Shillbidding is a technique that can be employed by auction systems in
order to drive up pricing and/or interest in an item on auction.
Shillbidding is done by a shill (also known as a potted plant)?a person
that acts toward the benefit of the auctioneers without making it
publicly known that s/he has a close relationship with the former?who
places phony bids in order to incite a bidding war among auction
participants.
Shillbidding tends to occur more in online than traditional auctions as
online auction site members are able to create multiple accounts in
order to bid on their own items. Many online auction sites such as eBay
and Ziinga make use of sophisticated methods to detect collusive
activity in order to prevent shillbidding.
Read More
Friday, March 7, 2014
Your Guide Through Penny Auction
If you want to try your hand at penny auctions, here's a couple of tips
to get you going. A caveat before you go into it though: it might be
less of a hassle to get the item that you like through the traditional
channel. Like for example, go to eBay or an Apple store to get the iPad
that you like; the â legit wayâ . Nonetheless, penny auctions are
legitimate in their own right, and if you want to get into it, get these
things in your head:
Get into it ready to lose your bids.
Hunt for the legit auctions.
Read the Fine Print.
Go for low-value items first.
Do your homework.
Read More
Get into it ready to lose your bids.
Hunt for the legit auctions.
Read the Fine Print.
Go for low-value items first.
Do your homework.
Read More
Wednesday, March 5, 2014
Of Bids And Pennies: A Guide To Penny Auction
The
goal is to win. The only way to get there is to risk it all, take chances and
to never give up. No, this isn’t about life struggles and adversities. What
about? I’m talking penny auctions and how they have conquered the online world
massively and quite lucratively
The
most basic question of those who are interested with penny auction is how you
can truly say you’ve won more than you’ve lost. The truth is - like any
gambling you may have known - there is no magic trick whatsoever behind a
successful auction. It is a game of chances, and you will never win unless you
don’t give up. Quitters, they never win. And winners, they never quit – they
take everything home.
There
are some strategies, however, you can use as guide in order to achieve a more
entertaining and successful experience at penny auctions. This means more items you can take home while
keeping a few bucks in your pocket.
MONEY MATTERS. The golden
rule for every game is to always begin with a reality check. If your bank
account can handle this pretty expensive type of entertainment, that should be
a clear signal to go for it. Otherwise, you may want to think twice. Whereas it
might be true that penny auctions can be a perfect choice for online shopping
at discounted rates, this could become quite expensive.
READ AND WRITE. Never go
to a war unarmed – I’m sure you have heard that a few times. This is
particularly true for penny auctions. Familiarize yourself with the rules,
terms and procedures. Ignorance will be the monster to eat you up and take away
all your money. Most problems with those who participate in penny auction is
that they don’t take time to review and gain an in-depth understanding of how
penny auctions operate. You should know how bids work, what bids are, and what
you are paying the bids for. You will find a lot of relative information online
if you might need some references.
PRIORITIZE. Once you
have signed up for an account in a penny auction site, the thrill and chill
might get into you immediately. But hold your fire! Think and rethink.
Carefully choose which item/s you have the desire to bid on. Go for what you
really NEED more than want you just want. Keep a list of items in your
priorities as the discounted amount penny auctions offer may appear really tempting.
TIME IS GOLD. If you
are ready to place your bids, start with lower-priced items. You have better
chances at winning them. Take it slow and keep your focus. It is recommended
that you have nothing else in your plate when actively placing bids on penny
auction sites. Stay away from distractions like school or office-related stuff,
driving, cooking, gaming and the like. Time is of the essence, it might just
wind down without you noticing. Keep track of what is going on and who you are
bidding against. Pay close attention to the bidding patterns, you will
recognize tactics that your competitors are using against you. This may help
you in planning for your strategies against them as well. If you want to be the
best (or the winner for that matter) you have got to be better than the guy
next to you.
STRATEGISE. Online
references like forums and blogs can help you understand some strategies on
penny auctions such as sniping and automated bidding. Albeit some bad reviews
about automated tools, they actually are relevant especially for those who are tremendously
hooked to penny auctions. This will ensure that you are on track with your bids
and that you can manage your bidding. This could be a great tool to win the
item you have an eye for!
BACKTRACK. If you
plan to start bidding on high priced-items, always check for statistics of
items recently sold. You will find information such as how much these items
have been sold and how high bidders can go in terms of placing their bids for
such items. Furthermore, make sure you are keeping track of the items you have
won or have purchased through bids. This way, you know that the amount sliding
out of your credit card is precise.
WATCH THE CLOCK. Start
bidding at the wee hours of the day. You can be sure the number of
participating bidders is manageable hence less competition for you. This is
also a perfect time since you can worry about nothing else but your bid
progress.
OPTIONS. There is
a wide array of penny auction sites that you can choose from. Carefully study
each site, search and read for reviews relevant to them and decide which site
would work best for you. Don’t let excitement get to you outright, do some
research and there is nothing to regret in the end.
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