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Fun Facts for Online Auction Buyers
Sunday, February 18, 2007
Posted by jaygross
Comments: 0

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.

Summary:

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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