|Fun Facts for Online Auction Buyers|
Sunday, February 18, 2007
Posted by jaygross
I have menitoned in this blog before that I launched a FREE site dedicated to providing buyers with information to get the best deals in online auctions - http://www.AuctionCapture.com.
Over the past few months, more and more people have started using it and winning auctions. We've taken samples* and done analysis, and we've seen some interesting trends:
- Auctions that end from 6-11pm EST on Sundays have the highest closing prices. This is the time window that seems produce the lowest percentage of auctions that end without any bids.
- Auctions that end from 3-8am EST on Tuesday, Wednesday, and Thursday have the lowest closing prices.
- Auctions posted in the wrong category generally close at 15-20% lower than similar items in more closely related categories.
- Auctions posted with misspellings of key words in the titles close at 25% lower than similar items with correct spellings.
- Auctions from sellers with low starting bids and very high feedback have higher ending prices than similar auctions from sellers with lower feedback/newer accounts. It would seem that when sellers get a good reputation, more people visit and bid on their auctions.
- There is more buyer loyalty than we expected. We saw a trend of repeat bidders and winners on auctions from sellers that they had previously won an auction from.
I'd suggest that you consider buying at off peak times, creating saved searches with misspellings, and consider buying from new sellers.
* The representative sample used was a subset of data collected from November 2006-January 2007 in the Sports Memorabilia, Collectibles, and Cards categories across the multiple auction sites available on AuctionCapture. Results may vary using a larger sample over a longer period of time.
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