Auctions are pretty famous in the market because people like to bid for rare items and possess them.
You might have heard about auctions plenty of times. There are auctions held for various items like shoes, watches, antique items, NFTs, etc.
An auction is a step-by-step process that involves the sales and purchase of goods and services. Here, the selling price is openly determined in the market based on competitive bidding made by the bidders.
The entire auction procedure will depend a lot on the action type. It will also comprise various steps for inviting, receiving, evaluating, and accepting the bids. One can say that the auction process is an ideal mechanism for discovering the best price for any goods or service.
The auction process is pretty significant because it has kept on evolving with time. It is definitely the best way for open price discovery of various items. You might be thinking about what things can be put up for auction. Well, there are plenty of them.
- Rare collectibles
- Real estate properties
- Licenses for the mining rights
- Age-old wine collections
- Private companies that are on sale
- Properties seized due to any legal actions
Currently, NFT auctions are highly trending in the market as people are crazy about collecting NFTs.
Why are Online Auctions More Popular?
As the pandemic struck, everything had to be shifted from offline to online. This was the biggest reason why people considered online auctions as the right way to keep it going for buyers and sellers.
The best thing is that online auctions soon became extremely popular in the market due to various reasons. Some of the main reasons are discussed over here.
More number of buyers
Online auctions make it easy to reach bidders from around the world. There are plenty of younger bidders, people who only want one item, or even stay-at-home bidders who take part in online auctions. As there are many buyers in an online auction, you can expect better results for the items you put up.
Online auctions provide every individual with the convenience they are looking for. Buyers can take part in multiple auctions conducted in different places around the world on the same day.
If you are looking forward to buying any specific item, you can directly search for it in the auction and place your bid. Google has every item cataloged, so there is no need to sit and wait for the item that interests you.
Longer bidding window
Online auctions can be kept open for as long as you want. This will provide the bidders a longer window to do their research and find what they are looking for. On top of that, the auction creator will also be able to get more people attracted to the auction when there is a longer bidding window.
As every item is pictured, sold, and picked up from the same location, there is no need to keep an inventory of all the items. You will be able to save a huge amount of money that you might have to spend on the security of the items, shipping the items, or inventorying the items.
These are some of the major reasons behind the immense popularity of online auctions compared to physical auctions.
There are both advantages and disadvantages to an online auction. Now, let us look through some of the challenges faced while setting up an online auction.
Challenges faced during the setup of an Online Auction
Online auctions have their fair share of limitations and challenges that companies face while organizing one.
The most significant limitation of an online auction is the cyber threats. According to a Clark School study, it has been found that businesses are subject to malicious attacks at a rate of one attack happening every 39 seconds. As everything is online, cyber terrorists can easily target businesses and manipulate the bids as they wish.
To avoid disastrous situations, it is necessary to establish a secure architecture and develop security policies. This will enable the smooth functioning of online auctions. Hackers can be resisted up to some extent, and they won't be able to cause significant harm to the buyer's network systems.
Finding the Right Online Auction Software
This is the biggest challenge when it comes to online auctions. You cannot rely on every online auction software available in the market. You have to choose software designed by a reputable company that possesses stringent security standards embedded in the software itself. You have to choose a seamless and secure platform in all conditions.
Featuring Identical Items
There are high chances that different donors or even a single donor will provide two identical items for the online auction. Now, you won't be able to grab people's attention if you are displaying both identical items on the table. If you do so, they would just end up receiving fewer bids, and that too at low prices.
Instead, you should wrap one item if that comes from the same donor. When the auction ends, you can just contact the second-highest bidder and tell them that you possess an identical item to see if they are interested in getting their hands on them.
On the other hand, if both items are from different donors, then you have to keep them very far away from each other. This will give your bidders a window, and you won't lose any money.
These were some of the challenges usually experienced while setting up an online auction. But, if you use the right online auction software, you can minimize these limitations to a considerable extent. So, it all comes down to using the right tool in this digital era.
Here, we will list some of the best online auction software that will make it easy for you to set up your next online auction.
AuctionWorx is online auction software that allows you to run an online auction on your terms and branding with no commission fees. This is an excellent platform as you can deploy it as the company provides or make necessary changes as per the requirements.
AuctionWorx can also help you run multiple online auctions on the same website. You can create a complete marketplace for your items and sell them through auctions or even at fixed prices.
The best thing about AuctionWorx is that it is mobile-optimized. So, your buyers can take part in online auctions even from their mobile devices. On top of that, you can completely brand the auction as per your company. Another significant advantage is that there are no transaction fees to maximize your profits considerably.
BiddingOwl is free online auction software that turns out to be an excellent choice for nonprofit organizations. This is an open-source fundraising solution that will help you design personalized websites. You would be able to completely customize the themes, images, color, event details, and logos for managing the online auction.
