subject: Understanding How Penny Auctions Sites Like Beezid Work [print this page] Understanding How Penny Auctions Sites Like Beezid Work
A few years ago, a whole new Internet trend begun, this trend was penny auction sites. These sites do not operate like the usual auction sites that are well known such as eBay. On sites such as eBay, the auction system follows the age old traditional system where bidders bid on the item in question and as the price increases bidders leave the process based on their financial power. Eventually, only one person remains and wins the auction. However, penny auction sites operate on the basis of each bid increasing the price of the item by a penny. The effect of this is that a penny auction can take a very long time to conclude. Further, participants may not necessarily leave the auction due to financial constraints but rather fatigue. The following is an expose of how sites like Beezid operate:
The initial stage is registration. This is usually a short process where you use your email address. Beezid specifically allows registering using Facebook Connect. You also have to confirm your email address.
Once you have registered, you need to purchase bids to use in the process. Each time you put in a bid you incur the cost of one bid. On Beezid , it is possible to buy Bidpacks in various beginning with as few as 30 and as much as 500. The current cost for one bid on Beezid is currently between $0.6 and $0.9.
After getting your bids set up, you are now ready to begin participating in the auctions. Every time you place a bid in an auction, the company deducts it from your bidding quota.
You will note that each auction has a countdown clock which resets each time someone places a new bid. The Beezid timer resets by 20 seconds. When the timer winds down to zero before anyone else places a bid, then the current bidder wins the auction. The price is usually much less than the current retail price of the same item. The winning bidder claims the item and it is shipped to the address on record by the company.
It is important to note that further to penny auctions described above, many sites have additional auction types to spice things up. For example, Beezid offers two additional auction-types, namely; cherry and reveal auctions. Cherry auctions are only available to people who have never won while reveal auctions operate on the basis of a hidden price where bidders have to hit a "buy now" icon to disclose the cost for a few seconds and incur a bid cost at the same time. If you have recently come to learn about such sites and would like to find out how you can win, click here; to see details of an amazing application that helps you do just this.
