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Pros and Cons of Global Penny Auctions
As global penny auctions grow in popularity, one cannot but stop and think - is it good for me, as a bidder? Sure, it seems it's a good idea for the site since it can now get in touch with bidders around the globe without having a critical mass of bidders in each country. But how about bidders? How good could it be?
Here, by global penny auctions, I mean web sites where people from all around the globe compete on the same auctions. This means when there is a gift card that I am bidding on, odds are, the other bidder I'm competing against is from a different country and time zone as me.
Pros The largest advantage of global penny auctions is it helps you with variety of products. This is accomplished in two distinct ways. One, there are specific products that are popular in america and not the united kingdom or Australia and vice versa. This means you reach pick and bid on auctions that you wouldn't normally see inside your country. This sure is exciting.
Secondly, bidders get to see more auctions during the day because now people from different time-zones are competing. This is really a great deal for many bidders who don't get to bid during the peak product times, like afternoon (since you are working) and instead want to bid during the night when there are not enough products. Yes, it is true, almost all penny auctions have fewer auctions during the night.
Cons Obviously it's not all a bed of roses. Occasionally you won't want to be bidding globally. One immediate concern is related to competition. Will the penny auction scale up the quantity of auctions in proportion to the quantity of bidders who have now increased? The solution obviously depends upon the website however the usual answer is no. This means more competition due to increased bidders on same quantity of slightly increased number of auctions.
Global bidding could also render some bidding strategies obsolete. This would mean bidders need to reevaluate everything, especially strategies according to best bidding times.
It's really exciting to become bidding against people all around the globe, but simultaneously you should never forget your reason for on the site - to win! Some penny auctions can pull it off well yet others cannot. BidRivals, the most popular site at some point of time throughout Europe is struggling today with significantly fewer auctions and bidders than at its peak.
