strategy. But if you consider that the items are one of a kind, then it can make it all worth while.
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