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Online Auction Bidding Strategies

Posted on by admin
23
Sep

Online Auction Bidding Strategies

Treasures auctions has sold over 400,000 gemstones and jewelry online.

Over 10 years we have analysed bidding patterns and strategies of over 2 million bids

Our system offers

  • Buy it Now
  • No reserve  $1.00 auction
  • Auction with Reserve
  • Standard auction
  • Make an Offer
  • BUY IT NOW

Buy It Now is gaining in popularity mainly due to instant purchase and easy to use on  mobile phones and ipads

Buy It Now does take fun out of auction bidding but it also stops price bidding wars and buyer knows purchased item will be shipped quickly to them

AUCTION WITH RESERVE

Around 3-5%  buyers enjoy this  option to have an items listed at low price but no idea of what the reserve price is. These buyers enjoy the game of how high they can bid

MAKE AN OFFER

A few of our sellers concentrate on offering gems at make and offer price

This appeals tot buyers who like to communicate with the seller,as the seller has to explain why item is worth more than what buyer has offered and to come to an agreement.

STANDARD AUCTION

This is where item is auction for set period time and when person bids they can be outbidded

Many buyers wait till last minute before placing a bid and ifi a bid is placed with in last minute our system extends the bid for minute

NO RESERVE AUCTIONS

No Reserve auctions bring so much fun to online sales and this is where many buyers  have strategies to win a auction.

Buyers can place a maximum bid and hope no one bids that high to win

Some buyers place low bid and place item in Item watch so they can bid at last minute

If bid place din last minute it will extend auction for one minute so is fair to all buyers and ha sstoped buyers using computer programs to win auctions in the last minute

NEW AUCTIONS -PRIVATE AUCTIONS-TICKETAUCTIONS

To constantly improve we will also offer  private auctions

So item can be listed so no one knows what the item is

This is for re sellers who want to buy and item and re sell it and do not online trail.

Ticket auctions

Auction will be for jewelry item listed at retail price and  limited auction tickets will be offered to bid on to value of the item and winner will be drawn in live video

 

Examples of our bidding systems scenarios

Scenario A: You are the first person to bid on the item

The system will accept your bid at the lowest possible amount (the Minimum Bid), and your secret Maximum Bid will be remembered in case someone tries to outbid you.

 

Scenario B: Your Maximum Bid is greater than the secret Maximum Bid of all other bidders

We will enter the previous highest Maximum Bid as a new bid automatically, and your bid will be entered at the next lowest possible bid. You will be the new highest bidder.

 

Scenario C: Your bid is less than or equal to the Maximum Bid of the current highest bidder

We will accept your bid and automatically place a new bid on behalf of the other bidder, however you will need to increase your Maximum Bid to win the item. If two identical bids are placed on an item, the first bidder will be the winner unless their bid is exceeded.

 

Scenario D: Your bid is below the Reserve Price

If you bid below the secret Reserve Price for an item, you need to increase your bid until you meet the Reserve Price.

 

Scenario E: Your bid is above the Reserve Price

If you bid above the secret Reserve Price for an item we will reduce your bid to match the Reserve Price.

 

If the auction has less than 5 minutes remaining, the auction end time is increased by 60 seconds to give other bidders an opportunity to bid.

 

For example, consider an auction where the Minimum Bid is $90.00, the bid increment is $1.00, and the secret Maximum Bid of another bidder is $110.00 – and you enter a bid of $100.00. Your bid will be accepted at $100.00, but the system will place a bid immediately for $101.00 on behalf of the previous bidder. This will continue until you exceed the secret Maximum Bid of the other bidder, which is $110.00.

 

When you place a bid on any of the Treasures Auctions network sites, you have two options:

 

1. Easy Option – Automatic Bidding

The easiest method of bidding is to enter your Maximum Bid (the highest amount you are willing to pay). There are several advantages to this approach –

 

Opal Auctions always uses the lowest possible bid. So if the Minimum Bid is $100.00 and your Maximum Bid is $200.00, you will only pay $100.00 unless someone else makes a bid.

The reason we store your Maximum Bid is so that Opal Auctions can automatically enter bids on your behalf when someone else bids on the item, up to your Maximum Bid. Enter your Maximum Bid once and rest assured that if you do lose the auction, it was sold for an amount greater than you were willing to pay.

Opal Auctions will bid for you even when your offline, so you can go about your business and we will send you an email if you are outbid.

 

2. Hard Option – Manual Bidding

By entering a bid below the real amount you are willing to pay, you have a bit more work to do –

 

You will have to keep increasing your bids each time you are outbid (we will send you an email to let you know)

You run the risk of losing the auction if you forget to increase your bid and the auction closes

You will end up paying the same price as when you enter your Maximum Bid to begin with