Trouble-Free Products In penny bids1959851
Penny auctions became extremely popular after the financial crisis, with the UK site Swoopoo (now closed) starting off the trend. As they became hot, everyone wanted a piece of the action and these sites were mushrooming all over the internet, from general to niche sites. However, as owners quickly realized, this isn't any get rich quick scheme and businesses can potentially lose a lot of money. They also need a good amount of initial investment. As sites shut shop, a few survived.Why don't you hop over to online auctions for the best tips.
How to Breathe Life into the Penny Auction Model
It isn't that this auction model is dead. Quibids, the largest entertainment shopping site in the US clearly shows that there is money to be made here by serious businesses. However, it has established itself as a successful business and it is very hard for new businesses to compete directly with Quibids.
However, the biggest strength of new penny auctions is the biggest strength of start-ups: they can be nimble and move quickly. A lot of smaller sites have shown this agility and made changes depending on what their bidders desire the most. There are new ideas in the industry that a few brave sites are implementing and with good success.Why don't you hop over to online auctions for the best tips.
Every new penny auction should try to distinguish itself - have an unique selling point where it can declare how it is different from the rest of the crowd. In fact, whenever a business wants to start in this category, they should simply answer this question: why should someone leave Quibids and join their site? You need to offer something unique and fun.
What sites are doing There are a good number of sites with good ideas. A whole new category has now been started, which is to do with timerless penny auctions. These are special auctions where there is no timer, but still follows the pay per bid auction model. This is becoming popular and some sites are pulling it off.Why don't you hop over to online auctions for the best tips.
Coupon codes is another way in which some sites try to distinguish themselves - they promise fewer bids to win. However, this is a slippery slope because a glut of bids means everyone has more bids and auctions can last for a long time.
Buy Now, popularized by Quibids is another very good feature for new penny auctions which show that bidders can trust the auction site and minimize their downside risk in the bidding process.
Currently, the penny auction industry is nowhere near its peak a few years ago. However, it isn't wise to write it off completely - there are plenty of serious innovative businesses that see promise and potential in this sphere. Watch out for good ideas.
