Five Tips for Successful Reverse Bidding
Bidding is a term associated with auctions. In an standard auction this is the process through which a product is sold in the presence of multiple buyers. Normally the buyers bid for a particular product and the person making the highest bid, generally wins.
The concept of reverse bidding in a unique bid auction is new and different from the traditional form of online auction. The main idea behind reverse bidding is to make it unique. In this case, the bidder quoting the lowest price for a bid becomes the winner.
For example, a digital camera is quoted at a price of $300. Now, two people make a bid of $1.60, three people bid $1.50 and only one person makes the bid for $1.55. In this case, the winner will be the person who has made the bid of $1.55. Even if there are people bidding a lower price than this, the bidder of $1.55 is the unique one as no one else has made an equal bid.
Reverse bidding is an unusual concept but it is interesting and profitable too as it enables bidders and auction visitors to get items at a considerably lower price. Reverse bidding auctions have gained much popularity amongst the more usual Internet auction sites. Many Australian online auctioneers are now choosing to make the lowest unique bid the winner for their products..
For example in Australia , Youbid.com.au is one of the newest and best Australian online auction sites. Providing a variety of categories to choose from, Youbid can be joined exclusively by Australian and New Zealand nationals.
Joining youbid.com.au is free of charge. You just require to fill up a registration form. You must 18 years and above in age to bid on this unique bid site
Now since the idea of a lowest unique bid action new to many people here are some quick tips that can be followed to help you win..
1. First thing to do obviously is Sign up. For most auctions you will need to become a member. Remember to read the FAQs. Once you are a member, you may need to add a minimum amount to your new online auction account to pay for your bids.
2. Find products you wish to bid on – remember you’re not bidding on the retail value of the product. It might be worth many thousands of dollars and be sold for only a few. You just want to bid the lowest bid that no-one does ( ie a lowest unique bid)
3.Do not wait till the end to make a bid – Unlike a traditional online auction there is no advantage in waiting until the last few seconds. As soon as you have decided on the item, start making the bid. In fact in the case of reverse auction, it is important that a unique bid gets registered as soon as possible. This is because sometimes there isn’t one single unique bid. In this case the winner is the first person who made the lowest bid of the two lowest bids. So get in early or you might lose a winning opportunity.
4.Make multiple bids to cover as many possible bid values as possible.
5.Keep a track of the status of your bids – Like any good Australian online auction site, Youbid.com.au , will keep its bidders updated through email about the status of their bids. Being the bidder, you should strictly keep a track of the bid status so that the lowest unique bid can belong to you.
These are the five main tips that if followed will help you emerge as the winning bidder at a lowest bid auction.
Youbid is a new reverse auction site in Australia. It’s free to join. And remember in a unique bid auction its the lowest unique bid that wins. You could save hundreds of dollars.
