This strategy article is the work of Emma Stebbins, a Probability & Statistics Major at the College of William & Mary. Emma contributes top-notch strategy articles for our loyal readers. Her detailed analysis of penny auction data will help bidders in their quest to develop an effective Beezid strategy.
Beezid is a large penny auction website offering many auctions for high-value items. For this analysis, I looked at the gift card auctions worth $100 or more over the course of two weeks. There were five gift card types available, with prices ranging from $100 to $600: Amazon, Best Buy, Pick a Card: Gas, Pick a Card: Home, and Walmart.* More than half of these cards also came with bonus bids attached. Beezid also offers “cherry” auctions, for users who have yet to win an auction and “turbo” auctions, which give bonuses to auto-bid users.
* There were also a few cards for Target, but there were not enough from which to collect accurate data.
After analyzing the data, here are some inferences you can make:
Which high value gift cards were the cheapest/most expensive on Beezid?
With an average selling price of $8.23, Amazon gift cards sold for less than half the average gift card selling price ($19.06). At nearly $14.92, Best Buy came in second, followed by Home ($16.10). Gas cards were by far the most expensive, averaging $32.68, followed by Walmart at $25.09.
The card with the lowest selling price was Amazon at $0.07, followed by Best Buy ($0.10), Home ($0.13), and Walmart ($0.21). The highest minimum auction price was Gas at $1.36.
The card with the lowest maximum selling price was Amazon, at $50.55. Home cards sold at a maximum of $102.21, followed by Best Buy ($124.15) and Walmart ($137.50). The card that sold for the most was a $200 gas card with a final auction price of $189.
How do attached bids affect the ending price?
The average card without attached bids sold for $7.39. The auction prices ranged from $0.07 to $70.00. The average card with bids attached was $27.97, and the auction prices ranged from $0.13 to $189.00.
How do different auction types affect the ending price?
The cherry auctions are geared toward inexperienced players, and often had the lowest selling prices.* The average card was sold at $5.16, and ranged from $0.07 to $31.77. Turbo auctions were much more aggressive and were thus priced much higher, with an average card selling for $39.51. These auction prices ranged from $2.71 to $124.15. An auction without special bonuses averaged $27.09, and ranged from $0.20 to $189.00.
* These low prices may be attributed to the fact that cherry auctions are low-value gift cards with no bid bonus.
Which high-value gift cards used the most/least bids at Beezid? (See Percentage of Bids Chart)
Approximately 33.3% of all Home gift cards were won using less than 25 bids, compared to 32.1% of Amazon cards, 21% of Best Buy cards, 18.4% of Walmart cards, and only 10% of Gas cards. More than half of these auctions were cherry auctions. About 64.3% of Amazon cards were won with less than 100 bids, while the percentage of gas cards won using the same amount of bids was only 15%. Again, more than half were cherry auctions.
About 65% of all Gas card auctions used more than 200 bids, compared to 38.9% of Home cards, 36.7% of Walmart cards, 34.2% of Best Buy cards, and 21.4% of Amazon cards. About 45% of all Gas cards used more than 500 bids, compared to only 14.3% of Amazon card auctions.
Which high value gift card auctions had the lowest savings at Beezid? (See Overbids Chart)
Of the auctions in which a bidder spent more than they saved, 24.5% were for Home, 22.6% for Walmart, and 20.75% for Gas. In all, over half (55%) of the Gas card auctions went over the retail value, compared to only 24.5% of all Walmart card auctions. Most of the auctions were neither cherry nor turbo; however, nearly 74% of all turbo auctions ended in overbids. Most of the auctions that resulted in overbids were for auctions that had additional bids attached, and nearly half (44%) of all auctions with a bid package ended in overbidding.*
*Bid packages, which ranged from 50 to 150, were calculated at $0.70 per bid.
Best High Value Gift Card Auctions at Beezid (based on average price, savings)
- Best Buy
- Pick a Card: Home
*Target gift cards also seem to be a good deal; however, there were not enough of these auctions to collect accurate data.
Worst High Value Gift Card Auctions at Beezid (based on average price, savings)
- Shopping Spree
- Pick a Card: Gas
High Value Gift Card Prices (by category)
|With No Bids||$.07||$70.00||$7.39|
|With Bid Bonus||$.13||$189.00||$27.97|
Percentage of Bids (number of bids used to win in each category)
|Store:||Over 200 Bids
||Over 500 Bids
|Less Than 25 Bids||Less Than 100 Bids|
Overbids (percentage of bidders who spent more than the retail value)
|With Bid Bonus||81.1%||44.3%|
|With No Bids||18.9%||13.5%|
High Value Gift Card Ending Prices at Beezid
High Value Gift Card Data Availability (in other words, the percentage of total auctions per category )
|With Bid Bonus||56.7%|
|With No Bids||43.3%|
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