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Online auction are fun, easy and thrilling. They allow you to purchase a wide array of products online for 24 hours a day and 7 days a week, often at great prices. Bidding is an essential part of the online auction. People bid online for the items they willing to buy. Online bids move at such a rapid speed that it changes in just blink of an eye. There are two popular techniques which are used in order to improve the chances of winning an online auction. You can adapt them accordingly to suit your style.
There are two methods to placed the bids
Method 1: Unique Bidding
Know the terminology: A unique bid is referred to that single bid which is placed on a bid amount for the auction. It will be only categorized as unique if no other competitor has placed a bid on the same bid amount. If a competitor has placed the same bid, then both bids are classified as non-unique. Buyers bid for different products online. The one with the unique bid gets the product.
For example : If A places a bid at £2 and no one else place a bid on the same amount, it is considered as a unique bid and A will win. If B places a bid on the same item at £2, then it will be categorized as non-unique and none of them wins the auction. It is necessary for B to place bid more than £2 in order to win the auction. .
Place a bid: You place a bid that is the unique bid on your favorite product which will make your existing unique bid the lowest bid. You can also place a bid that is more than your opponents bid amount. It should be the unmatched and highest unique bid until the time auction closes to win the item. .
Wait for someone else to bid: If someone else places a bid higher than yours, then immediately place a unique bid to supersede theirs. If not done over the time, the other person wins the bidding auction. .
Keep a constant track: Revisit the auction site regularly to check the status of your bid and also the status of your competitor bids. Evaluate your bid again and click the confirm bid button, once done. .
Receive a confirmation email: Once the bidding ends, the winner will be notified by an email from the website. It will indicate the confirmation about your winning and also the explanation of what needs to be done next. Winner will able to purchase the winning product within 5 days else other winner will be declared.
Method 2: Dynamic Bidding
Understand the technique: This process is also known as an auto bidding system. Buyers can set their maximum bid for the product. So, if the bidder is not virtually present at the time of bidding, automatically the bidding will perform on his behalf up to the defined amount. This information is only made visible to the bidder. After reaching the defined bid value, the bidding will stop.
For example : The starting bid for an item is £5. A is the high bidder to place a maximum bid of £6 on this item. His maximum bid of £20 which will be kept confidential from other members. B places a bid of £7 and becomes the highest bidder. Automatically A’s bid is raised to £8 outbidding B at £7. It will continue till the time any buyer crosses £20. It is the limit set by £A which is only known to him. If nobody crosses £20, then A is the winner. If anyone crosses £20, A will receive a mail to increase its limit.
Enter your maximum bid: Buyer is supposed to enter maximum bid after selecting their favorite item from the online auction. You can enter maximum bid by clicking on the " Place Automatic Bid ". After placing, it is not necessary for the buyer to be present for bidding. The bid amount will keep on increasing on his behalf, outbidding others till it reaches the defined value.
Keep constant track of bids: Keep visiting the online auction regularly to check the status of your bid and your competitor bids. Evaluate your bid again and click the confirm bid button, once done.
Receive a confirmation email: Once the bidding ends, the winner will be notified by an email from the website. It will indicate whether you have won the product and also the explanation of what needs to be done next. Winner will able to purchase the winning product within 5 days else other winner will be declared.