You can never discount the thrill of an auction – the competition to get coveted items, the excitement of winning a bid, and so much more. These are what makes auctions so exhilarating and engaging. Live auctions are events to be in with pressure from the participants, the auctioneer, and peers to drive to win an item.
However, in recent times, with the Covid-19 pandemic sweeping the world and social distancing norms in place, these live auctions have been put on hold. Stepping into the gap and making fundraising go on as before are the free auction sites that are just as competitive. Participants here go online and place their bids from any Internet-enabled device at their leisure and convenience.
There are many benefits that free auction sites have to offer and it is a ready place to cash in on a captive and worldwide audience. The downside is that if you do not promote and systematically conduct the online auction, your product and listings can get drowned among thousands of other auctions being carried out on the Web.
Benefits of Free Auction Sites
So, why should you choose free auction sites for holding an auction instead of the traditional live and in-person setup?
- Unlimited reach: Online auctions offer unlimited reach to participants as any person regardless of whether inside or outside the community can place their bids. These include bidders from any part of the globe and hence online auctions are a very good option for large organizations and school communities with campuses spread beyond geographical borders.
- Cost-effective: For charity fundraisers and auction organizers on a budget, free auction sites are an affordable option. The regular costs of holding a live auction are done away with. Free auction sites do not charge for displaying items on the site, and only fees of third-party service providers like payment gateways and couriers for shipping items to the winners have to be paid.
- Time-saving: Online auction saves time for participants as they do not have to commute to live venues. This is especially relevant during the busy auction season when the time to travel to various auctions is at a premium. In free auction sites, bidders can leisurely scan through the items on display on the website and place bids at their convenience from any location they are comfortable in.
- Manpower saving: A live auction to be successful needs a lot of manpower for readying halls, physically putting up the items on display, conducting the auction, and other miscellaneous matters. For online auctions, you do not need an auctioneer, volunteers to handle items or procure them, and ship them to the winning bidders. Rather, you will not need any help to set up and conduct the auction. Running of the auction on the site is taken care of by the software.
- Relaxed environment: Online auctions do not have stress and tension-filled environment like on-premises auctions that usually put off many participants. On the flip side, online auctions offer a relaxed atmosphere and are not limited by any time constraints. Bidders can participate without having to go through a highly-charged setting.
- No movement of items: Items for auction are not moved around from source to auction halls to winning bidders as in live auctions. On the other hand, for free auction sites, the goods remain at the merchant or any other source, and only their photos are displayed on the site. After the winning bids, the items are shipped from that location only. As an organizer though, it is your responsibility to arrange for delivery and shipping after receiving payment from the bidder.
Given all these benefits of free auction sites, you would obviously want to hold any fundraiser online only. How would you go about it?
Holding of Online Auctions
- Select a site: You have to select an online auction site first. Research the Internet to determine which among the many free auction siteswould be best for your products and the type of fundraiser you have in mind. Check the specialized sites to know which will be ideal for the number of items you have.
- Choosing your products: Do you have several products or one that you want to sell in bulk? What is the extent of demand for the items and the profit margin you expect? In online auctions, collectibles take top place in sales with computer hardware, event tickets, toys, and books following closely. You can also choose one unique item with a high profit margin. Niche markets account for 43% of total sales.
- Listing options: Check how you would like to sell your product. There are several listing options to consider. Regular listing is where you select your category and the product automatically gets listed there. Reserve price auctions are where the amount at which an item should sell is specified. However, it discourages bidders from looking for a deal.
- Promote your auction: Once the basics of deciding on a site from free auction sites, choosing the product and category, and the type of listing are finalized, it is time to focus on selling your event. You have to advertise the auction very well to your target market. Design tag lines to grab the attention of potential participants and create a buzz on social media platforms. A sustained email campaign and publishing newsletters are other optimized methods to promote your auction.
To ensure that you have positive feedback ratings, list shipping costs, ensure fast delivery, answer buyers’ questions immediately, and follow up with great customer service.
