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Internet shopping is huge throughout Europe and especially in the UK. After seeing the prices that high street retailers have to offer, the majority of people realise that they can get a much better deal by simply going online. Most e-commerce stores offer people the chance to save a few pounds, which usually relates to around 5-10% based on the RRP. The great thing is; there are opportunities to save much bigger amounts of cash by using unique bid auctions. What are unique bid auctions? There are a few popular sites that offer this type of auction, commonly called lowest unique bid auction websites. Bidders will pay for each bid that they place and the price of the bid will usually be determined by the value of the product. They need to guess the lowest figure that nobody else is likely to bid. If they are successful, then they will win the auction for their bid price. Why use unique bid auction sites? This is an opportunity to save lots of money and have fun at the same time. A lot of products, such as electronics, are not discounted in high street retailers very often. That being said, with unique auctions, prices for products are usually over 90% below their original RRP. Consumers are able to essentially, buy products that they might not have even considered in the past. Most people can not just afford a computer that costs £1,000, but when they have an opportunity to purchase the item for just a few pounds, it instantly becomes appealing to them! How do they differ from standard auctions? There are lots of online auction sites in the UK. Most of them offer the standard "bid up" format, where buyers do not pay to bid; bidding is free. Of course, with bids being free, there is a lot of competition. Rarely do brand new items go 10% or more below their retail price. This means that the savings consumers pick up are fairly small. This is obviously different to unique auctions, where buyers can expect savings 7-9 times larger than that of basic auction sites! Getting started Before starting to bid on these websites, it is worth having a look around your chosen site. They are unlike standard bidding sites and therefore, it is worth getting to know how they work. There will be plenty of information available to the bidders, including information relating to past auctions. This helps people to develop some kind of strategy to their bidding, rather than just aimlessly bidding randomly on items that they might not win and therefore, wasting lots of cash! Some such websites will have free or practice auctions which allow you to get accustomed to how everything works before spending any money. Conclusion The world of unique bid auctions online has come a long way. Nowadays, bidders are able to bid on a range of items from cash, to laptops and even brand new cars. By researching how these websites work and which type of bidding strategies are the most successful, people have a great chance of saving lots of cash on items that they genuinely need! Many of these websites will often run promotional offers where people can pick up free bidding credits, which helps them to come to grips with the site! One of the UK's favourite unique bid auction sites is BidGrid. They have free practice auctions and risk free bidding with their buy it now feature. Take a look how it works here.
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