Online auction sites have revolutionized the concept of shopping. From clothes, electronic goods to homes, you can bid for anything online. Let us see what are the myriad advantages of online auction sites, in this article.
The prospect of buying things without leaving the confines of your home is indeed endearing. An increasing number of people are indulging in buying things online. Convenience is the biggest and most lucrative benefit of shopping online. However, online trading is not just limited to buying goods, but a large number of people are making money on eBay and similar websites through online auctions.
The business model of online auction sites is quickly becoming popular, as it gives unlimited exposure to sellers and a wide range of choices to the bidders. There are innumerable ways in which an online auction business model scores over its conventional counterparts. In this article, we have listed a few advantages of online auction sites.
Benefits of Online Auction Sites
The word ‘auction’ instantly conjures images of a county courtroom or a hotel ballroom with hundreds of anxious faces, all fixated on a hammer at the center of the room. However, in this era of e-commerce, auction has assumed an altogether different form. Here, you can buy even a home without leaving your doorstep, while lounging on your sofa in your boxer shorts! The comfort and anonymity that online auction offers is simply incomparable to physical auction. Apart from that, there are myriad other benefits which online auction websites offer to you.
Advantages for Bidders
The bidder community on the Internet is greatly blessed to have millions of goods from all over the world at a reach of a mouse click. Given below are some perks that bidders get to enjoy through online auction websites.
No Geographical Barrier
You need not have to miss out on a great property deal just because it’s in some other state. Online auction sites allow you to browse through innumerable goods and services from across the world. Besides, there are no shipping hassles, as the product arrives at your doorstep within the stipulated time frame.
No Time Barrier
This is the biggest perk of auctioning online. While it is true that you have to bid during a stipulated time period only, there is really no restriction on when you can bid. As these websites run round the clock, you can bid pretty much anytime during the day or even night. So, while the seller snoozes away in Australia, you can happily click on your favorite item, while in America.
Wide Range of Choices
Bidders are offered a wide range of choices for goods and services, from across the world. You can easily avail an item that is not easily available in your own country, through online auctions. You can browse through hundreds of websites and reach thousands of sellers for a particular object you are looking for.
Buying commodities like property, cars, etc., is a time-consuming affair. However, online auctions are completed within a matter of few weeks. Typically, there is only a lapse of 3 weeks from the listing of an item to its actual sale.
Bidders can avail bargains that cannot be found easily elsewhere, while bidding online. As you are directly dealing with the seller or manufacturer, you can save money that would otherwise go to agents, brokers or middlemen.
Advantages for Sellers
Online auction sites also offer an array of features to sellers, which make auctioning an easy and pleasurable experience.
Sellers are no longer restricted to bidders in their own area only. They can showcase their products and services to users across the world. This fetches good response for their items and results in more profit for them.
Online auction sites offer a base price for every commodity, known as reserve. Thus, bidders have to start bidding from this base price onwards. This results in seller gaining the right price for his commodity. Often, in physical auction, the seller ends with far lesser value for his commodity as the bidding starts at a price lower than the asking price.
Proper Disposal of Inventory
Excess stock, inventory can be shipped out, only when there is a successful bid. Thus, there is no question of storage of goods until sale. This minimizes losses due to damaged goods. Besides, sellers do not have to pay for storage facilities.
Online auctions allow the sellers to conduct a beta test on products. Suppose, a seller wants to launch a new product, he can first put it for auction and depending up on the response, he can then launch it in market. This also helps him to appropriately price the product, if he wishes to re-auction it.
Online trading is not just fast, but it is also reliable. However, the reliability of online auctions largely depends upon the reputation of the concerned website. Opt for websites that offer escrow services like PayPal for reliable money transfers.
Although, online auction indeed sounds a lucrative option when compared to physical auction, one needs to acquaint himself with the possible risks of auctioning online. Always, register with reputable websites only, to avoid hassles in payments or delays in shipment. Online auction websites are a great platform for criminals to dispose of stolen goods. Law enforcement agencies are always on the lookout for such people. Hence, make sure the person you are dealing with is credible.
The benefits of online auction sites outweigh the risks involved in online auctioning. However, it is only by executing proper precautions, that you can enjoy the convenience and perks of online auction websites. This can be achieved only when you choose a reputable and authentic website.