What Is The Fuel For Online Auction?
Reverse auctions gained popularity with the emergence of internet-based online auction tools that enabled multiple sellers to connect with a buyer on a real-time basis. Today, reverse auctions are used by large corporations and government entities as a competitive procurement method for raw materials supplies, product supplies and services like accounting and customer service.
Online Reverse Auction Platform Features
Since Online Portals Are Able To Connect Buyers And Sellers In Real Time, Reverse Auction Typically Occurs Online Where Multiple Sellers Gather To Sell Their Product/Services To A Buyer.
- 1. Registrationcreate buyer and seller profile as well you can create company profile for seller to represent business value.
- 2. Buy Productbuyer has access to a larger supplier base.
- 3. Market Researchseller can search for market requirements and find suitable buyer.
- 4. Sell Productseller can sell product without investing a single penny into product marketing.
- 5. Transparencybuyer and seller get transparency of exchange.
- 6. Negotiationsbuyer can find best negotiations.
- 7. Notificationsbuyer and seller can trek their transaction by email and sms notifications.
- 8. Watch Requestseller can watch the request of thair interest to place bid in future and get reminder.
How Online Reverse Auction Works?
- Register as a buyer and sellerUser can register them self as buyer and seller on the platform.
- Make a request as buyerA buyer usually puts up a request with precise qualification for a quote on a platform where multiple sellers can see.
- Place a bid as sellerIf the seller is selling products/services that match the criteria, they participate in the bidding. As this is an open market, each seller has a fair chance.
- ChatBuyers and sellers are able to connect in real time via online portals.
- Find potential supplierGenerally, the bidder that bids the lowest wins the race but it might not always be the case. There are certain features a product may be offering that the other product might not be offering. Thus, the actual winner is the lowest unique winner. This means that a product/service provider which gives services that fit your requirements as well as gives you the lowest price wins. If a seller gives you say, product X for the lowest price amongst competitors but it doesn’t have a particular feature you are looking for, the obvious option is to go for the seller that provides the product with the feature in the lowest price.
- Wins the raceSeller wins the race who provides the product with the feature in the lowest price.
How to launch an Online Auction Website?
Choosing The Right Platform
The very first step for launching an Online Auction Website is looking for a suitable platform. There are multiple platforms in the market that you can use to create your eCommerce website like Shopify, Magento, Prestashop, etc.
Measuring the scalability and versatility of these platforms, Shopify is a great option if you are looking forward to starting your own Online Auction Website.
Install The Add-On
Now to conduct online auctions on your website you need to install software which will help you do the same.
Shopify Product Auction is one such app that will let you create auctions on products. Highlighting a few features of the app:
- Admin can create and manage auction for any product.
- He can add a joining fee for participating in the auction.
- The admin can notify his customers to participate in upcoming auctions in advance.
- Proxy Bidding ( Automatic Bidding): Customers can set the maximum value and until the auction reaches that value, the bid will automatically take place.
- Winners will automatically receive email notifications and can also view bidding history on the storefront.
After setting up & testing all the functionalities in your store, you must be ready to launch your website.
Launching is not the last step in creating an online auction website. Now, you have to work upon promoting & advertising it through mail marketing or using social media platforms.
Stop doubting & procrastinating!
Go ahead and create your Online Auction Website using Shopify. As it gives you great subscription plans at reasonable prices, professional themes & templates. Moreover, install the Product Auction app to complete the process.