Shoppers flock to auction sites like eBay in order to find great deals and savings
Shoppers flock to auction sites like eBay in order to find great deals and savings
Going once, going twice, SOLD!!!
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There are several sites out there that are considered auction platforms. They offer terrific deals on hundreds of items. A user will typically pay less than 50% off retail prices for the items they win. Another perk of most of these sites is that they offer free shipping. While there are numerous auctions sites out there you need to be careful when bidding on items. Some of these sites have potential counterfeit items.
eBay
I am sure you are familiar with the eBay auction site. This is the place to go when you are looking for a real deal on a particular product. With millions of product listings, you can find pretty much anything on eBay including electronics, collectibles, clothing and so much more. I have seen smartphones and laptops sold on eBay for half off their normal retail pricing.
Typical auctions on eBay will last from a few days to a week and users can bid on the items they want. At the end of the auction duration the winning bidder will be able to purchase their new item for their bid amount. eBay also has fixed auctions where the user can buy the product right away and not have to worry about being outbid by another user. The fixed price auctions are usually a bit more expensive than the normal auctions.
Penny Auction Sites
A newer auction platform exists called “penny auction” sites. These sites allow users to purchase bids and then bid on items that interest them. Each bid placed by a user increases the bid price of the item by one penny. Some of the more well-known are Beezid and Deal Dash. I am sure you have seen a commercial where some user has won a brand new laptop or television for around $20 or some other ridiculously low price.
This can be a little deceptive since each bid increases the price of an item by one penny but in reality you are paying around one dollar for each of these bids when you first purchase them. Below is a brief outline of the bidding process.
For example, when you sign up for one of these sites you might purchase a package of 100 bids for $100 to begin your bidding. You see a new laptop on the site and place your bid. The laptop was selling for $10 and your bid has increased it to $10.01. As the time ticks down on the auction other users will also bid and increase the price by one penny each time. At the end of the auction the user with the last bid is the winner and will then be able to purchase the item for the final bid price. So the final user may pay a very low price for the item but in reality all users have already pre-funded the prizes since they purchased bids on the website.
Overall tips to remember
- Do your research on the website you are using and the items you are bidding on.
- Remember that auctions are hard to win sometimes so be patient and persistent when bidding on your item. You might not win so be prepared for that.
- Watch out for counterfeit items. Sites like eBay sometimes have sellers listing items that may not be authentic in order to make a quick profit. If you suspect your item is not genuine you must report it to the website immediately.
- Always live the CouponBum lifestyle!
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