Pros and cons of the various types of Pay Per Bid online auctions
Pay per bid auctions have two main features in common with each other
. As the name implies, participants pay a small fee for each bid that they place and this feature alone separates pay per bid auctions from more traditional online auctions such as eBay. The second common feature is that pay per bid auctions are designed to deliver very large discounts on brand new products to the winners, and they do this very well. It is not uncommon for winners of pay per bid auctions to win discounts as high as 90% OFF RRP. This high level of discount and the excitement of bidding, make pay per bid auctions an attractive form of auction. This article covers the pros and cons of the main types on offer to biddersPenny Auctions
Pros:
Penny auctions deliver a good level of excitement
Participants know within around 30 seconds whether a bid has been successful
Cons:
There is no definite end to the auction so they can go on for days (some have gone on for weeks)
The collective number of bids placed by bidders can be disproportionate to the value of the product on offer resulting in a deal that is not good for bidders
Bid-Block Auctions
Pros:
Bid-Block auctions deliver an excellent level of excitement
Bid-Block auctions deliver a consistently fair for bidders, even if the auctions become popular, due to the cap on available bids and the unique Bid-Block erasing' system that they employ
Bid-Block auctions have limited duration and have an end in sight at all times due to the capped number of available bids
Bid-Block auctions enable more varied bidding styles and a more flexible approach to bidding in general
Bid-Block auctions are open and transparent, showing all the available bids right from the start of every auction
Cons:
At first glance they can appear to be more complex than they really are. With areasonableexplanation, they are actually easy to understand.
Lowest Unique Bid Auctions
Pros
Participants know when an auction will end.
Some judgement can be exercised but it's limited.
Cons
Lack of excitement as there is little impending feeling that you might win or lose
Less apparent opportunity to use skill
Price Reveal Auctions
Pros
Instant result when participants bid, they either like the price and buy the item or choose to walk away
Cons
The last participant to have revealed the price didn't purchaseso why would the next, given the small decrease in price each time the price is revealed?
No seeming skill whatsoever
Conclusion
Price reveal auctions come out last, as they don't offer a good level of excitement and the discounts tend to be the lowest due to their proximity to a regular marketplace. Lowest Unique Bid auctions come in third. They deliver good discounts but due to the lack of skill and a reduced feeling of impending success, they offer a low level of excitement. Penny auctions come second offering good levels of excitement and good discounts but fail to consistently offer bidders a fair deal. In the top spot are Bid-Block auctions that consistently deliver a fair deal to bidders in an open and transparent way. Bid-Block auctions are also the most exciting on the market giving them an all round thumbs up. The first ever Bid-Block auction to be launched and an excellent example of one is YooDeeDoo (www.YooBeeDoo.co.uk).
Pros and cons of the various types of Pay Per Bid online auctions
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