Bidding is a term that is exclusively linked with auction. It is a process through which a product is sold in the presence of multiple buyers. In case of a normal auction, the buyers bid for a particular product and the person making the highest bid, generally wins.
The concept of reverse bidding in a unique bid auction is new and different from the traditional form of online auction. The main idea behind reverse bidding is to make it unique. In this case, the bidder quoting the lowest price for a bid becomes the winner.
For example, a digital camera is quoted at a price of $300. Now, two people make a bid of $1.60, three people bid $1.50 and only one person makes the bid for $1.55. In this case, the winner will be the person who has made the bid of $1.55. Even if there are people bidding a lower price than this, the bidder of $1.55 is the unique one as no one else has made an equal bid.
Reverse bidding is an unusual concept but it is interesting and profitable too as it enables bidders and auction visitors to get items at a considerably lower price. Reverse bidding auctions have gained much popularity amongst the more usual Internet auction sites. Many Australian online auctioneers are now choosing to make the lowest unique bid for their products.
However, since the idea of a lowest unique bid action is fairly new the strategies involved in successful bidding are also new and different. Here are some quick tips can be followed to become a professional bidder at this style of online auction
- Sign up for taking part in an online auction – Become a member and read the FAQs to get a clear idea about the bidding process. I most cases, you can sign up for free at one of the many Internet auction site. Once you are a member, start by making a few bids in the beginning. Practice is the only way to be a perfectionist in the bidding game.
- Browse through the products and choose your desired category – remember you’re not bidding against others on the retail value of the product. It might be worth many thousands of dollars and be sold for only a few. You just want to get the lowest bid that no-one does ( ie a lowest unique bid)
- Do not wait till the end to make a bid – Unlike a traditional online auction there is no advantage in waiting until the last few seconds. As soon as you have decided on the item, start making the bid. In fact in the case of reverse auction, it is important that a unique bid gets registered as soon as possible. This is because sometimes there isn’t one single unique bid. In this case the winner is the first person who made the lowest bid of the two lowest bids. So get in early or you might lose a winning opportunity.
- Make multiple bids to outrun other bidders. This is one of the essential strategies in the lowest bid auction.
- Keep a track of the status of your bids –Being the bidder, you should strictly keep a track of the bid status so that the lowest unique bid can belong to you.
As such, these are the various tips that can be followed to emerge as the winning bidder at a lowest bid auction.