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Auctions are quite famous in the market as people love to bid on rare items and own them.
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You must have heard about auction many times. Various items like shoes, watches, antiques, NFTs etc are auctioned.
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An auction is a step-by-step process involving the sale and purchase of goods and services. Here, the selling price is determined openly in the market on the basis of competitive bids from the bidders.
The entire tender process will depend a lot on the type of operation. This will also include the various stages of placing an order, receiving, evaluating and receiving offers. It can be said that the auction process is an ideal mechanism for finding the best price for any item or service.
The tendering process is quite important as it has evolved over time. This is definitely the best way to find the open price of various items. You must be wondering what items can be auctioned. Well, there are lots of them.
When the pandemic hit, everything had to go from offline to online. This was the biggest reason why people found online auctions to be the perfect way for buyers and sellers to put it up.
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The best part is that online auctions have quickly become the most popular in the market due to various reasons. Some of the main reasons are being discussed here.
Online auctions make it easy to reach bidders from all over the world. There are many young bidders, people who just want an item, or even stay-at-home bidders who participate in online auctions. Since online auctions have many buyers, you can expect better results for the items you are listing.
Online auctions provide all the convenience they are looking for. Buyers can participate in multiple auctions held in different locations around the world on a single day.
If you expect to buy a specific item, you can search for it directly at the auction and submit a bid. Google has every item listed, so there’s no need to sit and wait for the item you’re interested in.
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Online auctions can be kept open for as long as you wish. This will provide a longer window for bidders to do their research and find what they are looking for. On top of that, the auction maker will also be able to attract more people to the auction when there is a longer bidding window.
Since every item is photographed, sold and collected from one place, there is no need to keep an inventory of all the items. You can save a significant amount of money that you may have to spend on securing items, shipping items, or cataloging items.
These are some of the main reasons behind the huge popularity of online auctions as compared to physical auctions.
Online auctions have both advantages and disadvantages. Now, let’s take a look at some of the challenges faced while setting up an online auction.
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The most important limitation of online auctions are cyber threats. According to a study by the Clark School, it was found that businesses are subject to malicious attacks at an attack rate of one occurring every 39 seconds. Since everything is online, cyber terrorists can easily target businesses and manipulate offers at will.
To prevent catastrophic situations, it is necessary to establish a secure architecture and develop a security policy. This will enable smooth functioning of online auctions. Hackers can be resisted to some extent, and they will not be able to cause significant damage to the buyer’s network system.
This is the biggest challenge when it comes to online auctions. You cannot rely on every online auction software available in the market. You should choose software designed by a reputable company that has strict security standards built into the software itself. You should choose an intuitive and secure platform under all circumstances.
There is a high chance that different donors or even a single donor will offer two identical items in an online auction. Now, if you display two identical items on the table, you won’t be able to attract people’s attention. If you do this, they will only get fewer offers, and that too at lower prices.
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Instead, you must wrap an item if it comes from the same donor. When the auction is over, you can simply contact the second highest bidder and tell them you have a similar item to see if they’d be interested in getting their hands on it. .
On the other hand, if two items belong to different donors, you should keep them far away from each other. This will give a window to your bidders, and you will not lose money.
These were some of the challenges commonly experienced while setting up an online auction. But, if you use the right online auction software, you can reduce these limits significantly. So, in this digital age it all comes down to using the right tools.
Here, we will list down some of the best online auction software to make it easier for you to set up your next online auction.
The Best Online Auction Software
Auction Works is an online auction software that allows you to run online auctions on your own terms and branding at no charge. It is a great platform as you can deploy it as provided by the company or make necessary changes as per the requirements.
AuctionWorx can also help you run multiple online auctions on the same site. You can create an entire marketplace for your items and sell them through auctions or fixed prices.
The best thing about Auction Works is that it is mobile-friendly. Therefore, your buyers can participate in online auctions even from their mobile devices. On top of that, you can completely brand the auction according to your company. Another important advantage is that there are no transaction fees to maximize your profits substantially.
BidingOwl is a free online auction software that is proving to be an excellent option for non-profit organizations. It is an open source fundraising solution that will help you design custom websites. You can fully customize the themes, images, colors, event details and logo for your online auction management.
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Some of the key features you can enjoy with BiddingOwl include integration, silent auctions, inventory management, online bidding and auctions, subscription management, analytics, and billing and invoicing.
Hence, BidingOwl is a great platform to make the bidding process user-friendly. It is also a cost-effective option for small organizations looking to conduct online auctions.
Silent Auction Pro is a powerful fundraising software that can help you set up an online auction in no time. You can rely on their platform to fully organize and manage your fundraising event or online auction.
Silent Auction Pro allows you to fully manage online auctions, from buying tickets and managing seating to managing donations and reports. You can customize the landing page and create different types of cards. Later you can organize the meeting on ticket basis through the meeting management tool.
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You can stay connected with your supporters and donors through customizable texts and emails sent directly through the platform. Silent Auction Pro is an excellent choice for any type of organization looking to organize online auctions and fundraising events.
ClickBid is another software for providing mobile bids and organizing web-based virtual events. You can create online fundraisers and auctions that attract more mobile and remote bidders. The best part of ClickBid is that you can integrate it with various tools like Salesforce, Classy, NeonCRM, Travelpledge and Kindful.
ClickBid has functionality to contribute text to bid. This will allow you to collect donations before and after an event. Some of the excellent features included in ClickBid are silent auction, monitoring lists, subscription management, inventory management, reporting, and online and absentee bidding.
ClickBid allows you to adjust auction items throughout the auction. On top of that, it also allows bidders to go through the items before bidding.
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Markleen offers a complete package of solutions for setting up an online auction or market. You get plenty of opportunities to customize and modify the market as per your business needs.
Markleon offers companies to conduct a variety of auctions including Classic, Reverse, Hidden Price, Dutch, Penny and Unique Bid. Each type of auction has its own specialty, and you can organize any one you like.
Merkelian’s API suite simplifies the development process and saves time. The stability of your functions is improved, and all the algorithms can work well together. You can customize auction software to create intuitive software for all auction bidders and bidders.
Handbid is an excellent auction software that provides everything you need to maximize your remote, hybrid and in-person events. The tool makes it fairly easy for bidders to participate in an online auction through a bidding website or mobile bidding app.
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