Quibids loves selling Macbooks, HDTVs, iPads, etc. Ever wonder why that is the case? Quibids is the largest penny auction site online and makes tens of thousands of dollars each day. It does have a number of small ticket items like gift cards. However, you can see of late that there are increasingly more and more big-ticket items. Did you ever wonder why?
Well, the simple reason is they bring in more profit even when they sell for a huge discount. The main reason for this anomaly is the Buy It Now feature of Quibids. Quibids provides this option so theoretically no one loses money bidding on the auction as they can use the money spent towards bids in a lost auction in purchasing the item at its full retail price.
This is easy for a $10 gift card - if you spent $6 in bids and didn't win, it makes sense to invest $4 more and get the card. However, if you are bidding on a $1400 macbook and lose bids worth $120, I am sure you won't jump and buy it at its full retail. This is the case with most bidders.
Consider the recent Apple Bundle worth $4000 being auctioned on Quibids. The auction will attract hundreds of bidders. Not even a handful (I doubt if anyone will) will ever buy the whole bundle by paying $4000. This way, all the profits made by Quibids go into its pocket and it doesn't have to worry about cuts in profit through the Buy it Now route.
This is an excellent strategy being employed by Quibids. It can afford to do this because they are really big and they will always get customers bidding on these big-ticket items. Unfortunately not all penny auctions can replicate this model because they are not so big. Simply put, Quibids will only grow bigger and bigger each day.
If you are interested in bidding on the big-ticket items, check out my post on Quibids strategies for winning big ticket items. This will be immensely beneficial to maximize your winning chances. Also, don't forget to subscribe to the blog so you can get regular updates.
Just wondering if you thought it would be wise to place some bids on Quibids during the Super Bowl? I know that T, W, and Th are the top days, but I would have to think you might have some luck during the big game.
ReplyDeleteJonathan, it is certainly possible. For example, I had a few of my readers tell me that Christmas time was good for bidding as people were probably spending time with their families than sitting in front of their computers!
ReplyDeleteIt would certainly help if you can observe the user activity just as the game begins and if your proposition is true, perhaps you can use it to your advantage. That of course is assuming you are more interested in Quibids than the game :)
Haha, yeah I'll be into the game for sure. I may pop in over at Quibids for a bid just to see how things are going and if many people are online bidding.
ReplyDeleteJonathan, it looks like you are right :) I cannot confirm this for sure, but it does look that the overall bidding activity has declined at Quibids and it is not even time yet. So I guess it is a good assumption that it will be quieter as the game starts. If you are good at multitasking, nothing like it :) I'll write a post and inform the other readers too. I'll give you credit, no worries! You may want to subscribe to the blog if you find it useful.
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