What's the way forward for the penny auction industry? This is a tough question to answer, but let's check trends and future possibilities. Recent years have experienced the increase and subsequent bust of penny auctions. Once they pointed in the Usa, they took the online world by storm coupled with a massive improvement in the amount of members joining every day. That has been the honeymoon phase for your industry. Obviously it didn't last.
A lot of sites began using unethical processes to advertise. Worse, some were outright scams by employing shady business practices, shell-bidding to drive up prices and deny their members an opportunity to win or simply outright misleading advertising. This gave a poor name towards the industry overall and didn't inflict great for those that were legitimate and genuinely run by those who wanted customers to save while building a profit. Lots of penny auctions closed shop within this phase.
After this, merely the best survived. Today, there exists a clear downward trend when it comes to number of new bidders. Because of this, businesses aren't seeing this as a possible easy money-making scheme anymore plus they are made to observe that penny auctions are a genuine home business opportunity and like all business, need initial capital, time and commitment from your owner. This is actually the sole method to draw in shoppers who will remain loyal.
This new phase in addition has led to several new innovations. As an example, the increase with the so named "timerless penny auctions" has been a good sign for bidders who don't like traditional auctions and the notion of timers which are employed. These help focus on another class of bidders who will spend more and stay more assured of a win, so that overall they could save money rather than losing.
So where will the way forward for the penny auction industry lie? I believe it is in genuine firms that survive by way of a reputation of being agreeable for consumers and who're within it for your long haul. Take a look at Quibids, which is the largest penny auction in the world. This didn't go for short-cuts in any way, and while some times overtook it for any small-time, in the end, it absolutely was Quibids which reigned supreme. This is the way businesses win ultimately.
For smaller sites, they have to consider innovating. How are they distinctive from other similar sites? If your idea is much like Quibids, how come I ever go to your site with trust issues once i can do exactly the same in a site I trust more? You need to think the users, not your personal profitability alone.
The positive thing is that several new penny auctions are indeed innovating, particularly the ones that are seeking to make the timerless penny auction model become more popular.
From a bidder perspective, you need to understand all the various kinds of penny auctions which are available, so you fully realize and determine what is best for you. What can you want? What exactly is your bidding preferences? What's your risk tolerance and how much risk do you like to take? These are just some of the questions you need to answer prior to going ahead with joining new sites and seeking the waters again. Remember to study the brand new models too.