Ryan wrote this article to tell us why penny auction bidders should try reveal price auctions.
What the heck is a reveal price auction and why should I care?
The question you need to ask yourself is why do you participate in â€˜traditionalâ€™ penny auctions? If the answer is to save money, and not for entertainment, you may find that your game of choice is actually the reveal price auction. â€œReveal Priceâ€ auctions come in several names, including â€œDutchâ€ or â€œPrice Drop,â€ and â€œGravity Shoppingâ€ but the thing you should be most interested in is how they work. Reveal price auctions share some similarities with traditional penny auctions which is why they are often discussed in the same category. In a â€œReveal Priceâ€ auction, you are required to purchase bids in advance, much like traditional penny auctions. You then use these bids to gain control of the item listing.
There are many differences between traditional penny auctions and reveal price auctions. Unlike traditional penny auctions, reveal price auctions do not display the selling price of the item until you click the bid button.Â In addition to that, reveal price auctions drop from the starting price, which is usually closer to the retail value, and continue to drop with each bid placed until a user decides â€œOkay! That is cheap enough, Buy It Now!â€ Yes, that is the benefit of a reveal priceÂ auction, you as the bidder can decide at any time when to end the auction. And that means savings and control.Â In aÂ traditional penny auction, you may win a $100 item for $2, or it may cost you $400. In aÂ reveal price auction, it is unlikely that you will get an item for $2, but it is absolutely impossible that you would get it for $400. The most likely ending price in aÂ reveal price auction is somewhere between $75 and $90, which means 10-25% savings off of retail prices. So you remove much of the risk, but still capture significant reward.
Bidso takes the reveal price auctions a step further than anyone else on the internet by allowing users to reveal prices at a cost of $0.25 per bid. At that price, you will be able to reveal the price of many items and make a purchase decision that is right for you. And if $0.25 is too expensive, the real innovation is that users can opt to earn bids instead, and use the earned bids just the same as they would a purchased bid. Earning bids is easy, and you can collect hundreds of bids every day by choosing to earn them through the Bidso program.
With holidays fast approaching, make sure you have a gift for Timmy and consider trying out Bidsoâ€™s reveal price auctions for deals guaranteed to be the cheapest around. And if itâ€™s too late and you spent all your Christmas money trying to win that Playstation 3, take some time to earn bids at Bidso, you canâ€™t lose!
Feel free to discuss Bidso in the forum.
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