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They are able to sell iPhones at a lower price because of their unusual auction process which raises the auction price by one cent. It’s not like eBay because it costs each coin (say $0.40), whether you win the auction or not. You must be the highest bidder after the clock expires to win the auction. The problem is that each bidder adds ten seconds to the countdown, giving other bidders time to match your bid.
Make Money With Penny Auctions
Penny auction sites are not new and have received a lot of criticism, which makes you wonder what their business is. There is a lot of news about online penny auctions, but I have not found any statistics or statistics to support the criticism. So I started collecting information on my own to better understand how these sales work. What I found exceeded all my expectations.
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On Beezid.com, a large penny auction site, one $180 table received 18,160 bids of more than $7,200 from 56 users. Surprisingly, almost half of those trades came from a single person who lost about $3,500 in two hours (see the chart below). The winner of this auction spent only 80 cents on his two bids. In the second half of this blog post, I will explain the data collection process. To protect user privacy, I have replaced the actual names of the names with chemical elements.
The biggest “win” of penny auction sites was their successful conversion of a fully paid auction into an online game where people believed it was possible. then they make a profit. The way beezid.com does it is very smart. First, they offer their users different options on how to submit an offer. Users can, for example, use automated bidding bots, taking advantage of maximum bid limits that don’t increase auction prices. , and buy other extras that you think are useful. Second, they try to hide all the information that can show how many people are participating in the auction and how much they have already spent.
One way to do this is to limit the price to 10%, meaning that no matter how many people bid, the price Bids will not exceed 10% of the purchase price. Another unusual rule of bidding is that the auction price is not always raised by a cent, but can be lowered by an amount. These changes in the system more or less mean auction prices because you can no longer assume that, say, a price of $1.10 is the result of 110 unique bids. Many articles about penny auctions (eg consumerreports.org) ignore these rules and thus misrepresent price increases. The chart below shows the increase in the selling price of the $180 tablet over time. If we assume that each bid will raise the price by one cent, the final auction price is $181.60.
This lack of transparency combined with different bidding options creates a system that gives users the illusion that they can make a profit with the right plans.
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Despite the website’s efforts to keep its users in the dark, the entire history of an auction can be saved if checked from the beginning. To collect information for this blog post, I wrote a simple Python script that automatically saves all the price information from beezid.com customers. If you want to try it yourself, just change the customer ID and update the request title. You can easily find this information in Chrome DevTools. If your internet connection is slow or unstable, I recommend running the script on a server (eg Digital Ocean). Note that the script behaves like a normal browser and does not bypass any security or protection features.
One of the most important aspects of the business model of penny auction sites is that what they do is not gambling. I am not a lawyer, so I am not trying to question the legality of their actions. Their main argument is that penny auctions require skill and are therefore exempt from the Internet Enforcement Act, the same law that four used by daily sports betting sites such as FanDuel or DraftKings. Personally, I don’t know how a certain skill can increase your chances of winning an auction. The data clearly shows that you are competing against an unknown number of users who are active at times. Even if you have a detailed record of past auctions, you can’t predict how far a particular person will go. If someone has already spent $3,000 on a $180 tablet, what’s stopping them from going over their credit card limit? It would be great to hear an official explanation of how skill plays a part in this game.
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But why do these sites offer such low prices? If they are all scholars, how can they thrive for a decade or more as sustainable businesses with loyal customers?
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In this article, we take you behind the scenes to learn about the secret world of penny auctions and what you need to know about them.
A penny auction is an online auction that uses only small bid increments, usually around $0.01. But the very thing that defines a penny auction is that the buyer buys a small amount. These fees can range from $0.10 to $1 each depending on promotions, bids and bidding locations and are non-refundable at the end of the sale. (The exception? DealDash auctions that allow lost buyers to buy items at the buy-it-now price and get back all bids spent from that auction.) right with the buy-price-price-price display.)
This system is designed not only to reduce costs and keep auction prices low, but also to allow gasoline auction companies to make money while offering products at such low prices.
Imagine owning a brand new designer wristwatch at a penny store. The retail price of the watch is $300, but the auction starts at $0.00. Someone makes an opening bid of $0.01 and the auction officially begins. Many bidders place multiple bids on the auction. Every time a bid is made, the timer is reset to 10 seconds. When there are no new bids, the auction ends.
Dealdash Business Model
In the end, the winner offered $9.50. They will pay that price and also pay the transaction fee they can use to get there. If they made a total of 12 bids at $0.20 each, that would be an additional $2.40 for a total of $11.90.
These bids may have come from hundreds of different bids, so each of them pays a few dollars for the many bids they make. But the total price of all bids submitted for this auction is $190.
Penny auction sites like DealDash can make a profit by selling new and used items, used items, or clearance items at low prices. An item can be sold for $300, but DealDash can sell it for $140 and make a profit through auctions. For example, in the end, the buyer can reduce their search, the buyer gets more items, and the auction site can make a profit while reducing the price of the buyer. in their purchases.
Since most of the internet readers who stumble upon these sites haven’t learned the mechanics of how they work, they often think that these resale sites are scams or too good to be true. But the truth is, there is no magic trick these sites use to trick users: they just use a trick. New auction models involve users paying a minimum price for each bid they place. Consider retailers like Costco and Sam’s Club that operate under a similar model. To receive the offer, you must pay a special fee, such as a membership fee, in addition to the price of the product.
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It is important to note that most auctions end at a lower price than sales.
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