Penny Auctions have taken the world by storm. In some countries Penny Auctions have been shrouded by controversy. This is due mainly to a lack of understanding of how the pay-to-bid model works. Legitimate auction sites like Smokoo go to great lengths to educate consumers on the workings of the innovative Penny Auction model.
Much of the controversy surrounding these sites stems from consumers being told they can save up to 99% on products like iPads and iPhones. Any consumer with a rational mind will have alarm bells ringing at the very thought of such astronomical savings. What they do forget though is with the advent of web 3.0 anything is possible. Groupon and other group buying schemes have shown this. Although drawing parallels between Group Buying and penny auctions may be a little unfair (the latter being light years ahead in terms of innovation) Group Buying is thought to have changed the way people shop online. Why buy a product for recommended retail price when you could save up to 99% on it?
Groupon has been around for some time now. The Group Buying site began on a simple premise. If a certain amount of people opt in for an item, they will get the item at a discount. Naturally, Group Buying schemes popped up all over the place forcing fierce competition amongst the players in the market. And where there’s competition, there’s innovation. Today, Group Buying sites are vastly different from the original concept. Everything evolves.
The Penny Auction shopping model is the most innovative shopping model online today. The innovative auction system on legitimate sites like Smokoo allows consumers to save up to 99% on high-end products. Apple products are the most common products sold on Penny Auction sites. Everyone wants an iPad 2. Everyone wants an iPhone 4. Smokoo is one of the only Penny Auction sites to offer users a variety of products. You can get your iPad 2 on Smokoo but at the same time you could also get a trip to the edge of space or an Audi A3.
The auction system works as such. Users sign on to the site for free. Registration is quick, easy and free. Users then buy credits in the form of credit packs. These credits are used as a participation fee to take part in auctions. Users can choose from a list of auctions on the easy view page. Smokoo is known to have the best selection of products of any penny auction site on the net. Users can bid of the latest pc tablets, the latest smart phones, the best homeware products and the coolest cars. Smokoo auctions cars like the BMW 320i and Nissan Skyline GT-R.
Taking part in an auction is simple. Each auction has a counter counting down to zero. When a bid is placed, the auction timer will add a few seconds to the countdown to give other bidders a chance to bid, the same as in regular auctions.
The user that places the final bid as the timer hits zero, secures the auction. Smokoo is a next generation penny auction site and the leaders in innovation and customer service. Smokoo auctions are real and consumers can save astronomical amounts on the high-end products like gadgets, cars and holidays.
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