Online auctions are huge business on the Internet and Beezid is one with a twist. It offers the bidder the chance to get their hands on an item for a tiny fraction of the price that it would cost in a big box store. It does also require an element of risk, so should you trust this online penny auction site?
On Beezid, before you can start bidding, you must buy a pack of bids. Once you have paid for these bids you can use them to auction on any product on the site. When a bid is placed on an item, the price of this item is increased by a pre-set amount which is normally one cent. All items that are sold on Beezid start at $0.00 and have a timer that will run down to a certain time which is a minimum sell time.
Each bid that is placed after the deadline will push the price of the item up by $0.01 and will increase the remaining time by anywhere between 7 seconds and 5 minutes. The winner of the item will be the person that has placed the last bid before the timer reaches zero. The winning bidder will then pay the amount that the auction finished at.
Beezid claims that “winners enjoy average savings of 94%” which is an astonishing savings on any type of product. This is, however, not entirely true as the price that the consumer pays does not include the initial expenditure that is spent to buy the bids which can be as much as $1 per bid. Therefore, although the claim is technically true, you can actually end up spending as much as the item would cost in a store due to buying the bids. There is of course also the chance that you could get extremely lucky and win an item at the first try and therefore only pay for the price of 1 bid and the end price of the auction which will almost certainly be a tiny price compared to the recommended retail store value.
The attraction of this penny auction website is clear, as huge savings can be had on many different types of products. But there is an element of luck and risk in the process by which items are won. The people that get the best prices for the lowest number of bids appear to be those that have invested a great deal of time and money into online penny auctions and therefore have developed a set of skills and tactics to be successful. That being said, there is no real defined way that these auctions should be approached, as it does all come down to a great deal of luck.
The lowest priced bid package gives the user 30 bids and costs $27 which equates to $0.90 per bid. This is the priciest package per bid and is probably best for beginners that are new to penny auctions. The largest bid package that is offered is for 1,000 bids which are priced at $550 meaning that each bid will cost the consumer $0.55.
In penny auctions it is absolutely vital to be bidding on the product at the right time. There is no use in bidding before the deadline as it is highly unlikely that it will get through. Once a bid is placed, the users account is debited 1 bid and they are committed to paying the final selling price of the auction.
The range of items that are sold on Beezid is extremely wide. Electrical items such as computers, phones, music players and home conveniences are the most popular items and receive the most bids which make them harder to win. Jewellery, artist sets ,and children’s toys and equipment are also highly regarded.
Under the best circumstances, a consumer can spend $0.90 on a bid and commit to winning an item for $10 that could cost $200-300. On the flipside, you could spend $100 on placing up to 100 bids for an item and come away with nothing.
Final Beezid Review
Beezid can be used to grab a bargain but it is not guaranteed and so should not be used as a regular shopping auction site. It can however become addictive, like gambling, and so should be treated with care and bids should always be calculated.
Beezid offers 10 free bids to every new customer and so it is recommended that before any user buys a pack of bids, you should use these 10 free bids wisely. This will give you an indication as to how the website works and you should then only buy bids if you feel that you could win some items.