Technology continues to shape the future of our world. And because of this, now is the time companies in all industries must adapt to recent technological changes. For the auction industry, many companies are used to doing things the traditional way. However, to keep up with the competition, it’s important that your company is staying up to date with new technology.
Online auctions have significantly increased in popularity over recent years, and will continue to greatly impact on the auction industry. As traditional in-person auctions are still relevant and effective, online live bidding auctions offer even more advantages.
At InnovA, our SaaS auction management software provides auction companies with the help they need to operate a profitable company. Below, we highlight some of the advantages of offering online live bidding auctions on top of your traditional in-person events.
They are convenient
The number one factor that drives potential buyers to an online auction is the convenience they offer. When searching for upcoming auctions, it can be a hassle to have to drive hours away, take time off work, and attend an event during a certain time frame. Online auctions offer the luxury of bidding anywhere and everywhere. Whether your potential buyers are at work, at home, or at their kid’s sporting event, they can easily bid on items directly from your website. Having a good auction management software will make this even easier for them!
Going along with making your events more convenient for your customers, online auctions will also help you reach a larger audience. According to statistics.com, there are currently over 4.66 billion internet users worldwide. Think about that… 4.66 BILLION. As everything shifts digitally, the internet is becoming more and more prominent in terms of business. Holding online auctions will ensure that you reach an audience that would not be attending in-person events. A larger audience usually translates into a larger number of bids, which will ultimately help your business make more money.
Lastly, hosting online auctions on your website does not only allow you to reach a larger audience or sell more items. In fact, these auctions will be able to help you gather valuable information used to evaluate your business. When bidding online, there is a registration process that each bidder must go through, which allows you to gain insights about your audience and adjust your marketing strategy accordingly. Whether it’s obtaining customer emails, finding out the demographics for your audience or whatever it may be, these metrics will certainly help you in growing your business!
As technology continues to change the way our world operates, it’s up to companies to face these changes head on and use them to their advantage! Online auctions offer companies many benefits, but even more when you have a trusted auction software to help you out. To learn more about our auction software and how it can be of benefit to your company, please visit our website and request a free demo today.