What is Sniping in an Auction?
Most Oktion buyers bid in increments, which they slowly increase as they think about how much they want the auction item. Sometimes a buyer might enter a bid increment that is only slighter higher than yours to minimise the total amount they might pay and see how much you want the item.
This is something coined ‘nibbling’. Nibblers are buyers who are only looking to win an item at a good price, so they’ll bid in small increments to see how serious other bidders are. If see that you are serious about an item, they may stop bidding altogether because they have now driven up the maximum bid and don’t care to pay more.
Entering with your total maximum bid at the beginning can improve your odds at winning by showing other buyers that you are interested. This tells other buyers that this item has a value. This can spark curiousity among other buyers who otherwise might have overlooked the item.
There’s a tactic that takes place within the final moments of an auction that is coined ‘sniping’. The purpose of this tactic is to give other buyers no chance to make a bid. On other auction websites users can do this with automated software, however in Oktion, sniping can be achieved manually. You place a large max bid on an item within the final seconds. This max bid can be as much as double the current bid. But due to bid increments, you won’t pay the full max bid. And if someone else tries to beat your current bid, your max bid may still outmatch theirs.
Many buyers dislike sniping, calling it an unethical practice. There is no law or rule against sniping; it is simply a savvy bidding strategy ideal for bargain buyers. And it protects buyers from sellers who bid on their own items for the sole purpose of increasing the current bid. As a sniper, your goal is to win the item at the lowest price possible and increase your chances of winning.
Next time you use Oktion, you can give this tactic a try and win that item you’ve been hoping for.