Winning Strategies for Bidding on Online Auctions

As interest in e-commerce continues to increase throughout the world, a record number of people are delving into the world of online auctions for the first time. As such, let’s take this opportunity to revisit frequently asked questions and some of our most common tips for successfully bidding in a timed auction online.

Bidding in any online auction can be both exhilarating and overwhelming at the same time. If you most often work with an auctioneer in person or online, consider another option: the timed auction.

Control Your Auction Results

A timed auction ends at the time specified by the seller, however, extended bidding may occur if additional bids are placed in the last five minutes of the auction. This is to prevent last-minute bidders from sniping the lot, and to give all bidders a fair chance to acquire the piece.

If you are the highest bidder at the close of a lot, you will receive an email or a mobile alert at the auction’s close notifying you of your purchase.

Thoughts From Our Team

From those of us who receive questions and feedback from Invaluable bidders every day, here are some more benefits to remember as you weigh your bidding options:

Timed auctions are slower-paced, making them easier to monitor and less intimidating than live auctions for novice bidders.
By looking at the number of views and bids on a lot in a timed auction, you can tell which lots are the most popular (and therefore worthy of your attention) as the end of the auction approaches.
The auctioneer can set reserves for their items to ensure that it sells for a minimum amount. Look for the text “reserve not met” or “reserve met” to know if your high bid will be a winning bid.

SOURCE: invaluable.com