Gone are the days when bidders had to be present at live auctions. Now, online auctions make participation easier. However, not all auction software is the same.
If you're new to virtual auctions or thinking of switching from your current auction platform to a new one, this article will guide you through the key considerations when choosing the right auction management solution that will give you the best ROI.
What is Online Auction Software?
Online auction software is like a digital auction house where online bidding happens in real-time.
Virtual auction software unburdens you from most of the heavy lifting of hosting auctions. It handles the entire auction process from start to finish, from inventory management and bid management to payment processing and order fulfillment—all from one online auction platform.
Types of Online Auctions Supported by Auction Software
There are no hard and fast rules to choosing the type of online auction you should do. This depends on what you want to sell, your business model, and your goal.
For example, fundraising events or charity auctions require a different approach than e-commerce sales.
Fortunately, online auction platforms can support different types of online auctions, including but not limited to the following:
- Silent Auction. Potential buyers place bids anonymously on an app or website.
- Forward Auction. Online bidding starts at the lowest possible price and increases gradually.
- Reverse Auction. Auction participants are the sellers rather than the buyers. It creates a competitive environment where customers get the lowest price.
- Penny Auction. Participants purchase a set number of bids beforehand; each bid raises the price by a penny, and the highest bidder wins the item when the time limit expires.
Auction Software: What’s in It for You?
Auction software simplifies tasks such as tracking inventory, recording real-time bidding, and managing bids. It has a long list of benefits, no matter what type of event you're hosting.
Simultaneous 24/7 Online Bidding
When it comes to virtual auctions, time equals money. Luckily for you, an auction software doesn't sleep. It automates everything you need to run profitable online auctions so you can generate sales non-stop.
Unlike a traditional auction site that can only accommodate one auction at a time, you can host multiple online auctions simultaneously. This moves your auction items off the shelves faster and generates higher revenue.
Real-time Auction Optimization
In traditional auctions, metrics are analyzed afterward, and any improvements will be implemented for the succeeding events.
On the contrary, online auctions can be optimized in real-time. As the online bidding progresses, you can access a goldmine of insights and implement changes to increase bidder engagement and conversions.
Choosing an Online Auction Software: What to Look For and What to Stay Away From
We've come to the million-dollar question: how do you choose the best online auction software?
In the following sections, we'll discuss the critical criteria for shopping for online auction software, what to look for, and what to avoid.
Flexibility and Customization
LOOK FOR: An auction platform that accommodates your own branding.
AVOID: Constricting platforms with global UI/UX rules.
The ultimate goal is to make your online auctions appear like they're hosted on your own auction site, not like something that looks run-of-the-mill.
Choose online auction software with a headless architecture, where the back end is separate from the front end. This will give you a user interface that can adapt to your unique requirements. With flexible customization options, you can make every auction feel personalized. You can also remain faithful to your brand identity by opting for a white-label auction platform.
Ease of Use
LOOK FOR: Intuitive system.
AVOID: Complex implementation.
Using online auction software should not feel like rocket science. While there's some technical knowledge required to launch an auction website or app, the learning curve shouldn't be so steep that it becomes a source of delay.
After all, you're investing in online auction software to make the process easier. Choose one with an intuitive system that you can master in a short period.
Multi-device Compatibility
LOOK FOR: Responsive interface and centralized database.
AVOID: Device-specific digital platform.
News flash: 54% of all web traffic comes from mobile devices. While no statistics support it, it won't be a surprise that mobile bidding will surpass other auction channels.
That said, the profitability of online auctions will heavily depend on their ability to accommodate real-time bidding on any device without disruption.
When comparing online auction software, do not overlook responsive design. Choose an auction platform that provides a consistent online bidding experience across smartphones, tablets, and desktops.
Secure Payment Methods
LOOK FOR: Secure, multiple payment options.
AVOID: Limited payment processing integrations.
Imagine buyers going through the entire online bidding process only to find out they can't complete their transaction using their preferred payment channel. Including various payment methods like credit cards, PayPal, and digital wallets makes it easy for bidders to participate and complete transactions smoothly.
Additionally, secure payment is a top priority for any online auction software. Look for software that uses encryption to protect sensitive information, employs secure socket layer (SSL) certificates, and offers fraud detection features.
Auction Software Cost
LOOK FOR: Pricing plan that mirrors the platform's capabilities.
AVOID: Expensive online auction software that doesn't feed your current and future needs.
Here's what you don't want to happen: Spend a big chunk of your online auction earnings on auction software. The right auction software creates profits, not losses. Assess what each online auction platform offers and look for a balance of key features at a reasonable price.
Some providers have pricing ranges depending on how many auctions you run. Others might charge an entry-level pricing plan, a flat fee, or per auction. Determine which pricing structure best aligns with your auction frequency and budget.
Quality of Support
LOOK FOR: Prompt and easy-to-understand support from skilled software engineers.
AVOID: Limited support channels and highly technical documentation.
You want a software provider who has your back and can provide quick, helpful solutions whenever issues arise. It's also important that the support team can speak your language and explain troubleshooting steps in layman's terms.
This is especially important for individual creators who don't have a strong technical background.
Make sure they offer multiple support channels, such as live chat, email, and phone support. It’s also a bonus if they have a rich library of help documentation and active community forums where you can find answers and share best practices with other users.
Find the Right Auction Marketplace Software
If you don't know where to start, picking the right online auction software can feel like finding a needle in a haystack.
At the end of the day, the best software is the one that fits your business needs like a glove. Do your homework, take advantage of free trials, and soon enough, you’ll be running profitable auctions like a pro.
Auction Anywhere with Basta
Basta is the #1 online auction software for businesses, nonprofit organizations, and individuals. It offers a centralized platform for inventory management, bidding management, team collaboration, customization, and more.
As true headless auction software, it offers full design flexibility, resulting in show-stopping auctions across all devices and channels.
To get started with Basta, drop a message at hi@basta.app.
You can also sign up and enjoy a 30-day free trial.
FAQs About Auction Marketplace Software
Can I run any online event using online auction software?
Yes, most auction software products support different virtual auctions, including English auctions, reverse auctions, silent auctions, and more.
How much should I spend on an online auction platform?
Prices for online auction software range from $29 per month to as much as $999 per month. Your needs will determine your budget, but you must choose one that balances features with reasonable pricing.
Do I need to consider my technical background when choosing online auction software?
All online auction management solutions will require some technical know-how. However, some platforms have a steeper learning curve than others. Choose one that suits your level of technical expertise.
Why should I choose a headless auction marketplace software?
An auction marketplace software built on a headless architecture gives you more flexibility in designing your own auction site or app. It gives you more freedom for branding and delivers personalized auction experiences for your customers.
