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It seems that with any process nowadays there are so many different options. This is certainly what a lot of people find when they log online and want to bid on items. There are dozens of different formats. Some of the most popular include the penny auctions, standard and unique bid auctions. For people that are not familiar with all of the different formats that are available online, this can be incredibly confusing. Understand that they are and which one is going to be the very best. Unique Bid Auctions One of the formats that have taken the internet world by storm is certainly the format of unique bid auctions. Under this format, each bidder will be aiming to get the lowest unique bid; no other bidder has placed that bid amount. This might be a lot less complicated than the majority of people imagine. A lot of people do not actually realise that many of the people here actually have a strategy. This is a strategy that has been developed alongside their experience, which means they can be extremely successful. This means that new bidders without any experience and without any research before hand are really going to struggle to win the auction, but remember you have to start somewhere. Discounts in comparison to RRP are usually over the 90% mark! Standard Format Standard format auctions, also known as bid-up are what the major auction sites use. Essentially, the price that is actually paid for the auction, is the value of the item. For brand new items this might mean being 10% below the RRP. Second hand items might end up going for around 50% below their original RRP depending on the condition. The problem with these auctions is that they can be time consuming. There is a huge volume of bidders to compete with which means that a lot of time can be invested, for nothing in return. Penny Auctions Penny auctions are similar to the unique bid format. With penny auctions, each bidder will need to pay for the bid. Unlike standard auctions, the website will make its profit by actually selling the bids. The buyer will pay for each bid that they make. Most penny auctions will increase by one penny, each time that a bid is placed. Obviously this means that the end auction price is always going to be incredibly low. Like unique bid style auctions, the general discount on RRP is at least 90% for the majority of auctions. Like unique bidding, a certain strategy needs to be in place in order to be successful. Otherwise, this could end up being extremely expensive. Conclusion Standard format bidding is best for people that want to get second hand items at a discount; possibly items that they can not find in retail stores. They will still be able to get these items at low prices. On the other hand, those people that really want to save cash on brand new items are always going to be pushed towards the penny and unique bid auctions. The savings that can be made by bidding in this way are certainly second to none. Bidding sites continue to grow massively in popularity as they continue to give people what they want. New online auction sites such as BidGrid make things even more exciting by operating in a completely new and innovative way.
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