The Covid-19 pandemic has changed the way we’ve had to live, work, and interact with others. But people are nothing if not resourceful, and out of this ordeal, we have adapted to these changes with the most inventive and creative solutions. This article will be dedicated to exploring the benefits of online auctions.
1) More Buyers
Certain demographics of people are more willing to buy online more so than others. Since the pandemic we have seen more people willing to buy on-line due to the convenience and ease of purchase.
2) A Larger Market
An Online auction has the added benefit of reaching more people. The internet is open twenty-four seven. Anywhere and anytime, anyone can check out the listing, and all within regular business hours. It’s estimated that 1.8 million people worldwide purchase their goods online. In just three years, they project global retail sales to grow by three trillion dollars. There’s just no way to slice or dice it: the online world is a lucrative market.
3) Easy Access
The internet is always just one click away. All potential buyers have to do is enter the keyword into their search engine of choice, and boom. It’s also easier for customers to find what they’re looking for because Google does the cataloging for you. They don’t even have to be located in North Carolina to attend auctions in Raleigh.
4) Shopping Begins Online
Whether people are internet or more tactile buyers, the shopping experience begins online. Especially with big purchases, people do their research. No one reads books anymore. It’s too time-consuming when the alternative is getting over three million search results in one-third of a second. According to CBS News, the number of adults who read has declined by seventeen million in just ten years.
5) Instant Bidding
It only takes a matter of ten seconds for a potential buyer to place a bid. This is great since that’s about what the average human attention span has diminished to. That’s why it becomes increasingly important to close the deal while you still have the customer’s attention.
6) Increased Bidding Window
One benefit of online auctions that in-person auctions don’t have is the ability to set the length of the bidding window. Increasing the window allows more potential customers to find your site and drive up that bid. Customers have to feel like they’re getting a deal, and more time allows them to do their research.
7) Product Descriptions
Selling online allows room to write product descriptions and provide your customers with more information. Highlighting the selling points and making them known to consumers increases product value. Also, you can ensure quality control by ensuring the information is correct and accurate. Customers can come back to reference the product description to help along with their research.
8) Instant Feedback
Customers appreciate knowing where they stand in relation to what others are bidding. In real-time, they can see how much others are bidding and adjust their bids accordingly. This also has the added benefit of driving up the value of items with the rule of supply and demand.
9) No moving: There are no moving costs! All items are photographed, catalogued and picked up from your location.
10) Ease of Pickup: All winning bidders are required to sign up for pickup of their item by appointment. This eliminates congestion and any confusion at the pickup site.
Carolina Auction and Realty
We know that listing your home or personal property for sale is a stressful and time-consuming process, but Carolina Auction and Realty has decades of experience getting the right price for your assets. We’re based in Raleigh, North Carolina, and have a thorough understanding of the housing market, as well as the value of your personal assets.
Conclusion
These ten benefits of online auctions are just the beginning of the list. With the internet’s vastness and convenience, the earning potential is sure to only increase in the coming years. Incorporating online auctions as a sales tactic is not rocket science, just good business practice.