Penny auctions have made a game or an entertainment out of shopping, and it is this feature that contributes to the growth of these sites even further. Moreover, the product range offered on these entertainment shopping sites is indeed phenomenal. There are Gift Cards, Digital Cameras, High Definition TVs, Jewelries, Vacation Packages, and a host of other products which are hard to be given a miss. And you, the user, can even suggest products you want to bid for in some of these sites. Have you heard of bidding that offers a win-win scenario to every bidder? Well, that’s exactly what the penny auctions sites do. Not only can the winning bidder pocket a slick product at even 99% discount, but every one who puts stakes on a product gets a chance to buy the product at a discount equal to the value of his bids. So simply register for free, buy an attractive bid package and you are on. You would simply have to click on the laptop, or the MP3, or the camera, or the product of your choice and place your bid. Each bid raises the cost of the item by a penny †thus the name penny auctions - and extends the deadline of the auction by 10 to 30 seconds depending on the auction type. You might wonder how on earth such huge discounts are possible. Here is how. If the opening bid is 1 penny or $0.01 and the winning bid is $8, then the total number of bids is equal to 800. Now if a 100 bid package costs $50, then cost per bid is $0.5. If there are 100 bidders in all, and each bidder has bid for 8 times, then each of them including the winner has spent $4 (0.5 x 8) on bids. Therefore, the winning bidder pays just $12 to get the product ($8 winning bid + $4 to buy bids). If the cost of the product won is $100, then it comes to 88% off the retail price of the product for the winner. That’s penny auctions for you. But wait, there’s more. What about the other bidders who don’t make it? They can opt for the â€Buy Now’ feature. The bids placed for a product are credited towards the retail value of the product and it can be bought within 24 hours after the auction is over. Thus, in the aforesaid example, a bidder who opts for Buy Now can buy the $100 product at $96 (100 †4). So there are no losers in penny auctions. Bidzillion.com is one of the penny auctions sites that bring on the platter interesting features every now and then to retain and win new subscribers. For instance if you are too busy to bid, bidzillion offers you the Bidman that automatically bids for you within your chosen price range for the maximum number of times specified by you. This and more is increasing its popularity as it shows on Alexa, the web ranking company which places bidzillion at 112676 on the US chart for three months.
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