Auctioning has always provided an interesting means to bring buyers and sellers together. It has always been one of the integral pillars of online trading. However in increasingly price and cost sensitive businesses are becoming more creative in the way they approach auctions.
We thought we would have a look at how auction software is used on the internet and see if we can help provide some new business models – and inspiration – for you. So we’ve come up with the following ten ways auction software can be used online:
- Liquidation of stock and assets where this frees up warehouse space for new stock.
- Tendering for suppliers
- Disposal of old, disused or second items such as plant and machinery, catering equipment or perhaps cars
- Sale of high value items such as antiques, wine or boats and yachts
- Creation of alternative or new sales channels by finding buyers who would not usually buy from you for geographic reasons
- Disposal of returned and graded stock such as furniture or catering equipment purchases or perhaps items returned though mail order or internet sales
- Reducing the cost of sales through a more efficient sales process or perhaps encouraging buyers and sellers in a niche to interact with each other
- An alternative to running a fixed price discount sale, where the market decides the selling price for items such as holidays, flights or end of line sale items
- Charity fundraising where you can sell off donated corporate or celebrity items to the highest bidder
- Property auctions, selling real estate by online auction.
Many of these uses work well in the off line auction world. By adopting an online auction model you are providing a greater geographic opportunity to buyers and sellers and therefore increasing the competition for lots. This means true market value for items can be realised. You are also making it easier for current customers to interact with your business by reducing their cost of acquisition.