Whether you are a beginner or seasoned veteran in online auctions, the buying goal is uniform. You want to purchase an item at the lowest possible cost. Some may think all auctions are the same, but that couldn't be further from the truth. Differences like "reserve" or “no reserve” can have a huge impact on bidder behavior and final pricing.

Since Bidz.com | Bids.com conducts auctions starting at $1 with no reserve, I will focus on strategies that impact this style. While their focus is on jewelry auctions with great collections of rings, necklaces, bracelets, earrings, diamonds, tanzanite, pearls, sapphires, they even have computers, electronics, vacations and much more. For the remainder of this article, I will refer to the site as either Bidz or Bids dot com since they will both take you to the official site.

Bids.com also offers an exclusive line of extremely expensive items for the discerning bidders. You should definitely do your homework and compare pricing when considering a larger purchase.

Now for the strategies...

10 Strategies for Buying from bidz.com or bids.com

1. Know the Rules of the Auction
Most buyers will have different bidding techniques depending on the rules of that particular auction. So an educated buyer on ebay will act differently than an educated buyer on bids.com. Make sure to spend some time understanding how the system and rules work. This is an important strategy to winning the best deals.

2. No Reserve Auction
Bidz.com conducts no reserve auctions. The psychological element for conducting no reserve auctions is the impression that you can walk away with a great bargain, because everything will sell regardless of a final bid. These types of auctions typically attract a higher number of bidders than auctions that have a pre-determined reserve or minimum that must be met in order to sell the item.

3. Estimate the Value of the Object You Are Bidding On
Check out comparable items at online retail outlets, ebay, and other auction sites. Find out what similar items have sold for in Bidz. Make sure to look at both new and used items and come up with a value for the object you are interested in. Never bid on an object without knowing its value. 99% of the time, you will have made a big mistake if you do.

4. Estimate the value that others would place on the object
As an example, if you are bidding on an item that had some sentimental or other intangible value to another bidder, they may be willing to pay a great deal more than what you are willing to pay. So see what others have paid on Bids for similar or like items.

5. Timing is everything so realize that bidding too early telegraphs your intention to other bidders.

6. Continually increasing your bid only attracts competitiveness from other buyers.

7. Determine your maximum bid and only bid when there is less than 5 seconds left. If you win, great! If not, you know the other buyer paid too much. Make sure to include shipping costs to estimate the TOTAL price you are willing to pay.

8. Bid with amounts higher than traditional buyer thresholds. Meaning – Buyers are more likely to say I’m willing to pay no more than $99.99 vs. $101.50. A bid for 101.50 is more likely to win.

9. Follow Several Bids.com Auctions for Similar Items Before you Bid. Setup a fictitious high bid for yourself and play the game without actually bidding. This will help you get comfortable with the process and will help familiarize you with timing elements.

10. Don’t Stray From Your Strategy
Many of us get caught up in the hype and excitement of an auction and can not control the human nature of wanting to win. Remember your goal is to get an item at the best possible price, so make sure you are willing to walk away if the price crosses your threshold.

That is it folks. A handful of pointers to make your bidding strategy a success. Loosing an auction on bidz is no big deal, since there will be plenty more. One every 5 seconds to be exact. The most important thing to remember is have fun bidding. I may add some additional pointers on the website www.StrategicAuctionBids.com from time to time as I get feedback and new strategies emerge. So if you find the information useful, feel free to send others a link or copy of the article. Happy Bidding!

By Jesse Schwarz
Strategic Auction Bids.com