Sold!! How Technology can help in Seamless Auction

Technology is evolving at full tilt. If we think about it, nearly every aspect of our lives is affected by some technological progress. The world is advancing so rapidly, with technology playing an integral role. Some might dislike the rate at which things are developing and unrolling. However, many argue that technological progress is making their lives vastly convenient and easy.

Auctions are one of the many events that are now taking the tech-savvy route. Whether it’s an online auction or a physical one, technology has made the process much more straightforward and hassle-free.

With adequate, efficient, and smooth technology, the need to physically conduct an auction gets primarily reduced. Online auctions have not only fastened the process but have made auctions much more inclusive. Gone are the days where only a local clientele could participate in an auction.

Let’s dig a little deeper into how technology is benefiting auctions and auctioneers.

1. Sellers Do Thorough Research Before Choosing An Auction Company

A study recently concluded that nearly 88% of people pre-research about a product before purchasing it. The case for sellers giving up their products and properties for auction is the same. Most sellers often dig deep into an auction company’s online profile before trusting them with their valuables. Most items that go up for auction carry much value and are worth much money. Hence, sellers would only want to trust reliable, professional auction companies. For instance, sellers auctioning their storage valuables are more likely to trust auctioneers with physical and online storage auctions than the rest.

All auction companies need to keep in mind that the competition on the internet is higher than ever. Therefore, creating a professional-looking and promising online website is essential to attract sellers. There are some points auction companies should keep in mind while designing their web page.

Firstly, their website should be easy to navigate; users must not click more than twice to reach their desired destination. If you plan on adding a sign-up page for sellers, make sure it’s not too long or complicated. And does not ask for any personal information except the user’s email and name. An intricate and complex site is a significant turning-off point for sellers.

Secondly, the website should mention all necessary information regarding the training, expertise, and qualifications of auctioneers, company values and processes, and contact information. Having additional relatable content in blogs, videos, and images can add to the company’s authenticity. All details posted on the website should be authentic. Deceiving information is not only considered as bad marketing but is also highly unethical.

A licensed and competent-looking website is more likely to attract sellers and get them to select you as their auction company. Your online portfolio needs to be extraordinary to make an excellent first impression.

2. Use of Technology in Running an Auction

Auctions are not an accessible event to host. A lot of effort and planning is involved. However, thanks to technology, hosting an auction has become so much easier now than before. Different software allows you to design a catalog in a matter of days and not months. Similarly, one can send out guest invites in a matter of seconds via emails or texts.

Even though the mobile phone bidding process has been happening for a while, it has dramatically evolved. Mobile bidding started via text messages where a bidder would text his bid to the auctioneer and would get a reply if the proposal was high enough. Next came the process of mobile bidding through the web. Here, users use online platforms to place their bids and keep track of the auction at all times. They can also increase their bid whenever they want to. Even though web-based bidding is a very efficient and effective process, smartphone app bidding is even better and more convenient. All bidders need to download an app on their phones, sign-up, and start placing their bid. These apps are more responsive and faster. Unlike text messages, these messages create a more direct bidding environment.

Smartphone bidding has also significantly eased up auctioneer jobs. They can look up bidders’ and sellers’ information in seconds. They can also find discrepancies in the bidders’ or sellers’ profiles during the auction to avoid any hassle in the future.

3. Auction Bidders And Technology

With the rise in technology, online auctions have made it possible for bidders worldwide to participate in auctions without being physically present. Bidders can now bid from anywhere, at any time.

However, similar to sellers, bidders are also quite careful and conscious about the auction company before participating in an auction. It is primarily an online one since they can’t see the item they are bidding on in real life.

Apart from the professionality auction company’s website possess, some other things buyers are concerned about is the auction software;

● How exactly does it work?

● What is the maximum bid?

● How will the bidders be informed about different bids?

● And how long does it take?

They also want to be pre-informed about the inspection dates, shipping, and payment methods.

4. Shipping And Payment Made Easy!

Unlike traditional live auctions, the bided items’ payment and delivery cannot be made in-person in online auctions.

Nevertheless, you don’t have to get tense about it. There are plenty of fully authentic shipping companies who deliver items, via air and sea, in and out of the country within days. Most auction companies take full responsibility for shipping, and the point gets mentioned in their policies chart.

As far as payments are concerned. Online banking apps have made it highly convenient and quick to transfer money to other accounts regardless of if they are local or foreign. It takes very minimal charges and a single tap of the finger for the funds to transfer.

Conclusion

The way an auction used to before has dramatically altered now. The process is now more straightforward, quick, and way more efficient, and online auctions are gaining popularity by the minute. Technology has significantly eliminated the chances of human error during auctions. Manually fetching each bidder’s information, predicting the bankruptcy rate, and checking each seller’s authenticity were all very time-consuming tasks. However, auctioneers can now use smartphones and simultaneously coordinate with sellers and bidders from anywhere in the world.

Even the bidding calculations now get done automatically. Hosting and participating in an auction is now uncomplicated and trouble-free. These technological advancements have been revolutionary, but there is no stopping here! At this rate, we can only expect more progress from technology in the future.