Tips on Finding Penny Bidding Legit Sites

With the web being so infinitely gigantic and endlessly expanding there are new things popping up everywhere and all the time. One of these new things to explore is called a "Penny Auction." And with all new things, more often than not, they're a bit hard to understand. New concepts take a moment to sink in before they're fully understood. Most likely you've read some other articles about Penny Auctions before this one, but know you probably were bombarded with misinformation and negative stereotypes, all coming from people who think they know what they are. I'm here to set the record straight and give you the real deal on Penny Auctions and let you know what to look for.

It's true some places are real scams. But it's also true that there are legitimate websites out there. The trick is in spotting the differences, the traits that make a real site shine and make those filthy scammers show their true colors. I'm going to discuss a few examples of things you should definitely keep an eye on and will keep you from some unwanted problems.

Always look for websites that display testimonials from past winners. This creates a sense of history that shows that people are actually winning items from these sites. Some places will have pictures and some words from the winner. Others will have videos with the testimonial coming straight from the person in the vid. The more the site has something like this, the more likely it will be legit. You know you can always contact someone on YouTube if they posted their video testimonial there. Try talking to some of these winners and they'll help you get a better picture.

Don't forget to check out some statistics. You can use tools online that will help you find out the traffic ranking and how they stack up to websites around the rest of the world. The more traffic it gets, the more likely it is legit. Think about it, more traffic more people, more referrals from happy people, more people coming back. I think that is a good sign, especially if you take into consideration how long a site has been running. For example, a site that has lasted for several years is far more reliable than a start up that is less than 6 months old. What's stopping this start up from not sending people their prizes and taking the money and running? It's best to find a site that's at least 2 to 3 years old. The first Penny Auction sites first appeared in 2009, just to give you some perspective.

Some sites use bots to automatically make bids and jack up auction prices. Sites that have little traffic usually resort to this. Bigger sites with higher levels of user interaction won't have to utilize a tactic like this. What this does is artificially makes the final price higher and also causes the user to spend more bids, which means spending more money as the user had paid for their bids. The good sites try to combat this and try to place a cap on how high an auction can go, and since these things rely on countdown timers, they could go on forever. A good site has a healthy set of live and finished auctions that show that they aren't just on an infinite loop with the price skyrocketing!

I hope this little guide has helped you. It also doesn't hurt to do some searching of your own. Go out there, read up a little more and maybe try your hand at one of these auction things and get a feel for it. Once you know how to wade through all the garbage, you'll be able to find the right sites. Good luck!

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The Positives and Negatives of Online Auctions

Internet auctions have become increasingly popular over the years for a number of reasons, from their broad geographical reach to their absence of time limits. If you are contemplating moving into this area of selling there are a wide variety of attractive benefits to consider, but also some negative aspects to take account of. Here is an outline of some of both the pros and cons:

Cost-effective

Auctions can be one of the most cost-effective ways of selling goods online. There's a plethora of cost saving measures sellers and auctioneers can take. It is considerably cheaper to organise an online auction than an offline auction event - with an offline auction money needs to be spent on a venue, a professional auctioneer, item storage and various other necessities. There are comparatively few expenses to worry about online... Auctions can also be an excellent way of liquidating old or excess stock. Selling these items by auction tends to bring in significantly higher profit margins than selling them off at a fixed discounted rate. Marketing is another area in which Internet auctions can save on costs. Marketing materials in the offline world can be costly and time-consuming to produce and distribute. Online marketing is relatively cheap, and has numerous other advantages.

High profits

Online auctions are open 24 hours a day, 7 days a week. They can go on for weeks (or even months). This is in contrast to physical auctions, which typically last for no longer than a few hours. This lack of time constraints is a great asset. It means that bidding can carry on for longer and thus lots are likely to sell at a higher price. Bidders find the competitive environment of auctions exciting and exhilarating. This is true of Internet auctions just as it is of auctions in general. This atmosphere can encourage participants to bid for items at significantly higher prices than they would in other situations. It is not surprising that online auctions have often been compared to gambling. As in gambling, participants can become caught up in the excitement of the event and become increasingly reckless with their money. This can lead to prices being driven well above and beyond market value.

Wide reach

Whereas in the offline world auction attendance is limited to those who can manage to physically be present at the event, auctions on the Internet can potentially be accessed by a vast and diverse audience of people from every corner of the globe. Items can be sold to people sellers would never have had access to previously. The larger the number of participants in an auction, the higher the prices that items are likely to sell for. There can also be a larger number of products up for auction. The increased reach of online auctions can allow sellers and auctioneers to create new specialist markets within their sector. Online auctions provide an astonishing degree of access to unusual or niche items that rarely turn up for sale in normal circumstances. For example, in the offline world machinery tools may become available for sale only occasionally and go for a high price when the do come up for sale. There is a wide geographic market for these items online. If marketing is targeted effectively, you can make lucrative sales.

