10 Tips for Successful Online Bidding
Participating in online auctions can be an exhilarating experience, especially at WOW Auction. To ensure your online bidding journey is successful, we have compiled 10 valuable tips that will help you navigate the process with confidence. From research and preparation to auction pick up, these tips will enhance your bidding strategy and increase your chances of securing the items you desire.
1. Research and Prepare
Before diving into online bidding, it’s essential to research and prepare. Take the time to explore the items available for auction and familiarize yourself with their details. Carefully examine the item descriptions, photos, and any relevant information provided by WOW Auction. This step will enable you to make informed decisions and identify the items that align with your interests.
2. Read Terms & Conditions
To ensure a smooth bidding experience, read and understand the terms and conditions set by WOW Auction. Familiarize yourself with the auction rules, bidding increments, payment methods, and any specific requirements. Being aware of the terms and conditions will prevent any surprises or misunderstandings during the auction process.
3. Understand Buyer’s Premium
Take the time to understand the buyer’s premium, which is an additional fee applied to the final auction price. At WOW Auction, the buyer’s premium varies based on the payment method. When charged electronically, the buyer’s premium is 18%. If you choose to swipe your card in person, it’s 16%, and paying with cash reduces it to 13%. Consider the buyer’s premium when determining your maximum bid and budget.
4. Sign Up & Register for Auction
To participate in WOW Auction’s online bidding, sign up and register for an account. Visit WOW Auction’s HiBid Page and follow the simple registration process and connect a card for potential payment. WOW Auction will only charge the card on file if the item is not picked up by Thursday or Friday immediately following the auction. By creating an account well before the auction close time, you gain access to all the platform’s features and can start bidding with confidence.
5. Visit the Warehouse for Preview
Make the most of WOW Auction’s preview hours by visiting the WOW Auction Warehouse. This gives you the opportunity to inspect the items of interest in person. The WOW Auction Warehouse is open for preview during their regular business hours. Open from 9:00 AM to 2:00 PM, Monday to Wednesday, from 10:00 AM to 6:00 PM on Thursdays and from 9:00 AM to 2:00 PM on Fridays. Consider planning your visit to assess the condition and value of the items before placing your bids.
6. Sign Up for 15 Minute Text Message Reminder & Spotlight Email
Never miss an auction again by signing up for WOW Auction’s 15-minute text message reminder & WOW Auction Spotlight email. Simply provide your mobile phone number and email address on the WOW Auction Home Page contact forms to receive a timely information of the current week’s auction. “At WOW Auction, it pays to pay attention!”
7. Set a Budget
Before bidding on items, it’s crucial to set a budget. Determine the maximum amount you are willing to spend on each item and stick to it. Consider the item’s value, your personal finances, and any additional costs, such as the buyer’s premium, sales tax and shipping/delivery fees if applicable. Setting a budget will help you avoid overspending and make strategic bidding decisions.
8. Create a Watchlist
As you browse through the auction items, create a watchlist of the items that catch your attention. This built-in feature allows you to monitor the bidding activity and keep track of the items you are interested in. By having a watchlist, you can easily access and manage your preferred items, ensuring you don’t miss out on any opportunities.
9. Monitor Bids Closely Until Close
During the auction, it’s important to monitor the bids closely, especially as the closing time approaches as the last few minutes of an auction’s closing is when the most activity occurs. Stay engaged and keep an eye on the bidding activity to gauge the competition. Remember, we utilize a “soft-close” feature which means when a bid is placed within the last two minutes, time will get extended by an additional two minutes in order to give others a chance to compete. But stay vigilant because the time goes quick! By actively monitoring the bids, you can make timely adjustments to your strategy and increase your chances of winning BIG!
10. Auction Pick Up
Congratulations on winning the auction! Now it’s time to pickup your items. Shortly after the auction closes, you will receive an invoice via email with further instructions. The Auction pickup schedule is 10:00 AM – 6:00 PM on Thursday & from 9:00 AM – 2:00 PM on Fridays. To schedule the pick-up or shipping of your auction winnings, submit a “Fast Pass” linked in your invoice email after the auction. Based on your selections, the WOW Auction staff will prepare your items so you can have a speedy pick up process! If you’re unable to pickup within the allotted time frame, WOW Auction may charge at least an additional $5 per listing late fee and will continue to store the items for an additional week. If you require additional considerations, please contact the office directly.
Successful online bidding requires careful preparation, attention to detail, and strategic decision-making. By following these 10 tips, you can enhance your online bidding experience at WOW Auction. From conducting thorough research and setting a budget to utilizing preview hours and monitoring bids closely, each step plays a vital role in your success. Start implementing these tips and unlock a world of exciting bidding opportunities.