The modern age has experienced a change in how people do things in almost every aspect of life. Be it the way people are buying goods from Ecommerce stores, using mobile banking, or Taking Online classes, Information technology has digitized significant aspects in terms of people’s lives and how they interact with each other.
One of the many things that digitalization has changed for the better is physical/ live/ on-site auctions. Online bidding and auction provide you efficient ways of making a sale to local or an international buyer at the best possible prices.
If you are interested in knowing more about this like: why auction software? purpose and best usage, you might want to keep reading.
Auction and Bidding is an online Marketplace software that facilitates online bidding, buying, and selling of items.In other words, the online auction is the process in which products are sold online, and the interested buyers bid for the products or services similar to Ecommerce Solutions where goods are simply traded while in online auctions the products are allowed to bid such that the seller can earn either by bid fee or higher price received as bid price increases.
The traditional auction way the live on-site auction demands a physical presence and a convenient location. The people indulging in the auction, however, could be suffering from busy schedules and location issues.
In such circumstances, the auction and bidding software are the best tools. There are plenty of options available for auction software available nowadays, each providing unique sets of features. Depending upon the nature of your business, you can pick the one that is best suited for you. It is easy to manage ,maintain and see analytics and reporting and also cost effective since it doesn’t demand a physical presence. Realizing the demand for online auctions, countless enterprises have implemented Auction-Bidding and Marketplace software solutions. The main reason behind the adoption of this technology is its reduced cost of sales and ability to effective digital marketing.
Auction softwares can be of various types depending on the useage and applications. Following are the most common types of Auction and Marketplace Solutions
1. Sealed Auction :
This type maintains the privacy of the winning bidder until the deal is complete. This auction type is suitable for the products lacking in terms of market value.
2. Minimum bid auction
In this type, the auctioneer will accept bids that are equal to or more than a minimum disclosed price. To allure the buyers, sellers can set a minimum bid price to motivate participation among bidders.
3. Reserve auction
In this auction, the sellers have full right to decide whether to accept or reject the bid. This auction provides sellers the authority to hold onto their product until they find someone who offers them the rate they are okay with. The disadvantage of reverse auction is: it might alarm off potential buyers. 4. Absolute auction
In this kind of auction, the highest bidder wins the auction and gets the product regardless of the price. This auction is getting more popular among government agencies and financial organizations.
5. Reverse auction
The price of the item decreases every time someone makes a bid. Opposite to other auctions, in this auction, it’s the seller who makes a bid for selling their products.
6. Price Reveal /Dutch Auction:
A price Reveal auction is a Dutch auction in which the price of a product remains hidden. Bidders can see the price only by paying a fee. In a Dutch auction, the price of a product is reduced every time a bidder observes the price by paying a certain fee.
7. B2b, B2C eBay Marketplace
THE B2B marketplace or auction is when buyer and seller both are business parties. B2C marketplace or auction is when the seller is a business party and buying is a consumer. eBay is a marketplace or auction site in which both buyers and sellers are consumers.
8. Smart-contract based auction
In this kind of auction, an executable piece of code facilitates, executes, and enforces the action between buyers and sellers. This system guarantees better transparency.
9. Bidding fee auction/Penny Auction
In this auction, interested buyers have to bid for the product posted to sell. Generally, the starting price of the entity is zero, and the price increases by a penny with each bid made by bidders. Additionally, the bid also increases the time of a countdown clock thus making it more interesting. The highest bidder before the time runs out wins the item.
10. Unique Bid Auction
In this kind of auction, either one of the highest and lowest bidders can win the auction as long as their bid is unique. However, the bidders have to pay a fee to make a bid.
1. Responsive Design and Good Layout
They are made device responsive so everything adjusts depending upon the device and browser used. In addition, this provides the sellers and buyers the flexibility of marking their presence from any device. Our auction software also hosts a fully-featured mobile app (iOS and Android)
2. Dedicated Interface
Most auction software comes with a user interface (seller interface and bidder interface) and admin interface. The seller interface facilitates listing the product and uploading the product description. Likewise, the bidder interface has the display of products, bid history, rules of auctions, and so on. Finally, the admin interface holds the overall power of the auction software.
3. Guest management, catalog management, and Data Management
Our effective auction software has a dedicated dashboard to manage its guests, catalog, and data. This includes pre-registering the guests, managing tickets, and selling tickets. These options permit you to fully optimize the auctions. The management tool makes the life of management easier by providing the buyer flexibility of picking place and time of delivery.
