Are you a retailer looking for selling your products to international consumers? Or do you want to find someone interested in buying your used electronic gizmo? Well on the internet you can do that through any auction site like ebay. But penny auctions can offer you something incredibly more lucrative. Picture this: apart from getting the auction price you get an extra 80% of cash collected from bids.
Selling is possible on a few penny auctions sites. Apart from the site owner, retailers, manufacturers and individual sellers can sell on these auctions. Thus, a common user like you who bids and buys on these auctions can also sell items on them following some simple steps. First you will have to add an auction. Just log in to your account and click on the add-new-auction button under the seller section. Simple set of on-screen instructions will take you through the remaining steps of selecting standard or featured auction and submitting for the site’s approval.
Your item would have to be approved by the site administration of the penny auctions site, which would check, among other things, the legality of the item being sold, and would also put a cap on the number of live auctions at a given time. Following approval you may start your auction at the moment deemed opportune by you.
Start your auction after you have done enough to promote your item. For it all boils down to number of bidders bidding for your product translating into extra cash. Use the social networks like Facebook, Twitter, Myspace, and also forums, newsgroups and blogs, and maybe Google Ads as well in order to promote your auction. Direct people to your auction page in the penny auctions site you have an account in.
Bidding over, the winner pays you the final auction price. Plus you get 80% of all bids placed on your auction. Find out what can that pretty realistically come to. In penny auctions the starting price is ₤0.00 and each bid raises the price by 1 penny or ₤0.01. Supposing the auction price or the winning bid is ₤52.35, the total number of bids will be 5235 [{(winning bid – starting price) / per bid increment value} = (₤52.35 – ₤0.00) / ₤0.01 = 5235]. If cost per bid is ₤0.5, cash collected for total number of bids placed will be ₤2617.5 (5235 x ₤0.5). Now you as the seller of the product get in addition to ₤52.35 from the winner, 80% of cash collected from all bids, which comes to a staggering ₤2094 (0.8 x ₤2617.5).
Since penny auctions offer attractive features to buyers as well, finding buyers is not much of an issue on these sites.
Of all penny auctions, indeed offers the coolest way to sell.
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