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Penny auctions are an exciting new concept which allows users to get items at rock bottom prices. The basics are that a user will place a bid on an auction of their choosing and this bid will automatically increase the price of the item by 1p on UK based websites. This might seem odd to those that have not used these sites before, but there is method in their madness! #1 Huge discounts The first thing to consider is the actual amount spent on the bidding, rather than the overall price of the item. Most penny auction websites will have a fee for each bid that is placed; a typical example being around £0.50. This means that if a bidder places 20 bids, it will have cost them a total of £10. Obviously if they win an item worth £15 and the end price is £5 (£5 price + £10 bidding), then they have saved nothing. The reality is though, penny auctions tend to end in excess of 50% below the RRP of the specific item, so there are plenty of bargain opportunities! Basically, focus on the amount allocated for bidding, rather than the actual end cost of the auction, which is usually fairly minimal. #2 Regular discounts Unlike many other traditional auction websites, penny auctions require a certain level of strategy. A lot of people waste a lot of money on penny auctions, because they simply do not understand the basics. Understanding the popularity of a product, the prices they tend to go for and how other users bid will help bidders to actually win items, rather than wasting their hard earned cash on bidding costs. Developing a good strategy will ensure maximum success and that will in turn, reward the user with regular savings. #3 Beat the retailers Retailers are struggling thanks to the economic climate, but so are we as consumers! It is time to beat the huge prices that the retailers put us against for the products we want and need. Penny auctions are offering us the perfect opportunity when it comes to saving money. In fact, many auctions sell at prices over 90% below their original retail prices. For those that have had the right bidding strategy put into place, this could represent a saving that goes into the hundreds or even thousands! These auction sites allow even those on tight budgets, to buy items that usually, would require huge budgets! #4 Getting started is easy! Penny auctions are easy to get involved with. With a computer, an internet connection and a small budget for bidding, anyone can start bidding right away. The sign up process is similar to that of most other shopping websites, in a way that it only takes a minute or so. With the right strategy in place, bidders could be winning items before they know it. Of course, trial and error will allow people to become much better when it comes to bidding and winning penny auctions. It's also better of to start bidding on lower value items which often haver a lower bid cost until you develop some kind of strategy! BidGrid are a specific kind of online uk penny auction site where the lowest unique bid wins every auction. See how it works.
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