The rationale behind the QuiBids site is that bidders have the chance to obtain highly-prized consumer items such as iPhones, iPads, jewellery or clothes at a sizeable discount off the retail price. Bidding commences in increments of one cent, and each time a bid is placed, it will be deducted from the remaining bids in the participant’s account. After each bid, the timer is reset back to 10 or 20 seconds (depending on the auction). The winner is the last person to have placed a bid when the timer reaches zero and the auction ends.
Strategies for successful bidding
Over the five years since its establishment, the site has attracted a number of bidders who have implemented successful strategies and developed into professional QuiBidders. These are people who have mastered the art of the auction bidding – some of whom will have taken advantage of specialist bid assistance software such as Bid Ninja. The Bid Ninja browser plug-in is designed to give the user maximum advantage in bidding by showing the net gains and losses of competing players, who is running out of bids, the total bids used and more – all in real time.
Here is a video of the Bid-Ninja software in action:
A bidder’s chances of winning an auction will be increased by the number of bids he places. This strategy of bidding by volume may result in the bidder’s name becoming recognizable in the QuiBid community. This can be off-putting to competitors if they form the opinion that the particular bidder is in control of the auction.
Persons who participate in auctions must set realistic expectations. Adhering to a sensible spending limit is likely to enhance the auction experience and will ensure that the bidder does not incur unnecessary expenditure.
Some QuiBid items are placed in the auction for the least amount at particular times on particular days. The competition for such items is much less than the competition for higher priced items and therefore astute bidders can benefit. In addition, bidding during the rush hour when commuters are busy travelling can increase the bidder’s chances of winning.
A successful strategy can also be developed for bidding on high value goods. This would involve taking advantage of last second bids at the Very Hot Price or Hot Price of the auction (which can also be found within Bid-Ninja). The Hot Price represents the point where 84.1% of all auctions for this particular item have closed prior. If an item up for auction has passed this number, then the auction is likely to close soon. The Very Hot Price represents the point where 97.7% of all auctions for this particular item have closed prior. For the latter, a bidder would need to bid at the perceived very last second in order to be successful.
Being an aggressive bidder entails placing a new bid before the 20 second period expires. If there are many aggressive bidders, the cycle will keep repeating until the number of available bids in each person’s account diminishes. Gradually the competition is bound to fall away.
Bidders who take the time to devise and implement an appropriate auction strategy may achieve success on QuiBids.