It’s a well-documented and universally human trait that —when we see especially big items with small price tags— our eyes expand to about eight times their normal size and sometimes even pop out of our heads and dance around a little bit. I like to call this swelling the Googly Eyes effect, and it can seem really comical to us later: “Did I really act all crazy over the chance to save some money on this particular product?”
Here on QuiBids the Googly Eyes effect is especially prevalent. Just check out our biggest wins of 2012 blog post from a few weeks ago — it’s a Hall of Fame-worthy list of high-dollar items only. It’s almost like just seeing the screenshot of a Canon 5D Mark ii camera going for 98% off charges you up to go out and try to win a big item of your own.
But before you rush out there into the land of plasma screens and espresso machines, here are a couple of things to keep in mind that will help you to build on your QuiBids strategy, and —ultimately— save you some serious dough here on QuiBids!
For the purpose of this blog post, when I use the phrase “high-dollar auction” let’s assume I’m referring to a product with a Buy Now price at $250 or greater, as that’s when winning starts to get quite a bit trickier. Also, I’ve divided these tips into two categories, Things to know before you enter a high-dollar auction and Things to know when bidding on a high-dollar auction. Think of the former category as your homework or research and the latter category as a tip sheet for when you take your test. Here goes!
Things to know before you enter a high-dollar auction
1. Know what other products are available in the auction you’re going to bid on.
Because QuiBids auctions are now on a multiple-product format, it benefits you to know what other products may be enticing other customers’ interest.
For example, let’s say that you’re interested in a pricey ten-piece cookware set by Le Creuset. That pricetag puts you into high-end iPad range, which is where you’ve got to be wary, due to the iPad’s massive popularity on our site. In fact, here’s an auction we hosted recently that had both products:
If I were trying to nab a cookware set like this, I’d be hesitant to approach this particular auction because of that iPad. Furthermore, there are 50 other items from our Electronics category included in there, ranging from laptops to projectors to TVs, and desktops; all sought-after products. Taking it a step further, if I were really looking for a better shot at a bargain, I’d wait until an auction came along with a narrower range of products, ideally one that didn’t include that iPad. That may mean waiting a few days or even weeks until the right auction comes along, but when it does you’ll be glad you waited it out. Your Watchlist is a useful tool for keeping track of auctions like this!
2. Know how much money you’re willing to spend on bids, and how much time you’re willing to spend bidding.
Ever hear of a little thing called “budgeting”? I’m not just talking about Excel spreadsheets and paying your bills! High-dollar auctions can last for hours on end and if you don’t have the time to commit to winning then you might as well just settle for playing smallball with $100- and less items.
Knowing exactly how much money you’re willing to spend bidding is equally important. We’ve established before that if you head into a QuiBids auction expecting to pay the Buy Now price, you’re much more likely to win it. Being ready and able to commit the full value price of the item means that any auction win is a discount! But you’ve also got to know at what point to start considering a Buy Now.
Heading into an auction unsure about how many bids and how much time you’re willing to commit is like going into battle without a strategy. You might come out victorious, but if you do it’ll be because you were lucky.
3. Know that you can use auction statistics to see a general range of bids spent in a typical auction, among loads of other information, like:
-How often customers select a particular product from a set.
-What a typical end price for an auction for the particular product is.
-A specific range of bids required to win the particular product.
-Which users have won previous auctions. I was scanning the site today and found a particular user who’s won five of the exact same Cuisinart Elite 12-Cup Food Processor. If you run into somebody like this who’s keen on a specific product it may be wise to stay away.
4. Know that there’s no rule against watching!
Simply watching auctions for products you’re interested in is a great way to gather intel about them. Pay special attention to how people use their Bid-O-Matics, what time of day the action picks up, and which QuiBidders are active.
Things to know while you’re bidding on a high-dollar auction
1. Know that your Real Bids add up a lot quicker than the final auction price does.
Sixty times quicker, in fact. Be more mindful of the number of Bids Spent than the final price. Obviously winning an auction when the price is very low is desirable, but when you’re going after a $500 item, there isn’t that big of a difference between winning it at $1.50 and winning it at $25.00 now, is there? So don’t panic if the auction price is going up, so long as you’re not the one spending the most bids.
2. Know that you can check out some information about your opponents.
Check the Bidding History for intel on the QuiBidders you’re going against, including what Badges they’ve earned, how long they’ve been on QuiBids, and what they’ve won recently. Plus you can tell how many people have bid on the auction recently, and how many are using the Bid-O-Matic.
3. Speaking of which … know how the Bid-O-Matic works.
Because the more you know about how something works, the more it will serve to your benefit. For example, if you knew that —in an auction where multiple Bid-O-Matics are set— only one Bid-O-Matic bids at a time, then you know to wait until the Bid-O-Matics are finished because there’s no point in bidding yourself if one of the Bid-O-Matics is just going to perpetuate the auction for you. Knowledge is power! Or in this case, knowledge is a bunch of saved bids!
4. Know that Buy Now is always an option.
I mentioned it early, but it’s worth mentioning again — Buy Now is your safety net that guarantees you never have to pay more than retail on QuiBids! Use it!
5. Know the difference between Real Bids and Voucher Bids.
Real Bids and Voucher Bids each factor into your QuiBids strategy differently, so make sure you know the basics on them at least! A very general rule of thumb when deciding between the two is to clear out your Voucher Bids first, as those tend to expire much sooner than Real Bids do.
We hope something in here helped to bolster your QuiBids strategy! Happy bidding!