Friday, 6 September 2013

Let eBay Do Your Bidding for You In Auctions

Let eBay Do Your Bidding for You In Auctions

Many users are unfamiliar with online auctions , they think that they work like real-world
auctions, where one person makes a bid, then someone else ups that bid, then
the first person has to come back with another bid to stay in the running. eBay
works a little differently, in that much of this auction process is automated,
using a software that works like a proxy bidder. That is, you don’t have to keep
bidding and bidding every time someone else enters the auction; you can let
eBay handle all your bidding activity for you.

The way it works is simple:

 When you place a bid, you enter the maximum
amount you’re willing to pay—which may be a lot higher than the current bid
price. eBay will keep your maximum bid secret, and bid for you only the minimum
amount necessary. When another user bids, eBay will respond (as your
proxy) by placing a new, higher bid for you.

If the other bidder goes higher, eBay
continues to respond in kind until your maximum bid level is reached. When that
happens eBay drops you out of the bidding and lets you know (via e-mail) that
your maximum bid has been exceeded. At that point you can call it a day or
decide to enter a new maximum bid and start the process all over again.

This proxy bidding process means that you don’t have to stay at your computer,
constantly checking on the progress of all auctions in which you’re bidding.
Enter the highest price you’re willing to pay and log off—eBay will handle the
bidding for you.

Of course, the whole concept takes a little getting used to.
Imagine that you’re bidding on an item that you think is worth $20, but which
has a current bid price of $2.00.

You might be tempted to enter a bid for a little
over the current price—$2.50, let’s say. But that amount could lead to you
quickly getting outbid, and then you’d have to come right back and manually
enter another bid, then another, then another. Better to enter a maximum bid of
$20, and let eBay (automatically) place the $2.50 bid—and all subsequent
bids—for you, as necessary. If no other bidders enter the fray, you’ll only have to
pay $2.50; if other bidders get involved, eBay will make sure you pay the lowest
amount necessary to win the auction.

So don’t get caught up in a bidding frenzy. Put your best bid on the table, and
let eBay manage the auction for you!

1 comment:

  1. People become very smart about their purchase and investments now days. Thanks for such wonderful post. Great post.