Monday, October 04, 2010
How To Win On Fashion Penny Auction Sites
Note: The following is a guest post from the lovely Millissa Mathai, Editor in Chief, Haute Mimi. Enjoy!
If you're a die hard fashionista then you are probably going crazy for fashion auction sites like Oohilove and Jojolie, which allow you to bid on authentic designer bags and accessories and win them for 90% to 99% off their retail prices.
Unlike Ebay these sites do not let you manually place a bid. Instead you purchase bid packages and every time you press the "bid" button, the price of the item increases slightly from a start of $0 or $1 and the time remaining on the auction also increases slightly. Rules differ by site but if you can master the game, you will be able to reap the rewards of buying coveted designer items for a few dollars.
Now that fashion auction sites are becoming more popular it is becoming even harder to snag that to-die-for bag for dirt cheap, but don’t worry we've got you covered with some insider tips from the fashionistas at the premier online fashion auction site LuxeWin (http://luxewin.com) on how to maximize your chances of winning that item you have your eye on!
Tip #1 Review the Fashion Auction sites and Choose the Right One for you
The sites differ in many ways, including the types of fashion items offered (LuxeWin is more Contemporary, Oohilove is more Luxury, JoJoLie is more Classic, etc.), the cost of purchasing bids, the auction rules, the number of Free Bids that you get, the number of bidders per auction, etc. Focus on the one site that has the products that you want and the right mix of factors to increase your chance of winning.
Tip #2 Study the Bidding Patterns of Prior Winners
Each site allows you to view past auction wins. Note the user names of frequent winners. These “whales” often win because they are willing to throw a large number of bids at a particular auction item, so you don’t want to get into a bidding war with them if you can avoid it. Conversely, you will see that some winners are able to win using very few bids and at very advantageous prices. Was it time of day, type of item, time overlap with another auction that ran long? Look for patterns that will give you the advantage.
Tip #3 Use your Free Bids
Sites generally offer new players from 1 on (Oohilove) to as many as 5 on (LuxeWin) Free Bids for registering. Use them before considering the purchase of a Bid Pack. Clustering them in one auction is usually more successful than spreading them out across multiple auctions.
Tip #4 Don't Bid Untll the Last 10 Seconds or so
Do not waste your bids early on in the game. Wait till the auction clock reaches the last few seconds to start bidding. Keep in mind that waiting too long can cause your bid to not make it to the site’s server on time due to your internet connection and other factors, so generally 5 seconds or so is as late as you may want to be.
Tip #5 Start with Beginners Only Auctions
Most sites have them and reserve them for those bidders that have not yet won an auction. The auction item is usually of lesser value, or a Bid Pack, but there are fewer bidders and no “whales” to compete against. Here’s where you can test strategic approaches against other newer bidders.
Tip #6 Select which Auctions to Bid on Carefully
If you’ve studied the pattern of prior auctions, you should see that there are certain days of the week, times of the day and types of items that are less competitive. There will be a lot more bidders for the Jimmy Choo Bag than for the Rachel Leigh Earrings. Don’t bid on items that you really don’t want but don’t throw away your bids hoping beyond hope that you will win a $1,500 item with just a few bids either. Work the system to your advantage.
Tip #7 Be In It to Win It
Don’t participate with a few bids in many auctions but rather concentrate your bids on the very few that really matter. You have got to be willing to put a sizable number of bids behind your involvement in an auction to ensure that you outlast other bidders. Buy plenty of Bids in advance to make sure that you don’t run out mid-auction.
Tip #8 Consider Using the Bid Concierge To Bid For You
Enlist the help of a bid assistant to help you win the auction. You can input the price at which you’d like the Concierge to start bidding for you, the price at which you’d like the Concierge to stop bidding for you and the number of bids you would like for it to place. Many of the “whales” have learned to use the Bid Concierge effectively. On many high value items, the highest bidder frequently engaged the Bid Concierge to secure the win.
Tip #9 Keep the Faith and Have Fun
Don’t expect to win right away or to win without purchasing bids. The Free Bids give you a chance to get a taste of the action and a feel for how it all works without risk. Winners buy plenty of bids and are willing to commit when they select an auction they want to win. They don’t win every time, and didn’t necessarily win in the beginning, but they continued and developed strategies that have paid off for them. You can be a winner too if you learn how to work the system to your advantage.