Holding Internet Auctions – A Guide to Online Bidding

One of the most affected activities due to the Covid-19 pandemic is the fundraising efforts through auctions by charitable institutions and others. Complete lockdowns and strict social distancing norms in recent times have hit on-premises auctions very hard. 

This is primarily because of the nature of traditional auctions. Visualize one and you will see hundreds of people interacting in a closed hall lined with tables where the auction items are displayed. An auctioneer motivates bidders to raise the bids higher and higher and there is a general atmosphere of fun and excitement with people close to one another. 

This is exactly the scenario that is considered as a Covid spreader and it is not surprising that when the pandemic restrictions were implemented, the usual auctions were among the first activities where the ax fell. Fortunately, the vacuum left behind by the fall in the popular auctions of yesteryears was quickly filled by Internet bidding sites and the rise of online bidding and silent auction processes. 

Comparatively, the experience of online bidding from an Internet-enabled device like a smartphone, tablet, or laptop can seem dull and listless for the die-hard regular auction fans. There are no gala dinners, movie shows, or keeping a keen eye on the auctioneer’s paddle. But even though the entertaining atmosphere is missing, safety concerns and the need to ward off Covid-19 have led to an exponential growth in Internet bidding sites and the acceptance of online bidding as the best option for fundraising through auctions.

This post will take you through the many facets of online auctions and silent auction including the benefits and the process of holding one. 

Charges of Internet-based auction websites 

But first a word of the fees of the Internet-based auction sites. Most charge an administrative fee for the software, use of the site for displaying photos of the items, conducting the bidding and declaring the winners, and use of the payment gateway services. Some sites levy a commission on the total sales.

On the other hand, you will also get online bidding websites that promise services free of any charge. But even then, certain fees for third-party services have to be paid like that charged by payment gateways and others. Hence, before choosing a site for holding online auctions go through the fine print carefully.

Benefits of online bidding websites

Online bidding websites offer a host of benefits and this is the main reason why the transformation from an on-premises auction environment to an online one has been so smooth and seamless. 

Here are some of the benefits of online bidding websites. 

Because of the wide global audience and the convenience of online bidding, Internet-based bidding always attracts more participants and higher winning bids when compared to on-premises auctions. 

Holding an online auction

The key to successfully holding online auctions is to select a site that has credibility and long experience in conducting auctions. Even though you are not limited by space, keep the number of items reasonable as the logistics of handling too many items can mar the auction. 

Follow these guidelines to hold a successful online bidding Internet-based auction. 

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