Penny auctions in India are relatively new. However, the concept of penny auctions has been around for a long time now. It is no surprise that it started in Europe, spread and became popular in the US and is now looking for other markets like India. India has the third largest internet population in the world, and has relatively few restrictions, so expanding there would be easy. The hard part of course would be to get the critical mass going.
Penny auctions in India seem to follow the unique bid concept rather than traditional timer penny auctions. The sites that I found for penny auctions in India seem to have the lowest unique bid and highest unique bid. I got this information off of Adwords - the sites that are advertising through Google. There could be others that I am unaware of.
Lowest unique bid: http://almostfree.in/
Highest unique bid: https://www.bidstall.com/index.php
However, in addition to the maximum number of bids, they also seem to have a timer, just to make sure that the auctions don't go on forever. This is a good idea provided there is a critical mass.
Lowest/highest unique bid auctions might be akin to gambling, at least in the US. This is one reason why we don't find many penny auctions with this model in the US. However, wither more relaxed rules in India, coupled with the fact that they are new and hence will probably not be regulated too soon, it is a nice strategy to explore for the penny auctions.
Do you know of any other Indian penny auctions? Are you from India and participate in penny auctions? What do you think about them? Do share your thoughts!
Penny auctions in India seem to follow the unique bid concept rather than traditional timer penny auctions. The sites that I found for penny auctions in India seem to have the lowest unique bid and highest unique bid. I got this information off of Adwords - the sites that are advertising through Google. There could be others that I am unaware of.
Lowest unique bid: http://almostfree.in/
Highest unique bid: https://www.bidstall.com/index.php
However, in addition to the maximum number of bids, they also seem to have a timer, just to make sure that the auctions don't go on forever. This is a good idea provided there is a critical mass.
Lowest/highest unique bid auctions might be akin to gambling, at least in the US. This is one reason why we don't find many penny auctions with this model in the US. However, wither more relaxed rules in India, coupled with the fact that they are new and hence will probably not be regulated too soon, it is a nice strategy to explore for the penny auctions.
Do you know of any other Indian penny auctions? Are you from India and participate in penny auctions? What do you think about them? Do share your thoughts!
Actually there are so many bidding websites in India, including the timer auctions. You can read of one of my reviews on an Indian penny auction site, Winningbids.com at http://cosmomed.hubpages.com/hub/My-review-for-Winningbidscom
ReplyDeleteAnother webiste, Bids10.com, has operated in India for over one year already. But recently, it faced charges of fraud in bidding. Read more here:http://www.consumercomplaints.in/complaints/bids10-andhra-pradesh-c697617.html
Overall, Indian penny auction websites seems not to be regulated by the government of India. No official statements about penny auction sites in India has been made.
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