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Auction websites have been extremely important when it comes to growing the ecommerce industry. They have dragged many people online, that might not have come online otherwise. Nowadays, consumers can find literally anything that they want or need on the internet, without too much fuss. Make-up, laptops, car insurance and even their groceries! More and more retailers seem to be getting getting the raw end of the deal. Innovative websites such as penny auctions mean that normal retail sites are incredibly over priced and their sales are likely to plummet with every year that goes by. For consumers that are already using these websites, they have a choice to make. The question is; do they use the buy it now option, or the bid up option. Buy it now The buy it now option is fairly self-explanatory. The consumer can bid on the item instantly, without actually going against other consumers. They guarantee themselves the purchase, but they will usually pay the full RRP price, or near to the amount of the full RRP price. Obviously this is not the ideal scenario, as most people that are using penny auctions, are doing so, so that they save a lot of cash. Bid up The bid up option is not only the one that offers the biggest savings, but it is also the one that is going to offer the most excitement. Each bidder can pay per bid and bid on the item of their choice. Each bid will usually increase the auction price by one penny. The final and highest bidder will win the auction when the timer reaches zero. It is important to have a solid strategy in place when it comes to bidding on items. People without experience can end up wasting a lot of cash! Of course, those that don't win the auction have wasted a lot of cash, or have they? The new option! The best sites on the internet throw their consumers a lifeline. What they offer the bidders is a chance to risk it on the bid up auction, with a twist. If they lose the auction, they can reclaim their entire bid costs, by purchasing the item at the buy it now price. So imagine a laptop is £300. The bidder spends £100 on bids and doesn't win. They can then buy the laptop for £200. They took a risk but did not pay off, but they have not "lost" any money, as the bid cost was discounted off the full price of the item. This is essentially a win-win situation for the consumer! Conclusion Penny auctions just get better and better. They already offer people the chance to save over 90% on the products that they love. On top of this, they are enabling people to ensure that they do not waste any cash on their bid costs. They can use the buy it now option and re-claim everything that they originally spent on their bids! This is certainly something that high street retailers can't compete with and is a no brainer for most consumers! BidGrid operate a specific kind of penny auction commonly known as a unique bid auction. Consumers are given the chance to get huge savings on brand new products, and it's also great fun. Take a look here.
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