Some of the key features that you can enjoy with BiddingOwl include integrations, silent auctions, inventory management, online bidding & auction, membership management, analytics, and also billing & invoicing.
So, BiddingOwl is an excellent platform for making the bidding process user-friendly. It is also an affordable option for smaller organizations looking forward to organizing an online auction.
Silent Auction Pro
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 completely organize and manage your fundraising or online auction event.
Silent Auction Pro allows you to completely manage the online auction, from ticketing and seating management to donations and reporting management. You can customize the landing page and create different types of tickets. Later on, you can organize the seating as per tickets through the seating management tool.
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 every type of organization to organize online auctions and fundraising events.
ClickBid is another web-based mobile bidding and virtual event organizing software. You will be able to create fundraisers and online auctions that will attract more mobile and remote bidders. The best thing about ClickBid is that you can integrate it with various tools like Salesforce, Classy, NeonCRM, Travelpledge, and Kindful.
ClickBid has a text-to-give donation functionality. This will allow you to fundraise even before and after an event. Some of the excellent features included in ClickBid are silent auctions, watch lists, membership management, inventory management, reporting, and online & absentee bidding.
ClickBid allows you to adjust the auction items during the entire auction. On top of that, it also allows the bidders to go through the items before they have to bid.
Merkeleon offers a complete suite of solutions for setting up an online auction or marketplace. You get plenty of opportunities for customizing and modifying the marketplace as per your business requirements.
Merkeleon offers the companies to arrange different types of auctions, including Classic, Reverse, Hidden Price, Dutch, Penny, and Unique Bid. Every auction type has its own specialty, and you can arrange one as per your choice.
The API Suite of Merkeleon makes the development process easier and time-saving. The stability of your operations is enhanced, and all the algorithms can function pretty well together. You get to customize the auction software to make an intuitive one for all the bidders and auctioneers out there.
Handbid is excellent auction software that offers everything you need to maximize your remote, hybrid, and also in-person events. The tool makes it pretty easy for the bidders to participate in an online auction through the bidding website or the mobile bidding app.
Handbid allows you to manage everything, from setting up an auction to generating the reports with a single platform. Other than online auctions, you can also arrange peer-to-peer fundraisers, text-to-give campaigns, and crowdfunding campaigns through this platform.
On top of that, Handbid can also drive more engagement through interactive gamification. This is the right tool for every type of organization, from nonprofit organizations and universities to associations and sports organizations.
ReadySetAuction is a one-stop cloud-based solution for managing every single detail of your auction in real-time. It will help you save time for arranging live, online, mobile, and silent fundraising auctions. It is an excellent tool for every type of organization and every purpose too.
ReadySetAuction can make several processes like guest management and donation tracking easy for your next online auction. Bidders can use their smartphones and tablets for browsing through the online auction and bid for those items.
You can completely customize the online auction as per your company and business needs in every possible way. The reporting and cashiering support make it a more efficient auction software for your business needs.
Charity Auctions Today
Charity Auctions Today is here to eliminate the entire stressful process of setting up online and in-person auctions. So, you won't require a tech team to set up your next auction. The interface is so simple and user-friendly that you will be able to do it all independently.
It will only take approximately 5 minutes for you to design your own auction and get items ready to sell. On top of that, the platform allows you to accept money through all the available methods, including cheques, bank transfers, cash, or credit cards.
The donation CRM makes the donation and donor tracking easy through the interactive dashboard. You can also unlock more donor management tools by exporting information or syncing different integrations with the platform.
AuctionAnything.com is a useful online auction software for increasing the demand and creating excitement for your products. It is straightforward to sell your products with the timer counting down on the auction. This fully hosted online auction software will have your products online in a single business day.
Bidding can occur with a single click on every device, including laptops, tablets, and mobiles. The readymade templates and modules will help manage your auctions. Along with that, you can easily track, market, and invoice the customers involved in the auctions.
If you are stuck at any point on the platform, you can expect instant and friendly support from the team. So, it is an excellent platform for fundraising, business, and enterprise purposes.
We have listed some of the best online auction software so that you don't have to go through the painful process of searching the entire market. I hope these will help you conduct your auctions with ease.
More great readings on Growing Business
7 Best Document Management Software for SMB in 2022Bipasha Nath on May 10, 2022
13 Spend Management Solutions for Small to Big BusinessesTamal Das on May 9, 2022
Want to Create a Femtech Startup? Here is HowAmrita Pathak on May 6, 2022
15 Best Charting Libraries to Build Beautiful Application DashboardsDurga Prasad Acharya on May 2, 2022
What Are Call Sheets? [Explanation and Free Templates]Hitesh Sant on May 2, 2022
3 SMART Goal Examples for Work and 4 Apps to Achieve themHitesh Sant on April 30, 2022
Join Geekflare Newsletter
Every week we share trending articles and tools in our newsletter. More than 10,000 people enjoy reading, and you will love it too.