4. Social login
In addition to traditional login users Can signup and login quickly and conveniently from social media networks such as Facebook, Google, Twitter, and LinkedIn etcetera. which can be customized as per needs
5. Live/Real-time notifications
There is a “live notification” feature to let the buyers know about the availability of new materials and the outbidding. The sellers are also notified whenever new bids are made or orders are placed. The live notification keeps everyone updated.
6. Supports multiple types of auction
Our auction software supports different types of auctions like an absolute auction, reserve auction, minimum bid auction, and live auction or cascade them to make it more complex and useful
7. Supports multiple payments gateway
Our software currently supports international payment gateway like Paypal,Stripe, Authorize.net or any other card payment like VISA,Master card,CreditCard or can be customized as per need.
8. Customer support
Customer support is right there to help you in case of problems. Our customer support team is available for technical support on our office time.
9. Auto email and Invoicing
Bidders and sellers can easily trust the business because of the invoicing and checkout feature. The system sends an automatic alert to the winning bidder’s registered email ,also when they pay the bidding amount. As a result, the bidders can checkout securely. This increases the business reliability of our customers.
10. Comparing auctions
Facilitates comparing of price based on important attributes like the trustworthiness of the seller, scalability, flexibility etcetera.
The auto bidding also called proxy bidding, allows the bidders to place their bid and only be notified when their limit has been reached. There are provisions for receiving automated and outbid emails the autobid features can be customized and updated as per need.
12. Real-Time Analytics
Our auction and bidding software allow the users to witness the way bidding is progressing. It also helps to track the bidder’s behavior to a specific marketing entity. Additionally, the software also keeps track of who’s online, and other web activities like last clicks, guest activity, visit duration, and search bots. As a result, you can keep track of the visitor or user behavior and also compute marketing effectiveness.
13. Content Management and site control
Our existing system facilitates an easy content management system by permitting you to update necessary bidding or any other information when necessary. Also admin is able to control overall website features which would be helpful to get the insight of their business.
The software is maintained transparent so no hidden deals and options. Be it the online bidding values or the cost of add-on, there is transparency maintained which provides confidence to the auctioneer, buyer, and seller.
15. Bid capturing
Our customized auction software captures the bid and updates and bid-related latest information on a real-time basis. This clears the auction participants of confusion.
16. News Letters and subscription
Users can subscribe to our news letter in order to get our latest updates and blogs.
17. Use carts to place order
You can make use of carts to save the items which you can buy right then or later. This feature helps to reduce the rates of the abandoned shopping cart.
18. Virtual Room and Real-time Auctions
It is the most advanced feature our site contains. The virtual rooms gives a sense of the traditional room with animated seats where each bidder can be assigned to each seats . They raise their hands and even sound with animation to inform other bidders about bid. This is same as traditional bid embeded with animations.
19. Multiple Language Support
Our Auction Software has multilanguage support so it can be localized to specific location using different language options.
20. Supports Bitcoin or other cryptocurrencies payments
In addition to the payment support ,some of our auction software even support bitcoin or ethereum or any other crypto currencies as per need.
21. Fully Automated and secure system
We have a fully automated and secure system so that it helps you grow your business because of no dealys and pending issues.
22. Real-time chat with admin and sellers
Our system is embedded with custom real time chat feature where seller and buyers can chat with admin or with each other based on client's need.
23. Referral Bonus and other coupons for user engagements
To increase the user engagement and making system interactive with user we have various referral bonus and coupons management systems to help you with marketings.
24. SMS bidding :
Even SMS bidding can be made available to make our system more accessible.
25. Highly SEO Optimized
Our Software is highly SEO optimized .so it is for sure helps you to increase the search engine rank for your website and content. Various blogs and notices can be added to the website to make it useful for targeted users and also search engines to rank your website.
So, the question arises: Who uses Auction Software? The best auction software has application in a multitude of areas:
Travel and Hospitality:
Restaurants, hotels, travel agencies, housekeeping, and airlines in the travel and hospitality area have been making use of this software to create awareness among customers and to attract them.
Retail and Distribution
Eclectic from grocery, markets to clothing and apparel, the online auction is being increasingly popular in the retail and distribution field.
Education-related enterprises like campuses, libraries, athletic facilities, study abroad centers have also been using the software.
Selling out residential properties like apartments and buildings.
To conduct the auction and collect goods of the bankrupt cases.
Sports and Entertainment
Auction software is also useful in the sports and entertainment field. A common example is the bidding of a movie or a theatre ticket and so on. Selling out sports goods is another valuable application of the customized auction software.
Combining the concepts of bidding with e-commerce and other digital platforms could be the next big thing in the modern world. This has advantages for both parties (for instance auction software and e-commerce sites) since all the involved platforms would be getting more visitors.