Reverse auctions in a variety of forms have helped business for years. They’ve made it easy for start-ups and other businesses to acquire equipment, services and materials at a fraction of the cost. Thanks to software technology, these types of auctions have let companies leverage the power of the internet to drive their businesses into the future while cutting costs in a big way. Now in recent years, the suffering economy has brought consumers out of the woodwork that are looking for similar discounts.
If it works for big business, would it work for the common consumer as well?
Indeed it does, and it has. The average, everyday consumer has found that through penny bid auctions and other types of reverse auction they can save a substantial amount of money on everything from common household goods to name brand electronics. In recent years, as consumers have demanded more savings on items, auction sites have sprung up all across the net but only a few offer fair systems that don’t steal from consumers.
The most appropriate systems are those that let sellers post their own items for others to bid on, but we’re not talking about eBay. This is still in regards to reverse auctions and penny auctions. Companies and individual marketers are using reverse auction concepts to pass extraordinary savings on to their customers.
But why do they do that? Aren’t they losing money?
Not at all – that’s the beauty of the bid auction system. Because consumers buy their bids, then place those bids on items, the seller or company selling the products makes money on every bid that is made. The more bids that come in, the more profit that is made.
With reverse auctions, the bidders continue to place bids in order to drive the price down. Some sites have a variety of reverse auctions.
Buy it Now Auction
Again, not the same as eBay. The Buy it Now is a form of “price reveal” auction. Every time someone bids on the item being sold, the price is lowered in an amount equal to the value of the bids placed and the price is revealed for a short span of time – often about 10 seconds. They can either buy it at that price or wait for the price to disappear so they can bid again. Keep in mind that others are also bidding and lowering the price and someone may grab the item up if the deal suits them. It’s certainly a nail biting auction that is also sure to net the seller a tidy profit.
100% off Auction
This type of reverse auction has bidders dropping bids in order to bring the price of the auction down to zero. The person who gets the price to zero wins the auction. Technically they pay nothing for the item as they already paid for the bids. The seller gets the money earned from all the bids and everyone walks away happy.
This type of auction system has served business well in the past when capital equipment needed to be sold. Now consumers are enjoying the benefits and flocking like made to take part in the penny bid auctions and reverse auctions around the web for the best savings available.
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