A Guide To Online Auctions

Since online auctions hit the world of the internet in around 1995 they have found international popularity and now there are literally hundreds of online auctions from the traditional highest bidder auction to newer more innovative formats such as penny auctions. You can buy almost anything from auctions on the internet including antiques, second hand items and brand new products. So whether you are a buyer or a seller, here’s your quick general guide to online auctions.

Buyers Guide to Online Auctions

Internet bidding sites are great fun and for many people this is a big part of the attraction. Yes you may well get that top notch Smartphone for less than a quarter of its value, but for many users actually winning such an item is just a bonus in what can be an exciting chase to outbid your competitors at the last second!

Before bidding on any item however, here are a few tips that might just come in handy:

1. Online auctions are all different so familiarise yourself with each individual site and their rules and never assume that they all work in the same way. 2. Find out if the site offers buyers protection and discover what the return policy is. 3. Read about the item you are bidding on carefully, especially the small print! 4. If the auction site gives seller ratings then make sure you check these out. 5. Consider how much you are willing to pay for an item and stick with that amount, be prepared to walk away if it goes over your highest offer. 6. Keep your nerve and have fun!

Sellers Guide to Online Auctions

Online Auctions can be a convenient and easy way to turn those unwanted items into spare cash. Some people have even set up online businesses which trade in pre-loved items. It can be a great way of earning a little extra money, but before you start to list those unwanted Christmas presents, read out brief guide first:

1. Be truthful about the item you are selling as some auction sites will list buyers’ feedback and your rating may be affected if you don’t mention flaws or stains, etc. 2. Consider how much the item would cost to post and think about whether or not you would ship anything overseas. Don’t be tempted to hike up postage charges in order to sell something cheaply, buyers can see through this tactic. 3. Use your own photographs and not stock photos. 4. Think carefully about the lowest amount you are willing to accept for the item because if someone bids for that amount, you may be obliged to sell at that amount. 5. Ensure buyers know where they stand with a comprehensive returns policy. 6. Don’t be tempted to take private offers away from the auction site as you won’t then be covered by the online auction protection should things go wrong.

Online auctions are a great way in which to make money and find fantastic bargains! They are also great fun to take part in so keep your cool, follow the rules and you can’t go far wrong!

What Are the Advantages of Hiring an Online Auction Service Provider?

Online auction service providers are doing wonders to non-profit organizations and cause marketers. Their solutions are internet based. Hence, they are free to use and do not require any set-up fee or monthly subscription charge. Online auction service providers help to arouse maximum interest on your items for auction. Any auction-related news can reach out to the global audience, easily, 24×7. The online auction service providers also enable instant promotion of your items on Facebook, Twitter, and such other popular social networking sites.

Some key advantages of hiring an online auction service provider include the following:

Creation of Multiple Auction Sites

They help you set up as many auction sites as you want. You can easily launch an auction with set prices. Non-profits can also upload different banners and imagery on their site using a web-based auction platform.

Customized Solutions

The web-based auction service provider offers customized solutions to promote a particular auction to supporters, while using a dedicated domain name and preserving your brand identity.

Easy Accessibility

The online auction service providers offer a site toolbar that is accessible from any page on the site. It contains the name, logo, and information about the organization. It also provides a link to an existing organizational website.

Seamless Integration into Web or Social Media Platforms

Online auction platforms also enable seamless embedding of auction interfaces into third-party websites and blogs. In this way, they maximize your site’s exposure by simultaneously importing information on social media platforms, such as Facebook.

Secure Payment Management Solution

The system provides diverse payment options to the buyers of auction items. You can pay using your credit cards, PayPal, and so on. The PCI-compliant payment management solution offers multiple gateways to provide you the highest security.

Easy Accounting Service

The auction service providers feature an integrated accounting solution to process funds in multiple currencies. They include a fully integrated mechanism for managing auctions, both live and silent.

High Visibility

Your site is expected to get maximum exposure once you start using any of the online auction platforms. Potential bidders and buyers will get to view your auction items 24×7. Besides, the platform also helps the auctioneers connect with the bidders online.

Option of Uploading Videos

The Cloud-based auction platform features pre-recorded promotional video presentation capabilities. You can upload videos to promote a charitable cause to individuals and companies.

Thus, the online auction service provider brings in a user-friendly platform to connect and interact with the bidders. They enable the clients to raise funds through the auction of items and extend their reach to supporters outside their immediate audience.

Navigating Your Way Through an Online Auction

Millions of people participate in online auctions everyday, but do they really know the ins and outs of bidding online successfully? There are certain things that one needs to be aware of when bidding online without breaking the bank or ripping out your hair.

One of the first things that bidders should do is invest time learning all of the different auction terminology there. It is important for you to know what the auctioneer is talking about while the action is happening, especially when you are bidding online rather than being there in person. It will be so much easier for you to follow along with an auction when you know what they are talking about.

Once you are well versed in auction terms, you should next familiarize yourself with the upcoming auctions and peruse their catalogs. By looking through and researching what is available for auction ahead of time, you are able to make decisions on what you what to bid on in a calmer atmosphere rather than in the heat of the moment during the auction. With online catalogs, you can see descriptions and pictures and are able to ask questions to the auction house before the auction so that you can make informed decisions rather than ones based on emotion.

Another important thing to do before the auction starts is to remember to register as a bidder for that auction. Many auction houses will want to approve you as a valid bidder before the auction starts and you will find it much easier to be an approved bidder before the auction starts rather than during the auction. By doing this well ahead of time, you eliminate the possibility of missing the lots that you are interested in bidding on while waiting to be approved.

While the auction is happening you will notice that it can be fast paced and sometimes you might struggle with keeping up. This is why taking advantage of maximum bidding ahead of the auction can be beneficial. If you can go through the online catalog and place maximum bids on items you are interested in, you lessen the risk of not getting the item you want considerably as well as minimize the risk of overpaying for the lots you are bidding on.

When the auction is finished and you have items that you have won from that auction, most auction houses will send you an email confirming the items you have bid on and won. This process can take a bit of time for the auction house to complete as they need to confirm each lot number. Remember to be patient. Many auction houses wait until the completion of the full auction to send out these emails rather than the completion of the lot number in the catalog. Bidders can easily get frustrated by not knowing that the process can take time to get their confirmation emails, but once you are aware that this can take time, you can rest easy while you wait.

By being aware and knowing these few tips to help you navigate through your next live bid online auction, you will reduce the anxiety around bidding online and ensure a fun and easy process the next time around. Happy Bidding!