Three Reasons to Bid Online – Auctions Are Waiting

If you are an avid auction participant, the idea of taking your interest to the Internet may seem strange. After all, why bid online? Auctions are supposed to be attended, right? Well, yes and no. There is more here than meets the eye.

Convenience versus Attendance

No matter what you collect, from antique silver to sports memorabilia, sooner or later there will be an auction which you desperately want to attend, but can’t. It might be distance that prevents you from getting to the auction, timing, or even a previous engagement, but with online auctions, it just doesn’t matter.

Once you have registered and received permission to bid on a particular auction, you don’t have to be there. You can sit down at your computer, stream the auction live, participate, bid, and triumph without setting foot outside your home. This is particularly wonderful if the auction is taking place several states away. You don’t have to spend a ton of money for travel only to end the day empty handed.

Absentee Bidding Online

Of course, if the real problem is that the auction is taking place when you have another engagement, live bidding won’t work. For this there is absentee bidding. The concept isn’t new – people have used agents at auctions forever – but you never really know if your agent will represent you accurately.

With new software, you can look through an online catalogue, evaluate what you wish to bid upon, and place a maximum bid well in advance of the actual auction. You can do all of this when you have the time and can make a good, rational decision.

Later, when the auction takes place, you have the assurance that your bid will be raised to your maximum limit, automatically. You can check in when you are free to see if you won your item; if successful, shipping arrangements are made and your prize will arrive in due time.

A Broader Selection

If you are like most collectors, you are very much limited by geography at this point. You can plan to attend auctions that are out of state or far away, but it involves a lot of effort. Finding out about smaller auctions may not even be possible. With online auctions you can find out about any advertised auction, browse the catalogue, and make your decisions in leisure.

By accessing more auctions, as you do online, you have a better chance of seeing something special. Your auction house isn’t limited to just the merchandise it has in stock; it can connect and coordinate with many other vendors, providing you with a better selection.

Secure and Safe Transactions

We all hear about security issues that crop up with online purchases – you don’t have to worry when you participate in online auctions. Your information is processed with 128 bit encryption to protect your data from any prying eyes.

Once you take a look at just how many auction houses are turning to online bidding, the advantages will become even clearer. With the convenience, selection, and flexibility offered, it won’t be long before you want to try bidding yourself. Online auction bidding is the best way to expand your collection.

How to Find Live Bid Online Auctions That Specialize in Your Area of Interest

If you’ve never heard of a live bid online auction, then you need to take a moment to read this introductory paragraph. Otherwise, feel free to skip ahead to the good stuff where we’ll tell you all about how to make such auctions work for you and for your personal interests. Now, if you’re still with us, we’ll assume you’ve never heard of a live online auction. Fair enough.

Similar to a traditional auction, live auctions held online are designed to sell off various objects that someone else no longer wants but hope you do want. They also work in exactly the same way that a traditional auction works by using an auctioneer who calls the bids as they come in and are held in “real time,” meaning that you get to bid in such auctions as they are happening, not like eBay auctions where you bid any time. Okay, now that we have that introduction out of the way, here’s the good stuff.

Making Online Auctions Work for You

We’ll assume here that you know all about going to a live bid online auction and that you simply want to know how to make them work for your needs. If you have no idea what we’re talking about, see the paragraph above. Live online auctions aren’t just a more convenient way to do your auction purchasing. Yes, you can get great deals at such auctions the same as you can at traditional auctions and you don’t have the fuss of getting in the car and driving to an auction house.

However, the best thing about an online auction is that you can easily purchase from auction houses that are thousands of miles away since everything is done online. This is a boon for collectors who have specific items they look for. The trouble is, with all the online auctions out there, how do you find the ones that specialize in the antique fish lures that you love collecting? Simple – just use Google Alerts and RSS.

What is Google Alerts and What is RSS?

These are two separate technologies that actually work together to make things easier than ever for those who enjoy bidding at a live bid online auction. RSS stands for Really Simple Syndication and is a fairly old technology (in Internet terms that is – it was created for Netscape Navigator and the My Netscape web portal back in 1999 – an eternity in Internet years) that allows you to grab content from different web sites and to see it all in your e-mail or in an RSS reader. The system is most often used for collecting articles from news websites and blogs.

Google Alerts is another system that will tell you when a new webpage is added to the Google index which contains specific keywords. Therefore, you could, for example, have it do an alert every time a page is added which mentions “antique fish lures.” However, that will simply bring you a ton of pages and doesn’t really differentiate between what is out there and what you’re looking for.

