Auctions for penny bids have no doubt made it big in today's market with increasing number of people opting for the various penny auction sites to test their luck. As the virtual world of internet gets flooded with lots of auction sites and penny bids become the craze of modern age, let's take a look at the similarities and dissimilarities of the two popular types of auction, i.e. traditional and contemporary penny auction methods. Here in this article we have done a comparative study to help you get an enhanced knowledge on the topic:
• Time Factor of Traditional and Contemporary Penny Auction It is observed that in traditional biddings, the auction process was stretched for a time span of one week and more. In the meantime participants got the chance to bid in accordance to their budget and choice. After the end of the time count, the person with the highest bid gets to win the auction. Take for example; there is an iPod on auction which will be on display for one week. The auctioneer sets a minimum bidding amount, say for instance $25. Now the participants can start bidding but on higher amounts than the minimum price. For a whole week, people will fight to outbid each other with higher amounts. Finally at the end of the week, the person with the highest bid will get to win the product by paying his bided amount.
But in the contemporary auctions of penny bids, the time factor is quite different from the traditional one. Though the initial system remains the same with a pre-set time, modern day penny auctions have a much shorter time span than the traditional one. If no participant bids within a certain time, the auction will get ended. But if within the initial time frame a participant calls for a bid, the time will get start from the beginning till the clock dips run to zero.
• The Method of Payment in Traditional and Contemporary Penny Bids According to the method of traditional penny bids, you will be entitled to pay for all other related costs such as shipping fee, handling fee and taxes if you call for the highest offer after the time runs out. But in modern day entertainment auctions, it is compulsory that you have to pay for the other related cost along with the end price of the auction.
• Instant buying option in traditional and contemporary penny bids Though having much dissimilarity, there is one similarity that is observed in both the traditional as well as in contemporary penny auctions, i.e. instant buying option. While in the traditional method of penny bids, you can buy any product without any bidding process, the modern method comes with a better and easy solution. In this method, any participant who couldn't win a product in the bidding session can buy it otherwise by paying the extra price as the money that he has already bided in the auction will be counted as valid.
• Time Factor of Traditional and Contemporary Penny Auction It is observed that in traditional biddings, the auction process was stretched for a time span of one week and more. In the meantime participants got the chance to bid in accordance to their budget and choice. After the end of the time count, the person with the highest bid gets to win the auction. Take for example; there is an iPod on auction which will be on display for one week. The auctioneer sets a minimum bidding amount, say for instance $25. Now the participants can start bidding but on higher amounts than the minimum price. For a whole week, people will fight to outbid each other with higher amounts. Finally at the end of the week, the person with the highest bid will get to win the product by paying his bided amount.
But in the contemporary auctions of penny bids, the time factor is quite different from the traditional one. Though the initial system remains the same with a pre-set time, modern day penny auctions have a much shorter time span than the traditional one. If no participant bids within a certain time, the auction will get ended. But if within the initial time frame a participant calls for a bid, the time will get start from the beginning till the clock dips run to zero.
• The Method of Payment in Traditional and Contemporary Penny Bids According to the method of traditional penny bids, you will be entitled to pay for all other related costs such as shipping fee, handling fee and taxes if you call for the highest offer after the time runs out. But in modern day entertainment auctions, it is compulsory that you have to pay for the other related cost along with the end price of the auction.
• Instant buying option in traditional and contemporary penny bids Though having much dissimilarity, there is one similarity that is observed in both the traditional as well as in contemporary penny auctions, i.e. instant buying option. While in the traditional method of penny bids, you can buy any product without any bidding process, the modern method comes with a better and easy solution. In this method, any participant who couldn't win a product in the bidding session can buy it otherwise by paying the extra price as the money that he has already bided in the auction will be counted as valid.
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