Vyasil Digital Development

Website Development & E-Commerce Shopify | Freelance Marketing Experts

Website Development & E-Commerce Shopify | Freelance Marketing Experts

Website Development & E-Commerce Shopify | Freelance Marketing Experts

What is the Auction process and What are the types and benefit of auction proces?

Before considering Selling Items on Auction, one should look for a reputable auctioneer based on experience and specialty area based on goods and services you are planning to sell. Once you engage the auctioneer or the auction company, the latter will invite interested bidders for a preview of items, preferably a few hours to the exact date of the auction. After viewing, the bidders will register with the auctioneer if they are satisfied with the items’ condition on sale by giving out their details and subsequent cards issued for the due day processes..

Types of Auction

  1. English/ Open Auction-this involves an open ascending price, where subsequent prices are competitive and higher than the latter, and the highest bid is accepted, thus closing the offer.
  2. Dutch Auction-this is an open descending price; the auctioneer starts with the highest price descending until the bidders meet the sellers/auctioneers’ set price.
  3. First price Sealed-bid Auction-in this type of auction, all interested bidders will submit their sealed bids. It is competitive whereby the highest bidder is selected in a buyer-bid Auction, while in a seller-bid Auction, the lowest bidder is selected.
  4. Second-price Sealed-bid Auction-in this case, the highest bidder gets the item at the price of the second-highest bidder.

Benefits of Auction

  1. It is time-saving, time-efficient, and conducted within the given time frame.
  2. The seller can dictate the time and place for the auction to 
  3. occur.
  4. The auction gives an ultimate avenue for advertisement and marketing. The item on sale stands a better chance for various viewers during the preview period, and most auctioneers use email marketing.
  5. It’s quick and efficient since there are no negotiations and intermediaries involved.
  6. There are no leftovers as everything is sold in an auction.
  7. Competitive bidding gives the seller fair pricing.
  8. Auction is not negatively affected by economic patterns, whether negative or positive.

Conclusion

Selling Items on maclean auction is the safest way of disposing of items on fairgrounds. Competitive bidding gives competitive pricing, thus higher security and increased margins to the seller. In many cases, no leftovers as all items are sold off.