Part I of this article discusses the reasons that lead to the success of online auctions and online auction platforms. These factors include;
- Unbeatable convenience
- Profitable For buyers and sellers
- Larger gathering of bidders
- No physical presence required
The previous article provides brief insights into how convenience and profitability lead to the success of online auctions and online auction platforms. Supplementing the previous article, this second installment discusses the broader range of bidders and virtual access capabilities of online auctions.
Larger Gathering of Bidders
Once a seller partners with a profound online auction platform, they will reach a more extensive bidder base that is loyal to the auction company. These loyal bidders constantly get updates about ongoing online auctions, significantly increasing your visibility. A seller in an online auction often attracts buyers from across the globe. The expert marketing of online auction platforms will also make your asset more appealing to potential buyers.
No Physical Presence required
Perhaps the most appealing factor about the success of online auctions results from the ability to participate in the auction from any corner of the world. Moreover, this eliminates the need to attend live auctions to place a bid. Here, a bidder can set a maximum bid for an asset in an online auction and let the automated bid increment system compete for them. The bid increment will continue to place a higher bid until the bidder’s maximum bid is reached.
The convenience made available by automatic increment allows the bidder to sleep, work, and even travel while the computer handles the direction of the bidding war for them. Furthermore, this capability ushers in a more significant number of bidders to bid for the asset competitively, resulting in a higher final bid for the seller.
In Summary
For a person with assets that they would like to auction, online auctions provide a perfect platform for a successful sale. In contrast to traditional auctions, online auctions offer a wider range and better reach for sellers. Furthermore, online auctions minimize the capital needed by the sellers to hold an auction. Read our article on the differences between traditional and online auctions to better understand the two different auction options available for you.
Any person without the time to travel to a venue and spend a larger portion of the day at a live auction can benefit from the capabilities extended by online auction platforms to the auction market. A brief look at a comparison between live and online auctions will reveal the secrets to the success of online auctions and online auction platforms.
