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A reverse auction is one of the most exciting and individual ways of shopping that the internet has to throw at us. Online auction sites the world over have been quick to jump on the bandwagon, and start to offer this unique form of online bidding to shoppers globally. But what exactly is it, and how does it work? Well, that is what we are here to find out! There appears to us, to be a degree of confusion and mystery surrounding this practice of holding a reverse auction, so we are going to delve into the very depths of the online auction world, and bring you your very own guide to the reverse auction and how to use it to its fullest potential. OK, so let's get down to business... A reverse auction is a very particular type of auction, and one that you may already be more familiar with than you think. It is a popular tactic engaged by various TV and online shopping channels, and one which helps to build up a level of excitement and buzz around an auction. It is a type of online auction which flips around the roles of buyers and sellers. Confused? Don't be, because we are on a mission to explain their workings to you! Whereas a "normal" auction would see 1 seller offering their products for sale to multiple potential bidders and buyers, a reverse auction is the exact opposite. By reversing the bidding process in this way, online auction sites aim to match up multiple potential sellers, to one interested buyer. This means that rather than the buyers competing against each other to offer the highest price for one single lot in an auction, during a reverse auction multiple sellers will compete to sell their goods to one buyer. This is great news for the buyer, because it means that as the auction goes on, the sellers will continue to frantically undercut each other in a bid to secure the sale. This means that the prices which the buyer has to pay continue to get lower and lower. In a sense, an auction of this nature gives buyers the chance to haggle with retailers, but without the hassle of actually having to hassle. By playing sellers off against each other in these types of online auctions, you can be sure that you will be walking away with the best possible deal when it comes to closing time on the auction. But what's in it for the sellers? Well, as you may well expect, sellers taking part in these types of online auctions, will often have starting prices that are a fair amount higher than what you would normally expect to pay if you were to purchase the same product off the shelf. But if you are in the market for a particularly popular product, you will find that there are many, many retailers offering to sell you the same product. This is great news for you, as the competition between the sellers is often so fierce that you can walk away with some unbelievably cheap deals. BidGrid are an innovative auction site where it's the lowest unique bid that wins. See how it works.
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