As reported in December 2016 online only auctions are now gaining market share with over 7% of global auctions representing over $7.4 bn taking place online only. Online only auction technology is maturing and is now accessible to all Auction Houses.
Internet users are becoming used to the online only auctions technology format, having been exposed to it via the online bidding aggregator channels, and we are seeing sales using the Auction Marketer ‘Bid Up Now’ Technology realising mid to high five figure hammer totals on an increasingly regular basis.
There have been comments from some established Auctioneers that there is no differentiation between a timed auction and an eBay auction. However, we beg to differ.
Online Only Auctions Technology Set to Grow in 2017
Take a moment to read the points below that we believe explain why the online only auction technology is gaining momentum;
- The reputation of the Auctioneer – A trusted bricks and mortar presence that has staff and a trading history.
- Trust in the Auctioneers ability to value items and offer them for sale with an informed estimate range.
- Proper consignment process allowing the vendor to set a reserve or discretion on their items.
- Export staff that can be contacted by prospective vendors and bidders.
- Quality catalogue listings – Informed listings with proper descriptions and condition reports where necessary.
- Quality photography – Increasingly, Auctioneers have invested in proper photographic equipment.
- Physical viewings – Clients can attend viewings at the Auctioneer to see actual pieces before the sale end date.
Auction Marketer Key Learnings with Online Only Auctions Technology
Our key learnings have also shown that the online only auctions allow Auctioneers to have more frequent smaller sales to ensure that there is always something available for users to bid on when visiting the auction web site. ‘Buy Now’ or ‘Make Offer’ buttons can be added allowing users to buy items directly and remove them from the auction. Useful for Car and Property auctions.
Online only auctions enable Auctioneers to put together ‘niche collectable’ sales, and then target specific buyers via Auction Email Alerts – using tools such as the Auction Mailer.
The online only auction technology is also suited to trade auctions where trade users have logins to view the auction which is hidden from the public. This makes the technology ideal for high volume commercial auctioneers that want to limit interaction with their auctions to trusted trade buyers.
Another advantage online only auctions (timed auctions) is that they can be integrated with the secure online payment system that Auction Marketer offers as standard. This enables Auctioneers to auto process transactions at the end of the sale ensuring positive cashflow.
Auction Marketer ‘Bid Up’ Timed Auction Technology – The Data Advantage
Running online only timed auctions using the Auction Marketer ‘Bid Up Now’ Technology means that all of your data belongs to you.
Every user that registers to bid, every underbidder and every winning bidder. Every bidder is profiled for their interests, added to your email marketing lists and get confirmation emails for every bid they place.
In 2017, Auctioneers need the enablement of their own online only auction technology as well as control of their data. Auction Marketer has been designed to deliver on this and more. Find out how, call us on 0604 695800 or request the brochure today.