I won five items (2 mp3 players and 3 gift cards) worth $140 for $20 on penny auction and entertainment website, Quibids.com, and I would like to share my experience to help you save money in case you use the website, or a similar one in the future. If you’re a current Quibids.com user, skip to the section named “What I Learned.”
Quibids.com offers you the ability to purchase items you need or want for a discounted rate if you “win” an auction in a similar way to eBay.com. To participate in an auction, a user must set up an account and purchase “bids” to use in an auction. Per the website’s description, Quibids.com is a penny auction website; each bid you place increases the purchase price of the item you’re bidding on by one penny. Auctioneers have purchased products such as iPads, laptops, blenders, vacuum cleaners and dress watches for pennies; however, it is never that simple, is it…?
I found preparation to participate in an auction is much more expensive than I originally anticipated. If you recall, I said users must purchase bids. Bids cost users .60 cents each and I purchased 100 bids for $60.
What I Learned
Overall, I found out that Quibids.com auctions are highly efficient ways to separate you from large and small amounts of money very quickly; however, the rewards and opportunities to win products worth a lot of money are real. I’ve written a list of items I learned from using Quibids.com this month below for your reference.
- Quibids.com is a gambling website
The “penny-auction” moniker is misleading. I handed money over and received a chance to win more than I put down; however, the odds of winning are decisively not in a typical auctioneer’s favor.
- “Quiet times” to snag awesome deals do not exist
I researched Quibids.com on a website-monitoring website named Alexa.com. The graphs supplied by Alexa.com showed that Internet traffic to Quibids.com is approximately the same each day.
Next, I spent time checking out the website during different times I would consider slow to any normal person (e.g., 4 AM EST in the morning). I noticed that there were not a lot of people bidding on products; however, there was a severe lack of notable products causing potential bidders to fight over the only decent items, which often included $25 gift cards to shops such as Target and restaurants such as Applebees.
- Bidding patterns do exist and anyone can take advantage of them to win items with less risk to your pocket book
If each bid costs .60 cents each, there are very few (illogical) people willing to place more bids than a product is worth therefore, there should be an optimum time to place bids and win products with a high chance of winning the product for significantly less than other bidders. When I joined Quibids.com, I believed bidding patterns must exist and I set out to track more than 50 auctions. While not a full statistical test, I learned enough to help me win my products very easily.
I noticed on average three to four “waves” of bidders on products with values between $9 and $100. I consider a “wave” a group of bidders priced out of winning an auction item because they have reached their threshold on how much they are willing to lose in pursuit of the item.
I also found that desirable products receive seven (7) bids per dollar value (listed on the auction page) on average. Hot items would often receive between 10 and 12 bids per dollar value. This means if a product is worth $25 then waves of bidders will place approximately 175 ( 25*7) bids on the item before it sells. Please note that the number of bids per dollar value does vary between types of products such as gift cards, electronics and bid vouchers.
- Beware: I was not the only one that knew when to start bidding to win products versus other bidders
I was apparently not the only person that has taken the time to figure out when to swoop in and win products for pennies compared to other bidders. I noticed other bidders do exactly what I did, or planned to do in many circumstances. Sometimes, bidders that had spent a lot of money would try to keep bidding; however, the new bidder(s) knew they were at an advantage and could outbid everyone else. I call these individuals “sharks.”
The longer an auction goes on, the more sharks appear. This causes auction items to receive between 12 and 24 bids per dollar value – significantly more than the average. I have never seen a product go for more than 24 bids per dollar value.
This post is long at this point so I’ll wrap it up, but I have a lot more information – if you have any questions for me please submit a comment and I’ll get back to you. I hope this helps with your Quibids.com auction going.