If shopping online is your preferred way to buy, chances are you’ve tried or at least heard of increasingly popular auction types like Penny Auction. Here’s a quick rundown of what it is and why you should probably pay attention to this growing trend.

Penny auctions are quite popular in many foreign countries. The difference between penny auctions and regular auctions is that there is generally no base price for the items displayed, so the bids start from scratch. Also, the auction price of an item increases by a penny each time a user places an offer.

While in traditional auctions an interested bidder can increase their bid at will to outperform others and win the item as the “highest bidder”, this position is reserved for the last bidder in penny auctions when the clock is at zero. The highest bidder receives the right to pay the final auction price for the item.

Another attractive aspect of retail / ecommerce platforms using the penny auction model is the wide range of products that appear to be on their list. Most people choose an online platform to shop because of the variety of conveniences of home shopping.

Combine all of these features, a plethora of options to choose from, high-quality items, super affordable prices, convenience and you will see why penny auctions can be the new way for shoppers to always look for deep discounts to shop online.

There is also a competitive angle in penny auctions. There’s something about fighting over your preferred item with a stranger in another city that adds fun to an otherwise dull shopping experience.

The fascinating model of penny auctions is sparking interest in Nigeria. During its very short period of operation, Kobobid has been an important contributor to the growing popularity of penny auctions in the country, even as they take customer service to a new level in the e-commerce industry.

Kobobid marks Nigeria’s first foray into large-scale penny auctions. With its own “Kobo Auctions”, the vision is to make Nigerian auctions and the e-commerce web space fun and interactive, while providing an alternative way for people to purchase otherwise expensive products.

“Kobo Auctions” are like penny auctions, the main difference being the coins. User reviews on social media seem to confirm the legitimacy of Kobobid’s offerings and the fun aspect of shopping in the form of penny auctions. They were also amazed by Kobobid’s extraordinary dedication to ensuring customer satisfaction with every interaction, especially its fast door-to-door deliveries and fast digital transfer of money and airtime.

If you are an active and smart shopper who is also open to gamification in your buying process, penny auctions are definitely worth a try. As long as you know your priorities and limits and of course you don’t expect to keep winning, you may have discovered an exciting new way to shop online.

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