AnniesBid Duel Case Study: MYTHS BUSTED on AnniesBid Duel Auctions!
We’ve been hearing some myths floating out there about the new Duel auctions on AnniesBid that might scare people away from participating. We are here to bust some of those myths because in reality they can be a great deal for bidders. We are going to use the most recent duel auction to close, for the Visa $100 Gift Card + 50 BIDS to debunk some of the common myths and misconceptions about duel auctuions.
- Total Bids Placed by All Bidders: 699
- Total Bids Placed by Winner: 202
- Bids the winner receives back for winning periods below reserve: 129
- Total Value of Bids Placed: $141.29
- Total Donated to Operation Homefront: $17.05
- Value of Bids Placed by Winner: $12.70
- MYTH: You need to spend a lot of money to win a duel auction
- BUSTED: The winner only spent a paid value of $12.70 in bids to win the auction. They were able to build up several free bids by participating in free-bid contests and other duel auctions to win back bids. Adding to the $6.99 closing price and the $10.84 shipping and activation fee, the winner of the auction only spent $30.53 to win the product worth $100+ in value. Thats a savings of at least 70%!
- MYTH: It takes a lot of bids to win duel auctions
- BUSTED: The winner of the auction did spend the most bids, 202 bids, but they also receive 129 of those bids back by being the last bidder to place a bid whenever the auction timer reached zero if the reserve price was not met. If you are the last bidder to bid before an auction closes below its reserve price, you win back all the bids you placed since the last time it closed, plus bonus bids when the auction closes for good (usually 25% of bids placed that period are given back as bonus bids). Add this to the 50 bids that the winner received as part of the auction product and they won almost all the bids they placed in the auction back!
- MYTH: Bidding early in the auction is a waste of time and bids
- BUSTED: As mentioned earlier, bidding and winning regularly when the auction closes below the reserve price gives you a chance to get almost all your bids back, and possibly even gain bids with bonus bids.
- MYTH: Duels are a bad deal for bidders
- BUSTED: Not only did we see that the winner got a great deal, but other bidders also got bids back for bidding on the auction below the reserve price. Bidders other than the winner received a total of 160 bids back from this auction. That’s not all! This particular auction didn’t even have two great parts of duel auctions. No bounties (additional gift cards and bids to the winner) or end-of-duel bids back (which gives additional bids back for lower ranked bidders if they are defeated by a higher rank) were at play, because no other bidders entered into contention with the winner. If the duel had entered contention, these additional great bonuses would have been in play.
- MYTH: AnniesBid makes a gigantic profit on Duel Auctions
- BUSTED: After donations are counted, AnniesBid takes back $24.24 from this auction, but this isn’t even counting the value of the 50 free bids the winner got as well.