subject: Penny Auctions: The Newest Trend in Online Shopping [print this page] Penny Auctions: The Newest Trend in Online Shopping
Online shoppers are especially looking for bargains and discounts in this bleak economic climate. Due to this increasing demand, penny auctions, the newest form of online auctions, have recently emerged and gained popularity. In fact, more of these sites are popping up almost daily.
What is this latest phenomenon the penny auction?
Penny auctions are a great way for online shoppers to compete for bargains on the latest merchandise such as the latest digital cameras, high-definition televisions, and designer handbags. Certain penny auction sites specialize in certain merchandise, thus if a woman is looking for a new handbag or Saks Fifth Avenue gift card, she should check OhhILove.com or Pennypurses.com. Some penny auctions even auction off designer jewelry and video game consoles for pennies on the dollar.
How the Auction Process Works
The penny auction process works in a similar manner as traditional auctions work; however, bidders will need to purchase bid credits to place a bid (unlike traditional auctions). Depending on the site, bids generally cost between $0.50 and a dollar. For frequent bidders, bid packages are available in a variety of denominations for discounted prices. Most penny auction sites sell bid packages in the following increments: twenty, fifty, one-hundred, two hundred, and four hundred.
Items up for auction begin with a price of $0.00 or one cent. With every bid placed, the auction's price increases by one or two cents depending on the site and a preset amount of time automatically is added to the clock, usually between ten and thirty seconds. The last person to place their bid when the timer hits zero wins the product. The winner only has to pay the penny auction's end price, plus any applicable shipping costs and taxes. Some sites offer free shipping to addresses in the continental United States, while others charge a flat shipping rate. Users should keep an eye out for any promotions and special offers. With that said, participating in penny auctions is a great way to get brand name products for up to 90% off their suggested retail prices. Some winners have been lucky enough to win high definition televisions and iPads for significantly off the retail prices.
Penny Auction Revenue
Many times users are not aware of how penny auctions can sell merchandise for significantly below retail costs. These sites are able to sell brand name products for pennies on the dollar because they generate revenue from bidders purchasing bid credits.
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