What is a Dutch Auction?
Taken from Wikipedia (at http://en.wikipedia.org/wiki/Dutch_auction )
A Dutch auction is a type of auction in which the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer's price,
or a predetermined reserve price (the seller's minimum acceptable price) is reached. The winning participant pays the last announced price. This is also known as a clock auction or
an open-outcry descending-price auction.
This type of auction is convenient when it is important to auction goods quickly, since a sale never requires more than one bid. Theoretically, the bidding strategy and results of this auction
are equivalent to those in a sealed first-price auction.
Auction process :
In a Dutch auction, the item being sold is initially offered at a very high price, well in excess of the amount the seller expects to receive. Bids are not sealed, as they are in some
types of auctions. The price is lowered in decrements until a bidder accepts the current price. That bidder wins the auction and pays that price for the item. For example, suppose a
business is auctioning off a used company car. The bidding may start at $15,000. The bidders will wait as the price is successively reduced to $14,000, $13,000, $12,000, $11,000 and
$10,000. When the price reaches $10,000, Bidder A decides to accept that price and, because he is the first bidder to do so, wins the auction and has to pay $10,000 for the car.
Dutch auctions are a competitive alternative to a traditional auction, in which bids of increasing value are made until a final selling price is reached, because due to ever-decreasing
bids buyers must act decisively to name their price or risk losing to a lower offer.
So how does that relate to me?
Starting 01 October 2013, we are introducing a new type of special offer, Board Game Lifestyle's Daily Dutch Deals! (Hereby known as DDD!) under the Dutch Auction mechanics as described above.
The item will remain on sale until purchased, and there will be only 1 of the item per auction. If no one purchases that item that day, at midnight (give or take an hour or so),
the price of the item will be reduced by $1 or more! Yes, that means if you wait long enough, potentially games will reach $0 and you can get them for free!
This means, you can determine the prices of the items that you wish to purchase, if you can wait patiently enough for the title to drop in price. However, this is first come, first served, so if
at any point, someone decides to purchase the offer before you, that particular deal is over.
Update (01 November 2013) : We are currently monitoring the popularity and success of this deal offer. Meanwhile however, due to circumstances beyond our control
(mainly NS reservist), we will be reducing the new offers from the existing daily new offer, to a new offer going up once or twice a week. Of course, as it is the Daily Dutch Deal,
the prices of the current and future items will still drop on a daily basis.
Just wondering, why are you doing this?
Great question! Board Game Lifestyle prides itself on having an expansive range of game titles, and we go through hundreds and hundreds of new and upcoming games, as well as having to pore
through our back catalogue to make sure that any reprints are restocked and available.
However, that means that sometimes, some boxes arrive in less than pristine fashion (ranging from a dinged corner, all the way to a shredded box). Alternatively,
some games may be in second-hand condition, ready for resale. This way, we can get some use out of these items, and those people who do not mind a banged up box with a
perfectly playable game can get theirs at reduced prices!
Sometimes, too much stock is ordered, so why let excess copies sit on a shelf, instead of going to a gamer who would enjoy the heck out of it?
Also, as an entity that deals with the fine hobby of gaming, why not make things fun for our customers? This way, you get to enjoy checking out the latest deals, and have fun trying to get the best deal for yourself!
Are there any rules I need to note regarding the Daily Dutch Deals!?
Yes! Just a few. :
1.) All Daily Dutch Deals! have a limited quantity of 1 per deal, so once the offer changes from BUY NOW to BACKORDER (indicating someone purchased the offer), the deal is over and will be removed from the catalogue as and when we
have access to update our servers.
2.) All bids/purchases of items on our Daily Dutch Deals! will not qualify for free Courier shipping, so please make these orders seperately.
If you do decide to combine the DDD! items with items going at normal retail, and the balance total of the items being delivered do not qualify for free courier,
you will be asked to pay our courier fee ($5 per delivery) in cash upon delivery, in addition to any other payments (if applicable). Of course, you can still choose to do a customer pickup option, which is free of charge.
3.) International customers are welcome as well! Do note that you will be required to make payment for all shipping charges. Shipping will be through our local postal service provider,
Singpost. ( http://www.singpost.com )
4.) The condition of the items are as described in the description in the individual Daily Dutch Deal entry, and no refunds/returns will be accepted on these products.
5.) By making a purchase of the Daily Dutch Deal! , you agree to accept these terms and conditions as per stated.
6.) Board Game Lifestyle reserves the final right to make the final decision in the case of any disputes.
Please feel free to send any questions to us using our contact page, or by sending us an email to email@example.com .
Have fun gaming, and enjoy our Daily Dutch Deals!
Page Updated : 01 November 2013