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AnniesBid R&R Auction Style - Tell us what you think

Started by AnniesBid , Mar 19 2012 12:30 AM
new auction action new auctions reserve reserve penny auction strategy

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4 replies to this topic

#1

AnniesBid
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Hi PAWers!

We're nearly a week into our new R&R auction style.

R&R Rules Link

We've run about 10 of these in the past week, with 2 closing and 8 open and underway. Tonight we have a record number of high value items running with this "Rolling Reserve" format like the soon to close $200 Any Card, XBOX Kinect, iPhone 4S and Kindle Fire. Would you mind taking a look at AnniesBid.com and telling us what you think? We're interested in feedback on this style whether you bid or not!

Also happy to answer any questions about strategy and tactics, since this is an auction that requires more strategy, planning and patience.

And if you do want to try them, remember 3 free bids for registering, and 20 free bids if you refer a friend that buys a bid pack!

#2

AnniesBid
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These R&R auctions like the iPhone 4S have been closing. Its a style of auction that still rewards the winner even if the auction doesn't close above reserve. Plus, ANYONE that bids early enough gets bids back. Pretty cool! Lots posted today, and they are closing a rate of 1 every 2 days and we're not adding more to help speed up the action!

Let us know what you think so far, or if you have questions about how the R&R works.

Newer New Auction Style : Duels

This Friday, we're launching another auction type, our new Duel auction. It will run in one or two surprise auctions (click the link to see more).

What are duels, you ask? They're a way to earn additional prizes for battling out a tough auction battle including cash (gift cards) and bids. Plus, they offer beginners bids back for trying them out. They're a fun, new competition that runs parallel to actual auctions. Check it out!




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#3

BabyFidgette
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Just as I don't understand that person's new "square" auction, I don't understand this either. No offense to either of you...I'm one of those hands-on learners. So it's hard for me to grasp just reading it. I need to do it. But I don't have the money to keep trying everything out w/o kmowing what I'm doing! LOL But I am interested in knowing in case I want to give it a try! You think you can break it down like I'm a little kid? :redface: Thanks!

#4

AnniesBid
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Just as I don't understand that person's new "square" auction, I don't understand this either. No offense to either of you...I'm one of those hands-on learners. So it's hard for me to grasp just reading it. I need to do it. But I don't have the money to keep trying everything out w/o kmowing what I'm doing! LOL But I am interested in knowing in case I want to give it a try! You think you can break it down like I'm a little kid? :redface: Thanks!


Thanks Baby for the question! :madface:

The most important point is that you can still use our site and bid in these auctions as if the duel competition doesn't exist. The duel competition goes in parallel, like a side game. You can win an auction and still lose a duel, for example.


Basic idea is this:
1. Everyone on the site has a rank and a "bounty". The bounty is a prize that Annies pays out.
2. If you win a duel against someone at the same rank or higher, you get their bounty and the auction item
3. If you lose a duel against someone and you are ranked below them, you get between 20% - 60% of bids back

The important piece here is understanding what a duel is. A "duel" happens only when there is really a battle in an auction with the duel icon. Its what we call "contention" in the rules. You can't win a duel if it just ends with a few cents or by jumping the auction - you might win the auction item if there's no reserve, but you won't win the duel.
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Contention is when at least two of the top 100 bidders have bid over 15% of the bids. This may seem like a lot, but we went back through thousands of auction and found that when a true battle occurs, winning bidders easily bid 25% of the bids on average, and the 2nd, 3rd and 4th place bidders will typically average 15% - 20%. So that's the interesting "math" behind why we chose 15%.

If a "duel" hasn't happened, the winner of the auction still gets the item, but any top bidders will still be at risk of losing their name and beginners do not get bids back.

More details:
- The top 100 bidders need to win 1 duel per month to keep their bidding name. Top bidders on our site include most of the known powerbidders but also some very skilled newbies.
- Initially, most duels will have reserves. We have to do this to avoid losing too much money. Its bad enough when a $500 iPad sells for $2.00, but when we need to pay a bounty on top of that, well... you get the point.
- The ranks are reset every month. First reset will be end of April. That's when any top bidders who choose not to duel or don't win a duel lose their name.

How to know what the Bounty in an Auction

Just go to the auction detail page. An example is up right now: Friday Surprise auction detail page.
We have a new part of the page that shows the bounties that are up for grabs based on who is bidding.


Example:


$500 iPad 3 Auction
10 Bidders compete including 3 top bidders and 7 newer bidders
The top 3 bidders have $50 bounties and are equally ranked

Lets say the item sells for $25. The top 3 bidders each bid about 20% of bids so this is considered a duel.

Winner: gets the product, plus $100 (the other two top bidders bounties)
Other 2 Top Bidders: they lose the auction and their bidding names are at risk
7 Newbies: they get 20% - 60% of their bids back depending on where they rank

Also important note: Buy It Now does is available in these auctions if the the products are eligible for buy it now.

There are a lot of new possible strategies here that we hope will keep this style interesting for a long time.

Edited by AnniesBid, 22 March 2012 - 03:29 PM.


#5

AnniesBid
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Thanks everyone for continuing to make our R&R auctions a success! Of 12 we've launched, 4 have closed. Perhaps its the great items, the bids back, or other features like the ability to not have to sit and bid all in one go? Either way, we hope you'll love them and check out tonight's at AnniesBid.com

We have some really cool ones going on including the new Playstation VITA with mobile HD gaming, the every famous iPad 3 and the high end Sole bicycle, a perfect gift for our early Spring & Summer!


PlayStation VITA:
Posted Imagehttp://www.anniesbid...uction-500_2964

iPad 3:

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Sole Bicycle

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