Why You Should Care About “Reveal Price” Auctions

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 ‘traditional’ 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. “Reveal Price” auctions come in several names, including “Dutch” or “Price Drop,” and “Gravity Shopping” 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 “Reveal Price” 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.  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 “Okay! That is cheap enough, Buy It Now!” Yes, that is the benefit of a reveal price  auction, you as the bidder can decide at any time when to end the auction. And that means savings and control.  In a  traditional penny auction, you may win a $100 item for $2, or it may cost you $400. In a  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 a  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 Bidso’s reveal price auctions for deals guaranteed to be the cheapest around. And if it’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 can’t lose!

Feel free to discuss Bidso in the forum.

BIDSO AUCTIONS

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7 comments… add one
  • Jonathan October 14, 2009, 12:19 pm

    I’m interested to see Bidso in action — certainly sounds interesting.

    BidBlink also believes that folks should not spend $400 on a $100 item. That’s why we’ve added the Buy Now program to traditional penny auctions. This lets folks get the chance to spend a grand total of $2-5 bucks on an item and win, but prevents them from losing money as well. If the bidder spends $100 in bids on the $100 item, he can stop bidding, and will be able to buy the item for only shipping.

    It’s really a great program that removes the one big objection of penny auction sites: what if i lose? At bidblink, you don’t lose your money with nothing to show for it. But there’s a much higher chance that you’ll get a great deal of 80%+ off, compared to Bidso’s estimated 10-25% off. Take a look at the deals page to see the bargains people are getting for yourself.

    Jonathan
    BidBlink

    Reply
  • Allen October 15, 2009, 9:43 am

    So Bidso bids cost .25 but how much does the price go down?

    Reply
  • Rhonda November 16, 2009, 11:12 am

    Has anyone had any experience with a site called

    Bidylo. I registered and now the website will not come up. I am not very computer literate and I have been trying to find them on the internet and I can't seem to find them, but I found this site. I would like to hear from anyone who has had any experience with them.

    Reply
    • auctionwatcher November 16, 2009, 12:15 pm

      Hey Rhona, where is Bidylo? I cannot find it. Please join the forum and talk about Bidylo if you would like. More people will see it! Thanks

      Reply
  • Rhonda November 17, 2009, 1:04 am

    I got a e-mail about joining the bidylo site and I watched it for a couple of days and it seemed like it had a lot of good merchandise at fairly reasonable prices. Like I said I only beginning all of this and I thought I would try it for some xmas gifts. Well after about a week the website seems to be gone. Now that I have found this website I will be a little more cautious in the future. Thankfully I did,'t invest anything in it yet other than my registration.

    Reply

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