| Auctions and strategies seem to go hand in hand as | | | | same item. |
| the Internet auction industry continues to get more | | | | - Also take note how long the item was up for auction |
| creative with auction software technology. In this article | | | | in the past. Make sure the time frame is the same |
| we will look at the "Unique Bid" auction from DubLi, and | | | | before you take the time frame into account for your |
| attempt to shed some light on how to participate with | | | | strategy. |
| some basic information that can be used to help you | | | | - Know what time the new auction starts, and ends. |
| determine your own strategy. | | | | Once you have gathered some basic information |
| Before we get into the "Unique Bid" auction. Let first | | | | about a product of interest the next step is to figure |
| take a quick look at what kinda of auction it is. The | | | | out what you are willing to pay for the item should you |
| Unique Bid auction is considered a reverse auction. | | | | win the auction. Remember to take into account your |
| Reverse auctions are similar to that of a traditional | | | | cost for the credits you will need to place bids with. |
| auction where you have a seller, and multiple buyers | | | | If the auction has just started that is the best time to |
| who compete against one another to win a particular | | | | place your bids in my opinion. I would usually look for |
| item. However in a reverse auction the competition | | | | items that have just started to be auctioned. |
| between the buyers is to drive the price of a product | | | | Next you will want to figure out where to place your |
| down, which is completely opposite of what you will | | | | bids, meaning your bids are placed in twenty five cent |
| find in a traditional auction. | | | | increments; so what spread of price points do you |
| With that said, a Unique Bid auction will have a seller | | | | want to cover that are the lowest and most unique. If |
| who will list a product for auction, and buyers who | | | | you start to place a spread of bids, and you are told |
| compete against each other placing bids that are both | | | | that your bids are not the lowest, or most unique. Then |
| the lowest, and most unique price in order to be | | | | you will need to go higher, or lower on your spread of |
| awarded the winner of the auction. In addition this | | | | bids. |
| particular auction always set on a time frame. | | | | After you have successfully placed your bids you will |
| In order to participate in a Unique Bid auction the | | | | want to follow the auction closely to make sure no |
| participants are required to purchase credits, and use | | | | other buyers have duplicated your placed bids. If you |
| the credits to choose a price they are willing to pay for | | | | should find that your bids have been covered by |
| a particular product. One credit represents one bid, and | | | | another buyer then you will need to make a decision |
| bids are placed in twenty five cent increments. With | | | | as to weather or not you want to place another |
| that said lets get into strategy to help us compete in a | | | | spread. |
| Unique Bid auction. | | | | At this point it is a game of chance, but the rewards |
| What information should you find out before you start | | | | can be very lucrative once you get the hang of it. The |
| bidding to help you in your strategy? | | | | idea is to cover a big enough spread in twenty five |
| - Know the starting price of the item you are | | | | cent increment bids that chases other buyers off if |
| interested in, as well as the description of the item. | | | | they start to place bids around your placed bids |
| - Look at the completed auction to research and see if | | | | because the system will alert the other buyers they |
| the item has been up for auction before. Make sure | | | | are not the lowest, or most unique bidder. This will |
| you verify the description of the item so that it is the | | | | cause the other buyers to place bids else where. |