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Saturday, September 25, 2010

Ten Tips for Winning Penny Auctions

  1. Don't bid on an auction that has several hours left. You will get outbid. Instead, bid when the item has 5 minutes or less. Usually I wait until the auction has less than a minute left.
  2. Don't bid on an auction just because no one else is. Odds are there are 50 other people watching that auction too.
  3. Bid only on auction that offer a "buy it now" option. If you don't win the auction, you don't necessarily loose your money because you can apply your bid dollars to buy the item.
  4. Per #3 above, only bid on items that you actually want to buy. If you are just bidding on the auction because you think it's a good price you are only short changing yourself. Bid on items that you are willing to buy using a "buy it now" option.
  5. Don't confuse penny auction sites with eBay. You are paying for each of your bids, spend them wisely.
  6. The best time to bid is early in the morning when people are getting ready for work. There are still a number of bidders on penny auction sites at 2:00 and 3:00am. Penny auction sites attract night owls, play in the morning instead.
  7. Don't spend more than the product is worth. This is simple but must be said, don't spend $40 in bids on a $35 item.
  8. Earn free bids. Most penny auction sites offer free bids if you refer your friends or write a blog post about their site.
  9. Don't gamble. Don't bid on items just to win. Some consumers bid on items just for the rush of winning after a loss. Avoid this.
  10. The more bids you buy, the more you save. Most sites offer bids at a cheaper rate if you buy in bulk.

Using eMaja - Much Easier Than I Thought

After my blog post a few days ago, I had to try eMaja for myself. By the looks of the 7 step directions it seemed that the website would be hard to use, but boy oh boy I was wrong. I watched the 3 minute explanation video on their site. It was clear and the directions are simple. At first when I read the directions, I thought I would have to take a nap. But after watching the video and making bids myself it is pretty easy.

Basically, once you bid on an item, everything you need to know about your account and your auctions are in your Auction Control page. On this page you can see the number of bids you have left, your point balance, and the amount of points in my point bank. I can place either a bid on the auction (1 point to score) or I can place a point (3 points to score). But each time I place a bid, I earn a point. So in layman terms, the more I bid, the more points I earn, and then the more I can bid again.

One other thing I learned about eMaja is that you can use your points to shop at the eMaja store. With your eMaja points you can purchase straight up gift cards, movies, ipods, you name it!

 Currently, I'm bidding on a Kodak 12 Mega Pixel Camera. The auction has 3 days left and is listed at $0.15. The camera is selling on Amazon.com for $80.07. 

Friday, September 24, 2010

Beezid 60 Second TV Spot

Quibids- The 3 Biggest Mistakes Beginners Make

Those who have a negative experience on penny auction sites usually do because they don't understand how the site works. Quibids.com has a great explanation on mistakes beginners make. See below:


The 3 Biggest Mistakes Beginners Make

http://www.quibids.com/quibids101/blog.php?id=16

1) Setting Unrealistic Expectations
We can't stress this enough, but users need to set realistic goals when participating in auctions.  If someone is new to an online auction, he/she shouldn't expect to win a MacBook on his/her first auction with the cheapest bid pack there is.  Not saying it couldn't happen... it could and it has... but it is highly improbable and more than likely it won't happen.  Odds will be against you at that point.  Instead, we encourage new users  to start using the site by participating in a smaller auction.  The beginner's auctions are a perfect place to start because not only are they smaller items, but they're easier to win! Start small and grow from there.

2) Setting Your Sights Too High
It wouldn't be wise to come in and immediately go after the most popular item on our site.  Yes, these are the more "sexy" products, but there are more competitors for these products, not to mention some of our more skilled 'in-it-to-win-it' veterans.  Once acquainted with the site and knowing how it all works, if you then decide to go for those sexy products, know that you need to be committed to that one specific auction and should highly consider buying the item through our "Buy it Now" option if you don't win.  Don't spread yourself too thin when bidding on the big ticket items.  Make sure to devote a little bit more time and money.  Usually any participant who is willing to spend 1/3 of the value of the item in bids has a great shot of winning the item.

3) Not Taking Time to Familiarize Oneself with the Site. 
  As with anything, do some research before you jump into the world of QuiBids penny auctions.  Each penny auction is going to be different from the next.  With QuiBids, read through and know our Terms & Conditions, know about the "Buy it Now" option, the Bid-O-Matic tool, our pricing structure and even sit back to watch other auctions.  This will give you a much better understanding of "the nature of the business" as well as what we strive to accomplish with our site.  If you don't know what's offered, you very well could set yourself up for a disadvantage in auctions.

