For any avid shopper nowadays, nothing is as endearing as buying or selling services and commodities online. Forget about the comfort and convenience of sitting behind a smartphone or a laptop, placing an order and receiving offers, the benefits of buying and selling on the web are immense. The entire experience too is far more appealing than the quintessential one!
But, ever tried the world of online auctions?
Trading online these days isn’t restricted to buying and selling goods alone, thanks to the emergence of online auctions. They have not only revolutionized the way public sales are conducted but replaced the old, and uninviting county courtrooms and hotel ballrooms favourite among auctioneers of the yesteryears.
In fact, perhaps the best feature isn’t the absence of needless physical attendance and the chaotic scenes that define a traditional auctioning process. Auctioning products online in the era of e-commerce is decent, convenient, and incredibly accommodating for all. You buy anything, sometimes at a dirt-cheap price, all without leaving your cozy couch.
Perhaps the most significant reasons why these auctions are experiencing a real boom is because their business model is fascinating. To understand this, you just have to look at their buzzing popularity and millions who flock them from all parts of the planet. From eBay, Listia, and Ubid all the way to ShopGoodwill, AuctionZip and Webstore.com, the world of online auctions is expanding by the day.
Buyers and Sellers: Reasons Why Online Auctions have no Substitute
Just like any ardent user of these platforms would tell you, online auctions offer a classic, win-win situation for all of its participants. For a seller, auctioning products online is the clearest way of getting the goods at an unlimited exposure. A smart buyer, on the other hand, will have to be on the watch out for any upcoming auctions and hunt for super-cheap deals.
But other than that, these are some of their benefits:
Online Auctions know no geographical barriers
The absence of any geographic boundaries can be ranked as the greatest convenience brought about by online auctions. It grants the seller a chance to showcase products and services to millions freely. The product listed and made available for bidding online before potential buyers start bidding for it, outbidding each fairly and remotely. In the end, whoever offers the best deal and is accepted by the seller wins.
This factor benefits both parties. The seller lists a product up for sale online in one part of the world, and the bidder buys from the other. It entirely eliminates the limitation of traditional actions whereby one had to attend the actual bidding even when one wasn’t sure of buying the product listed.
Levels the playing field and attracts the right buyers
Sometimes, bidders and would-be buyers cow away from purchasing a particular product because of a suspicion that the value indicated isn’t an accurate picture of the product. However, online auctions eliminate this, giving every participant the confidence that the commodity’s value is right. This confidence is further boosted when more bidders express interest in it.
Other than that, online auctions tend to attract the most severe and determined buyers. Mostly, those who start bidding do their prior research and analyze the real value of a product. In the end, they are the ones who buy it!
Online auctions are universal – they accept all!
Assets, clothing, used cars, foodstuff, medicine, construction equipment – you can list anything literally up for bidding, and it gets a buyer. For the seller, this is a great win given that you can be confident of getting your commodity purchased hassle-free.
With this wide range of commodities, bidders will only need to browse from whatever part of the world they are, bid, and buy. The seller can even reach out to those who’ve been looking for a particular product in the past and transact with them.
Everything takes place live; time isn’t a detriment
Essentially, nobody can restrict you on when to bid since these auctions take place throughout the day and even at night. This basically means, while the seller is probably asleep somewhere in China, you are happily bidding deep in South America. You log in at night and hunt for the best deals or list your commodity and within no time, bids start streaming in.
The allure of great deals is irresistible
It is the window of engaging the seller directly as you haggle that is way too alluring to resist that makes this choice of shopping online a lot interesting. First, the excitement starts when you find a product that probably costs hundreds of dollars on Amazon, retailing at a fraction of it on eBay. Such a reduced price is because there are no agents, brokers, and middlemen to moderate the transaction and raise the price.
Quick and reliable transactions
If you’ve ever tried to buy anything sold in your local auction, then you know how typically boring, tedious and time-consuming they are. Online auctions, however, are different. Whether it is a simple commodity like a TV or a huge one like a car, sales online are immune to delays and needless bureaucratic procedures.
For a transaction that would probably take months to complete, the typical period of completing the transaction online would only be three weeks. It isn’t just fast, but equally reliable especially when the reputation of the auction, its escrow service, and the seller is unquestionable.
Reasonable Pricing
Nearly every single online auction often indicates a base price for each commodity listed in it. Known as a reserve, this thoughtful pricing feature is meant to guide both parties from undue exploitation and bring forth an aura of fairness and equality.
The bidders then start bidding from the reserve price, ensuring that whoever will win gets the right value. The seller, also, is prohibited from wrongfully gaining from the naivety of the buyer.
Lots of repeat sellers and buyers
After landing one crazy deal at an online auction, a seller will be back to hunt for a similar deal. Any bidder who misses out on a tantalizing deal will stick around until he or she gets a similar or even better one. The same is true for a bidder, primarily if the transaction was smooth and hassle-free. These repeat customers will also refer their friends, colleagues, and relatives, making the platform go abuzz.
Clearly, the benefits of online auction sites make a lot of sense in the world of online shopping. These are just a little of them. However, auctioning online or bidding only makes sense when one observes all the proper precautionary measures. Choose a genuine and reputable website, and you are safe!
My husband and I have a few things we want to sell. I didn’t know selling your things through an online auction can provide you with millions of buyers for free. I’ll keep that in mind as I find a platform or service to sell our things!
It caught my attention when you explained that online auctions are a good option for sellers because they can have confidence that their items will be purchased without a hassle. My family and I are currently looking for an auction service to help us with the estate of my uncle who passed away last week. Thanks for helping me see why it’d be beneficial to find a service that offers online auctions as well.
It’s good to know that one of the benefits of buying a real estate property through an auction is you get to purchase the property without any delays and unnecessary bureaucratic process. My parents plan to purchase a new home soon since they will be retiring next year. I’ll pass on this information to them so they know the benefits of estate auctions. Thanks!