With bargains on the internet becoming harder and harder to find, most people are looking for ways to get goods cheaper than ever before. Unique bid auctions give people the chance to do exactly that. Unique bid auctions are unlike standardised auctions. Instead of the highest bidder winning, the person that has the lowest and unique bid will win the item. In order to win these auctions, each individual needs to develop a plan and have some basic knowledge, giving them the best chance possible of winning.

Early Bidding One of the strategies that is worth considering is getting a bid or multiple bids in, as soon as possible. The main reason for this is that if an auction ends and the bidder does not have the lowest unique bid, they still have a chance of winning. Some websites will award the auction to the lowest unique bid, with the lowest volume of bids. The bidder that placed the bid first (they held the lowest unique bid for a short period of time) will be awarded the auction.

Budget Bidding Another option is to consider allocating a budget per auction and placing some random bids. Of course, to determine what size budget is going to be reasonable, the bidder will need to calculate the bid cost. If their budget is not big enough, they might only be able to place 1-2 bids. Ideally, the individual will be able to place at least 10 bids or more for each auction that runs. Even when they have the lowest unique bid, they should consider placing more. Their current lowest unique bid might be taken out, which means that they need a backup plan.

Selective Bidding Another option is to be selective about the values that are being chosen. Some people just guess random values each time. Each time they place a bid, their bid is going to be different to the last auction they were involved in. Others prefer to be much more strategic. They look at the past auctions. They might see that a certain value tends to win auctions more than others. They will follow patterns that have helped previous bidders to win auctions. This gives them a better chance of winning and therefore, a better chance of picking up a bargain.

Percentage Bidding If you are struggling to choose a value to bid, then perhaps looking that the RRP could help you. Some people choose their bid amount by selecting the value that is 5%, 6%, 7%, 8%, 9% and 10% of the RRP. This gives them a nice range of bids and gives them a good chance of winning the auction.

Conclusion Although bidders can increase the chances of them winning by creating a range of strategies, there is no right or wrong way to place bids. Essentially, it comes down to a little bit of luck as well. A bidder might have the best strategy in the world, but sometimes they will just get unlucky and someone else may place a few random bids and win lots of auctions.

 

 

For more info on unique bid auctions take a look at the BidGrid website where you can sign up for free and bid in their practice auctions without spending a single penny https://www.bidgrid.co.uk/en/how_it_works.html