By Jess Gibson on Aug 6, 2021 12:54:00 PM
Teeming virtual marketplaces, online auctions are treasure troves full-to-the-brim with all kinds of household brand names, luxury goods, bargain buys, quirky splendour, and bric-a-brac. Needless to say, then, that their popularity has pretty much exploded over the past couple of years, with younger buyers and sellers driving much of this growth in their search for items both low-cost and unique.
All the weird and wonderful buys that eagle-eyed shoppers can make their own render online auctions popular hubs upon which to shop but, whilst they harbour obvious advantages for purveyors of antiques, liquidated stock, and collectables, they’re also highly beneficial for those looking to sell products.
But why exactly is that, we hear you cry? Well, let us fill you in on some of the reasons we at William George think online auctions are the way to go for retailers of all kinds. Strap in and keep your eyes peeled – it’s quite a list!
- Selling on a virtual marketplace is cost-effective, reducing overheads and upfront costs, so you can save money whilst making money.
- Online auctions don’t require you to hire (or pay) sales staff or distributors, again saving costs.
- There’s no time or money poured into creating, maintaining, and engaging with a website or social media page.
- Businesses and individual sellers are offered the opportunity to capitalise on readily-available exposure to spread the word and increase consumer traffic.
- Fierce competition within popular categories helps to drive up bidding prices, thus increasing your profits.
- In the same vein, such auctions create a climate of competition, generating urgency and excitement among consumers and increasing sales.
- The system surrounding online auctions minimises negotiations between the buyer and seller, meaning you aren’t required to answer tedious questions regularly.
- Once the auction has finished, you receive an immediate confirmation of sale and sellers are also guaranteed a final date of sale to work around.
- The way online auctions are conducted creates an open, fair, and non-discriminatory bidding process that’s fully inclusive.
- With a baseline reserve price agreed between the auction house and the seller, fair market prices are assured for both sellers and consumers.
- Online auctions offer an efficient way of converting excess assets into cash with minimal investment required.
- Technological advances expand the reach of sellers, making it easier for people around the world to purchase items 24/7, whilst simultaneously increasing the number of bidders.
- Likelihood of selling items that are damaged, are out of style/fashion, or require some TLC is high – there’s a home for everything somewhere!
- Specialty and niche items have an increased chance of selling at online auctions compared to elsewhere, with the inclusion of categories that are designed to house such items aiding this.
- Up-and-coming retail businesses have the opportunity to test the market, gauging interest and popular price points with consumers – all of which can be utilised to inform the business later down the line – as well as receiving free marketing for their wares.
- Online auctions offer an additional sales channel to bolster business and increase sales.
What’s not to love? Visit our Seller Hub today and get in on the trend taking the retail world by storm – we look forward to seeing you there!