Thursday, November 19, 2009

Place Your Bid

Cyber Monday -- a phrase that's only recently crept into consumer vernacular and was completely manifested by the online retail community as a way to drive traffic to their sites and, ultimately, sales.  And yet, data shows that on the Monday immediately following Black Friday (another consumer-created phenomenon) there really is an uptick in online shopping. Retailers lower their prices, offer discounts and coupons, and consumers take the bait.

While you're shopping for everything else online, you can get a jump-start on buying holiday gift cards for those people in your life who are just impossible to satisfy or who prefer to pick out their own presents. is a new site that auctions gift cards for a variety of retailers, including home goods, clothing, dining, entertainment, and grocery. 

Here's how it works: Buyers pay an upfront fee to join an auction ($2.99) and then click the "bid" button to up the price by one penny. This helps keep the auction prices far below the retail value. For example, a prepaid Visa card worth $50 might close for $19.98.

If that's still to steep, there's also a button called the "Penny Buy" that can be clicked an unlimited number of times at any point in the auction. The randomized function kicks in for five minutes. If a bidder clicks the button during the five-minute window, two simple quiz questions appear. The first buyer to correctly complete the questions wins the item for 1 cent.     


  1. I am not familiar with auctions, but this sounds really "fabulously interesting"!
    I truly love this blog, it's a good place where to find ideas! Keep posting, please! :-)

  2. Just an fyi... This is really a great site. I just recently started bidding at this site and I have won 3 cards on the penny auction. But he just changed his format today. Used to there was always at least 5 auctions running at at time. They could last anywhere from a few minutes to all day. Yes it could turn into a long day but was fun and the odds of winning were good. The site was open from 9:30 a.m. to 10p.m. But now, starting today, there are only 2 auctions and they last 30 minutes, from 9:30p.m. to 10:00p.m. You still bid a penny at a time, as well there is still the chance to when it for a penny but odds of winning go down drastically. I bought into both auctions but I didn't have a chance. Just not fun this way. At least the old way my odds are better, even though I lost there too. But I won a few so I am glad for that. I am going to keep and eye on the site to see if it changes or goes back to the old format. It really is a great site though, wish I would have found it a lot sooner.