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eBay Chatter - Opinions aboundPosted Tuesday, June 3, 2008, at 2:37 PM
Recently one of the big topics surrounding eBay is whether or not interest in the auction format is waning. I will pose that question to you the buyer. Is it?
A blog this morning said that you can not find deals on auctions sites anymore and buyers prefer to just "buy it now". Supposedly the sniping software has eliminated this person's ability to get deals.
While I know that the software is out there. I do not see how it can beat a proxy bid. In case that is an unfamiliar term, the proxy bid is like sending a friend to an auction with a $20 bill and asking them to bid on an item for you. Most friends (with any sense) will not bid $20 the first time it comes up. They will usually bid in the smallest increments possible.
This is what eBay does with their proxy bids. Depending on the dollar amount of the first bid, it will start with as little as $.05. If the bidding stops at $10.50 and you put in $20.00, you get it at $10.50. For more info go to http://www.bedfordtradingpost.com/Educat...
We saw an item this past fall that started at $1.99 and ended up at $1,326.01 using proxy bidding. The bidding seemed to go in cyberspace for over two minutes after the physical bidding ended.
This past week, we had a person buy 7 items that were valued at about $10 each and he got them for $.99 each. Deals can go both ways, so we are not sure why the blogs are saying that auctions are dead. The excitement AND the deals are still out there.
Now we do have customers who prefer to "buy it now". We use the auction to channel buyers to our store,( like the old "blue light special") but if they are not snatched up at auction pricing, we place it in our store at a higher price. Why? Because those who do not like auctions will still buy it as long as it is a good deal.
Had a sale like that this week. We put it in the store for twice the auction price and it sold in two days. The auction price was what we refer to as a "lost leader" but the selling price was still a good deal.
So, is the internet auction format dying? Ar you going to buy it now formats?
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Steve Mills and his wife have one daughter and live on a farm outside of Bell Buckle. They previously owned two coffee/ice cream shops, currently operate an internet sales company and teach classes, but his primary job involves the paper industry worldwide. Hobbies and interests lie in gardening, photography, recorded music and of course, their pets.
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