Only one big question this week but that doesn’t make it less interesting or important.
Q. If I’m going to make money from my penny auction site is there a way I could artificially raise the price of the product or if it is possible to define a minimum price limit for an auction?
A. We often hear this question, and we have to note that a lot of people who plan to open a penny auction site have a strong misconception on how to make a site profitable. The important thing is this – penny auctions income doesn’t come from selling products! The majority of income is generated by active bidding ( user participation in auctions and buying of bid-packages). Earlier we described the income formula here.
For the second part of the question, we strongly do not recommend usage of bots, use of any other methods of manipulation to artificially raise the price of your prizes, or your income. Treat your customers with care and respect and they will keep coming back to your site, generating more and more profit in a more natural way.
Spend time to develop your strategy and plan ahead - our penny auction software provides a lot of ways you can make your PA site more entertaining without any foul play .
Friday, January 20, 2012
Thursday, January 19, 2012
Penny stories #1
Recently a penny that used to worth only 1 cent way back in the late 1700s was sold at auction in Florida for a stunning record braking $1.38 million! Now that’s one pricy penny.
The supposedly “historic” penny was made at the Mint in Philadelphia in 1793, during the first year that the United States started making its own coins after gaining independence from Great Britain.
You can read more at http://www.nydailynews.com/news/national/historic-penny-sells-1-38-million-florida-auction-setting-record-article-1.1002456
The supposedly “historic” penny was made at the Mint in Philadelphia in 1793, during the first year that the United States started making its own coins after gaining independence from Great Britain.
You can read more at http://www.nydailynews.com/news/national/historic-penny-sells-1-38-million-florida-auction-setting-record-article-1.1002456
Friday, January 13, 2012
Q and A about penny auction software
Q. I need penny auction software for selling my specific products
A. Truly speaking, there’s a difference between regular e-commerce and penny auctions.
What we offer is a platform for entertainment auctions, and like any form of entertainment it’s profitable only when there’s a crowd involved. Your products can be one of a kind unique items, but they will bring you money only if you have plenty of visitors.
So the broader the product niche the more bidders you can attract and the more income you can generate.
Q.One thing I would like to ask is what modules do you recommend for start?
A. Excellent question. There are a lot of feurures to choose from, both adding completely new features and extending default ones, the desire to achieve total control can be tempting but it’s important never to loose focus.
We divided our penny auction software modules into five different groups to make it easier for our customers to workout a development strategy plan for their auction.
Don't focus on just one aspect of your auction features, choose a balanced mix between: usability, marketing, communication and administration modules depending on your business plan and customers' needs. Also after launch you can introduce fresh features as newly added to promote your website and let people know that your working hard to provide them with the best experience.
A. Truly speaking, there’s a difference between regular e-commerce and penny auctions.
What we offer is a platform for entertainment auctions, and like any form of entertainment it’s profitable only when there’s a crowd involved. Your products can be one of a kind unique items, but they will bring you money only if you have plenty of visitors.
So the broader the product niche the more bidders you can attract and the more income you can generate.
Q.One thing I would like to ask is what modules do you recommend for start?
A. Excellent question. There are a lot of feurures to choose from, both adding completely new features and extending default ones, the desire to achieve total control can be tempting but it’s important never to loose focus.
We divided our penny auction software modules into five different groups to make it easier for our customers to workout a development strategy plan for their auction.
Don't focus on just one aspect of your auction features, choose a balanced mix between: usability, marketing, communication and administration modules depending on your business plan and customers' needs. Also after launch you can introduce fresh features as newly added to promote your website and let people know that your working hard to provide them with the best experience.
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