Apple Iphone for $2 on auctions? Bids as less as a cent?

How does the idea of getting yourself that much awaited Apple Iphone or that 50'' inch LCD TV you wanted for your living room, all under $10?? Sounds too good to be true? Read on

        Of late, there are quite number of E-commerce sites that seem to sell out premium products at ridiculously cheap prices. You could get yourself a gaming console for about $5 [rs 300 approx] or maybe that Google Nexus phone for $10 as apposed to their astronomical price tags! How you ask? Well, this is where the Bidding or the Auctioning system comes in!

There are quite different flavors of auction model e-commerce webpages, the most popular and straightforward being EBAY. As you know, ebay offers both instant buy and auctioning system, that lists a product for specific time slot and us customers can bid on it untill time runs out. The highest bidder takes away the product. Thats how normally auctioning worked till then.

Now there are some new sites coming up, like the Winmeauctions or the bidjeeto which "Seem" to sell products at insanely cheap prices, 90% off from the retail they say. Whoa, hold your horses before you go ride away the dust to try your luck, here's the catch.

What they Say:

"When a bid is placed, the price increases by one penny and the time extends by 10 seconds. The winner is the final bidder when the timer says GONE" 

Suckers, selling off products at such a loss on their part, Yippee kay for us, right?? Wrong.., here's what really happens. In order to auction at such sites, you need to buy yourself credits, or bid chances packages that costs something like this.

25 bids = 800 INR

Now you get 25 turns to bid, so roughly speaking, each bid costs you 32Rs. A bid on the product increases the price 0.10 points.  Now say, the product you are eying quotes current bid price as 300Rs as opposed to the original MRP of 30,000. Thats great right? Wrong again...Here's why:

The 300 INR that shows as the bid rate for the product, isnt actually 300INR but 300 x 10 = 3000 turns of bid by various bidders! Thats roughly 3000 x 32 = 96000rs!

The company makes nearly thrice the amount of money than the actual retail price! Cool huh? Now thats some business...


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