Many sellers and buyers seem not to have problems transacting with each other with a click of a mouse, even though the pandemic forced auction houses to close their doors to the public. Compared to 2019, there was a significant increase in the number of online or virtual auctions held worldwide last year. Naturally, the generated sales are also significantly higher.
Still, auction enthusiasts (both sellers and buyers) are concerned about the ability of online auctions to grow and influence retail once the Coronavirus crisis is over. However, there are reasons to believe that online auctions are the post-pandemic future because of the following:
The Absence Of Any Geographical Boundaries
The most significant convenience that online auction houses like William George have is the absence of geographic barriers. It’s a perfect scenario in a new world where safety and convenience are the utmost priority.
Online auctions in the post-pandemic world will grant sellers a chance to showcase their products to millions of people from various locations. With the Internet’s help, items get listed on websites or social media platforms and are made available for bidding. The best thing about it is that both sellers and buyers can complete all transactions remotely.
The absence of geographical boundaries in online auctions entirely eliminates traditional limitations. One of the most significant drawbacks of traditional auctions is the fact that even buyers who have yet to figure out if they really want a listed item or not have to attend the actual bidding.
There’s No Restriction As To When Someone Can Place A Bid
In an online auction, time isn’t a detriment for potential buyers. They can place a bid anytime. It’s perfect for those who now have flexible schedules because of working from home (a working setup that has become more popular during the pandemic).
With online auctions, someone from Europe can bid even if the seller is in Asia and is probably asleep. Sellers can list products, and buyers can hunt for the best deals at night or at their most convenient time.
Bidding Stays Open For As Long As The Seller Wants
Bidding in online auctions can have a longer window. That’s because sellers can run the bidding for several days. It’s perfect for those hosting an auction as part of fundraising event efforts and who want to reach the highest number of people possible. It’s not only convenient for the seller but for buyers too.
The extended bidding gives buyers more time to research the listed items and make a decision. As a result, buyers can get something that they really love and wouldn’t regret spending their hard-earned money because they can make more informed decisions.
Attracts The Right Buyers
By giving bidders and would-be buyers more time to research the listed item, online auctions assure every participant that the product’s value is fair. Most online auction platforms also allow bidders to see and monitor the number of people who have already placed a bid, or showed interest in the item, further boosting their confidence that the product is legit.
Sellers can also avoid joy bidders because online auctions tend to attract only the most interested and determined people. Again, it goes back to the fact that virtual auctioning of items allows potential buyers to do prior research and analyze every aspect of the product before placing a bid. Thus, only the ones who will really buy what the seller listed will participate in the end.
No Need To Move Items From One Location To Another
This factor benefits sellers more. That’s because they don’t have to move listed products from the warehouse to the venue with online auctions. They only have to take a picture of the item, sell it, and have the delivery service provider pick it up. The product will then reach the highest bidder in no time. Sellers can minimize moving costs, giving them more money in their pocket as part of their profit.
Immune To Delays
Traditional local auctions can be boring, time-consuming, and tedious. Anyone who has already tried bidding and buying from an auction would agree. In a fast-paced post-pandemic world, that clearly won’t work. The unnecessary bureaucratic procedures or any other potential reasons for delay wouldn’t be a problem in online auctions. Not to mention, online auction platforms also use escrow services, so it’s still reliable.
The limitations on mass gatherings because of the pandemic obliged many auctioneers to transition to virtual auctions. However, it was a shift that’s perhaps necessary and catalyzed a change that best serves both sellers and buyers.
In a post-pandemic world where the Internet of things will become more prominent, online auctions make a lot of sense.