Your BidoPrice is similar to what is commonly known as a "reserve price" in auctions. On Bido, it's the absolute minimum amount the seller will accept for the sale of the item in auction. In determining your BidoPrice, try to select an appealing figure low enough that bidders want to start bidding. Attracting early participants is crucial to your auction's success, because these are the people who start your ball rolling.
Their involvement attracts more bidders, and heat starts to build as the price climbs, maximizing the outcome for you, the seller. A successful auction has at least two bidders. An attractive BidoPrice encourages people to engage early, which generates bidding wars, upping the price tag of your actual sale.
Bido's In-Demand Auctions - How They Work for You
On most auction sites, the ratio of items-that-sell to items-being-auctioned is a poor one for sellers: sometimes as abysmal as one sale per one-thousand listings. We don't want to waste your time in an auction that yields nothing, nor do we want to waste bidders' time combing through an endless list of auction inventory that's overpriced or not in demand.
For everyone's sake, we try to showcase only items that bidders perceive to have value, and the main element creating value is an engaging BidoPrice. Because of this policy, in 2009, Bido had the sale-to-auction ratio of one to three: one sale resulting from every three items auctioned.
Our secret is to be selective, to auction only items that bidders should find attractive. To determine which items have appeal, we employ the help of the Bido member community, which votes on submitted inventory based on its selling potential. If your item gets ten votes within 30 days of submission, it automatically goes to auction. The Bido community receives financial incentives to vote on well-priced, quality inventory via the Vote For Profits program.
How to Pick Your BidoPrice
An excessively high BidoPrice is the main reason items don't attract votes or bidders. Better to set your BidoPrice at an appealing figure from the start, attract votes immediately, get your item to auction fast, generate a bidding war, and walk out with a lucrative sale.
Sellers new to auctioning usually ask, "But how do I know what my BidoPrice should be?" The answer is simply: the least amount you would take in exchange for your item. Ask yourself what that lowest figure is, and make it your BidoPrice. The lower this number, the more attractive your BidoPrice, and the higher the likelihood of a bidding war resulting in a lucrative price for your actual sale.
There is no great science to determining your BidoPrice figure. It's simply the least amount of money you will accept to unload your inventory, while at the same time encourage the voters and bidders to become engaged and participate.
Other Bido Selling Options
If your item does not get enough votes, or if you don't want to wait for voting, you have the option of sending inventory to auction yourself through a process called Auction Acceleration.
Another option is to lower your BidoPrice, which automatically resets
the voting clock to 30 days (you get to retain any votes already accrued).