I cannot stress enough mistake #3. Every auction site has its own unique rules. Take the time to learn the site you are on before you spend money. On mistake #2, I recommend bidding on low ticket items first. If you spend your bids, you can always choose the Buy it Now option on Quibids.com. If you buy a $10.00 gift card, you can apply your bids towards that gift card and purchase it for retail price, $10.00. One other piece of advice I'd like to offer, is only bid on items that you do intend on buying. If you loose the auction, you can still buy the product at retail price.

Thursday, September 23, 2010

Low Priced Auction

I haven't found a winning auction for one penny, but I did find a winning auction for only $0.07 on beezid.com.
Bidder bostonmafia77 won Halo Reach for only $0.07.

Halo Reach is currently $58.81 on Amazon.com.

This is a HUGE savings!

Winning Auctions for just one penny?

Are there any recent auctions that have been one for just $0.01?

I am going to search myself and see if I can find the lowest winning price.

Let me know if you find a winning auction for just one penny.

eMaja - General Information

Below is a Penny Auction Site Review for eMaja.com 


Website:
www.emaja.com
  
Prices:
10 bids - $10.00
20 bids - $20.00 
30 bids - $27.00
50 bids - $45.00
100 bids - $90.00

Site Features:
-Cash Ou
-Shop eMaja Store
-Unique Point System

Contact Information:

Bid Penny Review:
Site: 9.8 / 10
Customer Support: 9.0 / 10
Products: 8.0 / 10

Comments: Although eMaja does not have a customer support phone number their email response time is very fast. The site and business model is very unique. I like the fact that the bidder with the most points wins, not the bidder who bids last. I would like to see more products on their site.

Wednesday, September 22, 2010

Emaja

I ran across the penny auction site eMaja the other day. It is has a different business model than other penny auction sites. Since the business model is unique, I will take some time to explain it. Below is the site explanation listed on Emaja.com:


"eMaja is a unique online auction house were the participant who has posted the most points to their auction score by the close of the auction wins the right to purchase the item at a fraction of the retail price. Points are gained from both bidding on items as well as from the Point Bank found in all eMaja auctions."

One concept that I really like about eMaja is that you have an option to cash out. Thus, if you won Mario Kart Wii at the auction price of $0.46 you have the option to buy the video game at that price + shipping, or collect the cash value (estimate $45.00).

The bid packages might seem higher than other penny auction sites; however, this is not the case. Each time you place a bid on eMaja, you receive a point in your account that can be used on another bid. Thus, one bid acts as two bids. eMaja also sells smaller bid packages. Thus, if you want to give the site a try, you only invest $10 as opposed to $30-40 on other penny auction sites. See prices below:

10 bids - $10.00
20 bids - $20.00 
30 bids - $27.00
50 bids - $45.00
100 bids - $90.00 

The site has a 7 step process to explain the bidding process as opposed to the 3 step process most penny auction sites offer. Below is the 7 step process:
  1. Purchase bids 
  2. Select an auction and make a bid
  3. Every time you place a bid on an auction you will receive: 1 point in your point account, 1 point in your point bank, and 1 point to your auction score
  4. Every time you place a point from your point account, 3 points will be added to your auction score
  5. View the point bank for an auction, you have an option to remove points from the auction
  6. There are 2 types of auctions - reserve position (limits participants) and open auctions
  7.  Once you have won the item you can choose to purchase the item at the low auction price or cash out at retail value.

New Penny Auction Site - bids4lessstore.com

Bids4LessStore.com is the newest of the penny auction sites. It is an auction site with a twist. Customers have the option to pick up their items at Bids4LessStore's retail partners (Best Buy and Sears). This will increase customer satisfaction as the winner pick up the product at their convenience. Customers that choose to pick up their product directly will also not be charged shipping.
For Bids4LessStore.com's Grand Opening they are offering 4 free bids for all new registered customers. Additional bids are only $0.72 each.

Current auction categories include:
  • Gift Cards
  • Video Games
  • Bid Packages
  • iPods
  • Sport Events and Concert Tickets
  • Cell Phones
  • Computer Accesories
  • Cameras and Camecorders
  • GPS systems
  • Musical Instruments

Tuesday, September 21, 2010

Prices - Penny Auction vs. Amazon

You can save up to 99% on items via penny auctions. Amazon has some of the lowest prices on the internet, but still penny auction sites are the frugal way to go. See these examples below:

PS3 NCAA Football 11:
Amazon: $57.99
Wavee: Recently sold 9/21 for $0.05
             Free Shipping
             Plus bids - 2 bids estimate ($1.50)
Wavee total = $1.55

Savings =  $56.44




Little Tikes Easy Score Basketball set:

