But the reality is that actually, when it comes to the most popular products on these sites, they are paid for up to 4 times just by the amount of money generated by those placing the bids.
Yes, each bid only pushes up the cost of the item by a penny, but bidders must accept and understand that placing each bid costs them anything from a few pence to a few pounds or dollars every single time they join in the bidding process.
If you really like the thought of being able to compete and potentially ‘win’ a bargain but you want to avoid the risk of addiction to the gambling nature of these sites, here are 5 responsible bidding strategies to adopt for penny auction websites: -
1) Take enforced, regular and prolonged breaks between cycles of bidding. Set an alarm clock if necessary, and force yourself to physically walk away from the computer, or close your access to the penny auction website. Do not take the attitude that you’ll stop when you’ve just seen this one item through to the end – make yourself regularly stop bidding, stop following an auction and walk away and do something else altogether.
2) Set yourself a very strict budget and never extend it. Whether yours is a daily, weekly or monthly budget, once you have reached its limit discontinue bidding. No arguments.
3) Think about an item carefully before you begin bidding on it. Do you really want or need the item in question, if so, how much are you prepared to spend on it. Factor in not only each penny bid you’re willing to make, but the cost of making each bid. Work out how much you are willing to spend on a given item and stick to your limits. If the item for sale goes over your allotted budget, walk away.
4) Only enter an auction when you are sober and awake, in a clear and positive frame of mind. In other words, if anything is clouding your judgement – from stress at home or work to alcohol or medication – do not enter the penny auction.
5) Concentrate carefully on what you are doing and where your bids are taking you. Some sites allow you to set up an automatic bidding filter so that you can carry on bidding for something even when you’re not concentrating on the auction. Such filters are dangerous and you must always ensure you are in control of your bidding.
My tip would be to think how much the cost and shipping be before actually purchasing it.. might not be worth it..
That’s right. Shipping charges must be factored into the total price you are actually paying for the item. Also make sure that they are shipping to wherever you are. No point in bidding from, say, China, when they will only ship in the US alone.
That is correct! Take enforced, regular and prolonged breaks AND setting yourself a very strict budget are wise advise!
Considering shipping cost is must too, as you can win something very cheap and end up paying higher shipping costs.