Online Auction Bidding by MyReviewsNow
Online auction bidding has become increasingly popular in recent years. Customers can shop for rare, discontinued, seasonal, and best-selling items from a wide variety of categories on online auction sites. The discount and savings is another reason why customers flock to online auction bidding sites. Depending upon the item and its original retail value, one can save anywhere from 20 to 80 percent or more compared to similar items out in the retail market. Online auction sites not only provide platforms for buyers and sellers to unite, but they are also incredibly fun to take part in. With so many different types of formats and bidding platforms on auction sites, virtually every shopper is accommodated and able to take advantage of the savings and the fun.
Bid-style auctions are probably the most exciting and common form of online auction bidding. With bid-style auctions, sellers start a price very low and offer potential buyers the opportunity to bid up to any amount. By placing a bid, buyers enter into a contract with the seller. At the end of the auction, the highest bidder wins the auction and proceeds to pay for the item via any online payment merchant or other form of payment. Bid-style auctions are incredibly fun and risky, which is part of the allure. Often, buyers can get swept away in a bidding war. The “have-to-have-it” feeling takes over eager buyers and the end result can often mean dozens of bids being placed in the last minutes of the auction.
Reserve price auctions are another online auction bidding format. With reserve price auctions, a seller places a minimum bid price, which is withheld from bidders until the close of the auction. The bid-style format is still in place with reserve auctions, but if the reserve price is not met at the close of the auction, the seller is not obligated to sell the item to the highest bidder. This tactic is a great way to ensure that the seller receives fair value for the item, without the possibility of losing money on the deal. Some buyers can be leery and hesitant of bidding on reserve auctions. Sometimes buyers feel that bidding on a reserve auction is a waste of time because they may never reach the minimum reserve price set by the seller. In most cases, sellers can place a “low reserve” icon within the listing details, increasing buyer confidence and ensuring that the item is attainable for a reasonable low reserve price.
Fixed-price auctions, commonly referred to as “buy it now” auctions, are probably the most straight forward online auction bidding format. With fixed-price auctions, sellers offer items that are available for instant purchase to the first buyer to respond. These types of auctions are great for those that are not interested in waiting out the bidding process of bid-style and reserve auctions. Fixed-price auctions allow a buyer to instantly purchase a coveted item, pay for the purchase, and generally receive the item much sooner than with bid-style auctions. There is no guess work involved for either the seller or buyer. The seller does not have to worry about reserve bids not being met or ending bid prices being too low. The buyer is able to bypass the uncertainty associated with bid-style auctions. Many fixed-price auctions, however, do require that buyers pay immediately upon clicking the “buy it now” button; this can deter some buyers.
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