Amazon: $26.99
Quibids: Recently sold 9/21 for $0.14
             Plus 14.99 shipping
             Plus bids - 5 bids estimate ($3.00)
Quibids total = $18.13
www.quibids.com

Savings =  $8.86



Apple iPod Shuffle 2 GB

Amazon: $47.99
DealDash: Recently sold 9/21 for $0.08
             Plus 5.99 shipping
             Plus bids - 5 bids estimate ($3.00)

DealDash total = $9.07
www.dealdash.com
Savings =  $38.92



Samsung 22 inch 720p

Amazon: $349.00
DealBid: Recently sold 9/21 for $1.75
             Free Shipping
             Plus bids - 50 bids estimate ($37.50)

DealBid total = $39.25
www.dealbid.com
Savings =  $309.75

How Penny Auctions Work

Most penny auction sites work the same, just follow three simple steps:

1.) Purchase bids


Cost:
The cost of a bid bundle varies site to site. Most sites do not allow you to see bid packages without signing up first. Below are an example of packages and prices.

Bidrodeo.com:
50 bids - $37.50 ($0.75 a bid)
100 bids - $72.00 ($0.72 a bid)
200 bids - $140.00 ($0.70 a bid)
500 bids - $340.00 ($0.68 a bid)
800 bids - $500.00 ($0.62 a bid)

Quibids.com: $0.60 a bid
75 bids - $45.00
80 bids - $48.00 (starter pack)
300 bids - $180.00
500 bids - $300.00

Bidcactus.com: $0.75 a bid
30 bids - $22.50
50 bids - $37.00
100 bids - $75.00
250 bids - $187.50
500 bids - $375.00

Bidblink.com: $0.40 a bid
30 bids + 20 bonus bids - $19.98
70 bids + 30 bonus bids - $39.98
150 bids + 50 bonus bids - $79.98
420 bids + 80 bonus bids - $199.98
1250 bids + 100 bonus bids - $49.98 ($0.37 a bid)

Swoopo.com: $0.40 a bid
40 bids - $24.00
75 bids - $45.00
80 bids - $50.00
150 bids - $90.00
400 bids - $240.00
1000 bids - $600.00

2.) Bid on items (auctions)

Most penny auction sites divide auctions into beginner, intermediate, and advanced auctions. This helps new customers compete in auctions among their piers. Most sites also guarantee that if you are a new customer you will win at least one auction.

3.) Win Products

Each site sells varying items but you can usually find the following:
-TVs
-Cameras
-Video Games
-Kitchen equipment
-Board Games
-DVDs
-Perfume
-Purses
-Outdoor gear
-Vacuums
-Kids items



Monday, September 20, 2010

The Question of Questions

The most common question regarding penny auction sites is:

Are penny auctions a SCAM?

No

I have heard people argue that penny auctions are a scam because the companies make a lot of money on each product sold. However, isn't that what every company does? Is it a scam when you go to a restaurant, buy a Coke for $3.50 but the soda you drank only cost the restaurant $0.35? No. When you order that Coke you know the price you are going to pay and you know that there is a high mark up. This is the same in penny auctions.

If you are wary of a penny auction site, take 20 minutes and watch the auctions. If it seems that the site has auto bidder or bots, then don't use that site.

Penny auction sites are also not a scam because you receive your product. It would be a scam if you paid for the product but never received it. All sites do guarantee send the winning product as described. Most sites send their merchandise within 5-10 days.

Top Penny Auction Sites

Below is a list of the top 40 penny auction sites as of Aug. 2010. If you see any penny auction websites that are not in this list please comment. 

1.) Quibids.com
2.) Bidcactus.com
3.) Swoopo.com
4.) Beezid.com
5.) Rockybid.com
6.) Winnit.com
7.) Bidstick.com
8.) Haggle.com
9.) Bidblink.com
10.) Wavee.com
11.) For10cents.com
12.) Pennylord.com
13.) DealDash.com
14.) Bidrivals.com
15.) Bidfun.com
16.) Snaglo.com
17.) Auction4Cause.com
18.) Dubli.com
19.) Bidfire.com
20.) Bidhere.com
21.) Bidrodeo.com
22.) Pricedrip.com
23.) Foopile.com
24.) Pennypurses.com
25.) Gobid.com
26.) Bidsauce.com
27.) Biddor.com
28.) DFWbid.com
29.) Pardo.com
30.) Winners24.com
31.) Fantasticbid.com
32.) Junglebid.com
33.) ABCPennyauctions.com
34.) IGotThisCheap.com
35.) Letsgobidding.com
36.) eMaja.com
37.) Bidash.com
38.) Biddingyard.com
39.) Bidfather.com
40.) Bid66.com
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