The Benefits of Online Auctions

In our modern, technologically advanced world, it’s easy to forget how lucky we are when it comes to sales platforms. Now, more than ever, online auctions are growing in popularity, and it could be an excellent choice for your business, too.

Since the outbreak of the Coronavirus pandemic in 2019, social distancing restrictions have come and gone, profoundly affecting both public and private settings. Limitations on venue capacities and travel severely affected every industry, and the world of auctions were no exception. Fortunately, online auctions provided an effective alternative; so effective, that many prefer it as their chosen auction method.

Covid-Safe

Despite the easing of restrictions in Australia (and most other countries), the Coronavirus is still an ongoing issue. Considering this, continuing to host auctions online provides a practical solution. By logging onto the computer to sell or buy, there are zero health risks that could otherwise affect turnout.

More Potential Buyers and More Competition

Thanks to the convenience of online auctions, they can reach a much wider audience. Where previously congregating buyers from multiple states would have proven a challenge, online auctions can be accessed, even internationally, with ease. As a result, online auctions have the potential to attract a significantly higher number of buyers. In turn, this generates greater competition, meaning that you generally receive a higher return on your assets.

Cost Effective

With an online auction, from the buyer’s perspective, costs associated with travel to the venue are minimised. It also reduces costs for the vendor as the auctioneer’s on-site staffing is significantly reduced. This money could be invested in a more intensive marketing campaign.

Longer Bidding Period

By hosting an auction online, you have the freedom to select your bidding window. This helps to give the buyer more confidence, as they have ample time to research products and make informed decisions. In addition to this, longer bidding windows provide more time for potential buyers to find your auction and increases competition as they are afforded more time to bid.

While live auctions are still a popular and successful method to sell, online auctions have indisputable benefits (particularly now). Ultimately, each auction’s circumstances are unique and will influence the type of auction that will work best. To speak to an expert today and find out what type of auction will work best for you, contact our friendly team at Hymans Valuers and Auctioneers