Running eAuctions is super stressful, but they’re also a busy and exciting time, right? What if you could run an eAuction without any stress at all? It is possible. Below we’ve compiled 4 essential tips that you must follow if you want to run a successful eAuction time and time again.
One of the fantastic things about eAuctions is the ability to negotiate with buyers and sellers around the globe instantly. But that does have some downsides too. First, you need to create a standard that everyone must be held to on your platform.
1. Create A Standard
Pick a currency that everyone can move their money to for the eAuction. US dollars are a good, stable currency to have everyone buying and selling in. You also need to monitor and make sure products and services that are similar are held to the same standards. For example, one seller is selling apples by weight, e.g. you can buy a kilo of apples, while another seller is auctioning his apples by amount, e.g. 12 apples per sale. This will make it hard for bidders to compare.
2. True Market Prices
This tip could save you a fortune!
The purpose of an eAuction is for everyone to get the best prices. How can you do that if you aren’t showing true market prices besides each product/service that’s being auctioned? It really doesn’t matter how well you manage the eAuction if, at the end of the day, you’ve made a loss due to wrong prices.
By ensuring you have true market prices displayed clearly and kept up-to-date with real time updates, you’ll be able to instantly see where there’s a bargain and where money is being lost.
3. Quick Connections to Bidders
You need to have a direct and quick line of communication with your bidders. Just like market prices need to be in real time, so does your eAuction platform and communication methods. If something goes wrong you need to contact everyone immediately to prevent further bids that are losing money or getting lost, for example.
There are several ways to do this. You could have a team of workers ready to jump on the phone and call everyone, or you could use an instant messaging service that allows you to message everyone on the eAuction at once.
4. Use the Right eAuction Software
To really make sure that you’re running an eAuction that follows the above tips, you can either work your socks off and pile on the stress or let Scanmarket take care of it for you. Scanmarket’s eAuction software allows you to very easily do all of the above.
They have an easy to use interface that makes your job so much easier and bidding/supplying so much easier for everyone else too. It’s definitely worth checking out their eAuction software!