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.
Reverse bidding in a unique bid auction is different from this traditional form of online auction. Here the idea behind a unique bid. And so in this case, the bidder quoting the lowest price for a bid that no-one else has also bid, becomes the winner.
For example, a mobile phone is quoted at a price of $600. At auction end two people have made a bid of $1.60, three people bid $1.50 and only one person made the bid of $1.55. Here, the winner will be the person who has made the bid of $1.55. This is because $1.55 is the lowest, unique one – no one else has made an equal bid to this one
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 the winner for their products..
In this line, Youbid.com.au has emerged as an eminent name in the world of Australian online auction sites. Providing a variety of categories to choose from, Youbid can be joined exclusively by Australian and New Zealand nationals.
Joining is absolutely free of charge. To become a member, you just require to fill up a registration form. You must 18 years and above in age to bid on this unique bid site
Given that the idea of a lowest unique bid action is fairly new the strategies involved in winning such an auction are also new and different. Here are some quick tips for you
1.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 sites, such as Youbid.com.au. 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.
2.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)
3. Unlike traditional auctions you do not need to wait till the end to make a bid. So as soon as you have decided on the item, make your the bid.
4.Make multiple bids to outrun other bidders. This is one of the essential strategies in the lowest bid auction.
5.Keep a track of the status of your bids – Like any good Australian online auction site, Youbid.com.au , will keep its bidders updated through email about the status of their bids. Being the bidder, you should strictly keep a track of the bid status so that the lowest unique bid can belong to you.
These are the five main tips that if followed will help you emerge as the winning bidder at a lowest bid auction.
Youbid is a new reverse auction site in Australia. It’s free to join. And remember in a unique bid auction its the lowest unique bid that wins. You could save hundreds of dollars.
Tags: auction, Gambling, online auction, unique bid auction