Using Google Alerts

What if you only want to find any live bid online auction that happens to feature antique fish lures? You have two choices: Either you can put both of those into your search by putting them in quotation marks (i.e. “live bid online auction ” ” antique fish lures”) or, if you know of specific online auction sites that sometimes have them, you can tell Google Alerts to let you know only when those sites add in something of interest using the “site:” command (i.e. site:myfavoriteauction.com “antique fish lures”). Try that with a traditional auction and you’ll just get blank stares! Oh, and the best part? Google Alerts will even send you an RSS feed when it finds the auctions you’re interested in.

Which Is the Best Online Auction Website Concept?

Let me start with the figures of the behavior of on-liners.

Buy a product 71%
Participate in an online auction 26%
Sell something online 15%

Now when so many people are participating in online buying and selling, this article becomes important where I explain the types of online auction concepts and online auction websites.

Below are how different types of online auction websites or online auction concepts work or online buying and selling work.

(i) Straight auction There are Online auction websites eBay, ebid with a process, that sellers upload their auction for sale at a fixed price, buyers come and buy the item at that price. For the same auction, sometimes the buyers may also bid for a higher price and the highest bidder wins when the auction ends.

In such auction websites the sellers has to pay fees as below

(i) Item posting fees (free for limited items)

(ii) Final value fees (4% for any website)

(iii) Payment gateway fees (3.9% for paypal)

So an Item sold for $10, seller gets near to $3.5 because most of that money goes to charges.

So how does the seller earn more net profit from the same sales selling online in such destinations.

Now think of a buyer – a buyer bids higher to win an item or simply buys the item at the price stated on the website.

How many times do you go to a store and negotiate saying you want to pay a higher price for the product.? OR alternately how many times do you buy the product without expecting a discount on a product?

(ii) Lowest unique bid, Highest unique bid.

Here buyer buys bids, uses them to bid on the products. An auction is started and the buyer has to place his price of the product. i.e bid a value for the product. Each time the member bids it costs the member. The member may place multiple prices for the products.

Depending on the logic used i.e. unique lowest bid or unique highest bid, the respective member will win. Meaning if you have bid a value ‘X’ which no other member has bid and if its the lowest any one has bid the product is yours at that ‘X’ value

In such types of auction the chances of wining the product are very low. Also you are dependent on chance for wining the product.

so to buy a product from such auction websites you really need not to be a serious buyer and have lot of money to spare in bid cost because you do not control your buying decision.

And here the most important is that sellers do not upload auctions, the sellers are the website only. So the profit from the bid cost is all going to the website owners. so more the people are biding more is the profit to the sellers.

There are quite a few websites you will find if you search lowest unique bid auctions or highest unique bid auctions.

(iii) Penny Auctions. This is an auction websites like swoopo, etc are where the auction starts with the price of the product as zero and increases with every bid. To participate in this auctions you have to buy the bids and use them. Each bid will increase the price of the product. Then the count down starts, before the timer comes to zero if there is no other buyer biding the product is yours for that price. however that does not happen. There is always some one who outbids you. To participate in such auctions you have to have lot of money and time to spare. Here again the sellers are not in control their buying decision but depend on chance or luck. Here too if you see with each of his bid the price increases. So the question still remains would the buyer love to bid for increasing the price of the product.

Here the seller is the website. All products are listed for sale by the website itself. All proceeds from your bid cost goes to the website as profit. However there is much debate on such penny auction websites that they indulge into fraud by out biding the members just keep them biding. More the members bid more the website earns money. Such penny auction websites are not interested in selling products but they want you to keep biding.

You will get a list of penny auction website if you search the term penny auction website.

(iv) Reverse Auction

This is my favorite. You have seen auctions that ask the buyer to bid for increasing the price of the product, you have seen auctions that have hurt net profit of the seller. Reverse auction works to benefit both buyer and seller. In reverse auction the price of the product falls all the time until someone buys it. The auction starts with the retail price of the product and the price of the product falls. The current price is hidden from the buyer. The buyer pays a small amount to view how much the price of the product has fallen to. The buyer then has a certain time to decide if he wants to buy the product at that reduced price. He may keep checking back at the product’s price. Here the buyer is always ion control of his buying decision and does not depend on any chance or luck. if he is a serious buyer he can always buy the product at any price lower than the retail price.

Here the seller lists the price of the product. The sellers also benefits from this in a way that his price of the product increases each time the buyer view the current price.

While the buyer’s price reduces the seller’s price increases.

This increased price which the seller receives helps to increase the net profit for the seller.

This unique concept is found on http://www.bestebazaar.com/contents.php?show=howitworks currently and not seen on any other website. But I am sure there will be more to follow this concept as it benefits the many online sellers and buyers.