Efficient marketing

Trading online offers the opportunity to market products in an exceptionally efficient and effective way. Data from your website can be used to identify customers' and visitors' buying and viewing habits. This means you can make highly informed decisions based on your customers' interests and tendencies, and target your marketing activities more accurately. Social networking and blogging are very useful tools for anyone with an online business. Social networking can provide a steady stream of contacts and sales leads, as well as allowing you to publicise your auction site in a general way. If you frequently take part in online discussions relevant to the goods you sell you can offer your advice and expertise in the area and encourage people to put their confidence in you as an auctioneer or business partner. Writing a blog can also provide excellent publicity and customer interaction, as well as another route to your site for search engines.

Downsides

However, Internet auctions can also have their downsides...

• All websites are vulnerable to technical glitches. Technical glitches could cost you significant amounts of money, and customers who encounter a glitch when using your site may be permanently put off from buying from you.

• Criminal activities are something else to which e-commerce websites can be susceptible. If customers pay for items through your own site it is important that you scan the server for any potential security risks and comply with PCI DSS requirements.

• It shouldn't be forgotten that there is still a significant number of people (particularly older people) who are not adept at, or not enthusiastic about, using the Internet to buy goods. Basing all commercial activity online may cause companies to lose these customers.

• Online auctions tend to lack the bustling, highly-charged, highly competitive atmosphere of auctions in the real world. This could lead to less competitive bidding and thus lower prices. Online auctions tend to see a dramatic surge in bidding activity towards the end of the auction, rather than sustained competitive bidding throughout the auction.

• Some bidders engage in a practice known as "sniping" - not placing any bids until the very last moment of an auction (when it is impossible for other participants to place competing bids) so as to avoid a bidding war that will drive the price higher. Naturally, this is not very beneficial for sellers and can result in lots selling for well below market value when in a physical auction they would have sold for a higher price.

Overall, the benefits of online auctions tend to outweigh the risks and downsides. However, it is important to research and consider all aspects of online auctioning before making the decision to move into this area of commerce.

A Guide To Online Auctions

Since online auctions hit the world of the internet in around 1995 they have found international popularity and now there are literally hundreds of online auctions from the traditional highest bidder auction to newer more innovative formats such as penny auctions. You can buy almost anything from auctions on the internet including antiques, second hand items and brand new products. So whether you are a buyer or a seller, here's your quick general guide to online auctions.

Buyers Guide to Online Auctions

Internet bidding sites are great fun and for many people this is a big part of the attraction. Yes you may well get that top notch Smartphone for less than a quarter of its value, but for many users actually winning such an item is just a bonus in what can be an exciting chase to outbid your competitors at the last second!

Before bidding on any item however, here are a few tips that might just come in handy:

1. Online auctions are all different so familiarise yourself with each individual site and their rules and never assume that they all work in the same way. 2. Find out if the site offers buyers protection and discover what the return policy is. 3. Read about the item you are bidding on carefully, especially the small print! 4. If the auction site gives seller ratings then make sure you check these out. 5. Consider how much you are willing to pay for an item and stick with that amount, be prepared to walk away if it goes over your highest offer. 6. Keep your nerve and have fun!

Sellers Guide to Online Auctions

Online Auctions can be a convenient and easy way to turn those unwanted items into spare cash. Some people have even set up online businesses which trade in pre-loved items. It can be a great way of earning a little extra money, but before you start to list those unwanted Christmas presents, read out brief guide first:

1. Be truthful about the item you are selling as some auction sites will list buyers' feedback and your rating may be affected if you don't mention flaws or stains, etc. 2. Consider how much the item would cost to post and think about whether or not you would ship anything overseas. Don't be tempted to hike up postage charges in order to sell something cheaply, buyers can see through this tactic. 3. Use your own photographs and not stock photos. 4. Think carefully about the lowest amount you are willing to accept for the item because if someone bids for that amount, you may be obliged to sell at that amount. 5. Ensure buyers know where they stand with a comprehensive returns policy. 6. Don't be tempted to take private offers away from the auction site as you won't then be covered by the online auction protection should things go wrong.

Online auctions are a great way in which to make money and find fantastic bargains! They are also great fun to take part in so keep your cool, follow the rules and you can't go far wrong!

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