New penny auction sites pop up on the Internet every single day, and it’s hard to keep track of them all (let alone try them out). ZBiddy is a site we recently took a look at as they’ve been launching some big marketing campaigns. Their website works pretty much like any other penny auction site you can bid on.
You start off by purchasing a bidpack of your choosing, and each bid costs you $0.60. As a sidenote, this is important and you should remember exactly how much you’re paying every time you use one of your bids. In the case of ZBiddy it costs you sixty cents for every bid you use up, while other sites vary in the cost per bid. You can buy bid packs with the following amount of bids; 45, 75, 300, 600, and finally 800 bids. Honestly, if you’re a beginner, it’s probably best you purchase the 300 bid pack.
There’s a good reason why you don’t want to just purchase 45 bids if you’re new to penny auctions. The main reason being that you’ll end up spending them really fast while you’re trying to learn how these auctions work. Once you’ve purchased your bids you look for auctions you’d like to jump into. Personally, I tend to stay away from the high end electronic products now because they usually have a bunch of competition. The high end products are meant to generate a lot of buzz and pull in the newbies so that the penny auction site can make its money. On the other hand, the smaller items and gift cards usually can be won without having to fend off hordes of competitors.
If you’re new to penny auctions, try to stick to the less competitive products. Go for gift cards and small electronics (like iPod Nanos), and make sure you set a budget before you start bidding on anything. Also, what’s great about ZBiddy is you can see exactly which user you’re bidding against – and over time you’ll come to find out which players you should stay away from and which ones you can scare into stopping. Make sure you watch a couple of auctions on the site before launching into a full bidding war.
Another mistake I see a lot of users make on ZBiddy is that they try to participate in several auctions at once. This is a big no-no for me as it usually ends up in me losing all of the auctions (and walking away empty handed). Pick your battles and try to stick to bidding on one or two items at a time.
Another thing to keep in mind is that your bids are Non-Refundable with ZBiddy. That means, if you’re going to buy a large bid pack make sure you plan on using all of them. Most sites refrain from offering refunds on bids purchased, so that’s something you should watch out for when signing up with them.
ZBiddy also has a Buy It Now feature like some of the other top penny auction websites, so make sure you take advantage of it. If you’re planning to purchase a new iPad anyway, then why not try bidding on it on their website. If you lose, you can always take advantage of the buy it now feature by putting your lost bids towards purchasing the iPad (or whatever products you’re after) at its retail cost. This is definitely a feature we always look for before signing up with a new auction website.
Something else we noticed on ZBiddy that you most likely won’t see on other penny auction sites is a Price Ceiling. That means they set a price ceiling before the auction begins, and when the auction reaches that price the last person who placed a bid will win. No one can raise the price further and no new bids are accepted. This is a cool feature that makes sure items don’t get outrageously expensive or that competition doesn’t go on for days at a time (not sure if that’s ever actually happened).
To claim a prize you’ve won with ZBiddy you have to pay the auction price within seven days, and you also have to pay the shipping and handling costs.
So, in conclusion, ZBiddy seems like a great auction site to use if you’re trying to bargain hunt for a good deal. Just make sure you keep the above mentioned points in mind when you sign up.