How is technology changing auctions?
- Increases accessibility to the global market
- Gives the buyers an equal playing field
- Creates more educated buyers
- Creates safety measures for online transactions
- Lessen the costs
- Increases time efficiency
- Allows for more items to be sold
The advancement of technology has opened doors for auctions in the Philippines to reach a global scale. Auctions done through the internet or online auctions have given both buyers and sellers the ability to communicate with parties from all over the world. Read on to learn more about how technology is changing auctions.
Increases accessibility to the global market
Through online auctions, you can easily search for items all around the world. Looking for a specific brand of shoes? Internet bidding gives you multiple options to choose from. This will also allow you to compare the prices offered by different companies and choose which one perfectly suits your budget.
This also means that selling your assets on the global market can quicken its return. The more chances people have to bid for your item, the faster it can be sold to the highest buyer.
Gives the buyers an equal playing field
The difficulty with live auctions is that it is limited to a certain area for a set amount of time. Nowadays, people from all walks of life have access to the internet. This means that just about anyone can bid for items online.
On a work trip to a different continent? Enjoying a family trip to a remote part of the world? You can look through online auctions on different kinds of technology such as your phone, computer, or even your smartwatch. Companies are quickly adapting to allow their buyers and sellers easier access to their services.
Creates more educated buyers
Since online auctions are set up weeks before it actually closes, buyers can spend more time researching on the items that they are interested in. They can easily read up on the pros and cons of an item on the internet. This creates a more educated buyer that knows what they want.
This can be observed in the trade of buying and selling cars. Have a secondhand car that you want to sell? Online auctions can help you create a detailed and interesting description of your vehicle. Interested in buying a new car? A quick online search can show you the best model that suits your needs.
Creates safety measures for online transactions
In the early days of online auctioning, there were practices that extorted loopholes in the system. One prevalent problem was the act of “sniper bidding”. This is when a buyer will wait for the last couple of seconds before an auction closes to outbid the highest bidder. With the advancement of technology, companies were able to introduce a solution called “soft close”. This prevents sniper bidding by automatically adding additional time to the auction in order to give all the buyers an equal playing field.
Another advancement is the “max bid” option. Once chosen, the buyer’s account will automatically outbid the highest bidder without exceeding the buyer’s set max bid. The buyer will be sent constant notifications to keep them aware of their bid’s progress.
Lessen the costs
Since online auctions have no need for a venue or equipment, companies will be able to significantly decrease the costs they would have usually needed for live auctions. This would also lessen the amount of manpower needed as all bids will be done digitally.
Going digital can also help lessen the carbon footprint of auctions. Since everything is done through the screens of your gadgets, there is no more need for paper. Utilizing the internet is the first step to creating a completely waste-free industry.
Increases time efficiency
Live auctions take up a lot of time. The time that could have been spent on other business endeavors. With online auctioning, there is no need to wait around for your item to be showcased. Just a simple click of a button places a bid on an item that you are interested in.
This also goes for post-sale payment. Instead of waiting for your turn amidst a long line of buyers, you can easily pay for the items you bought digitally through online payment systems.
Allows for more items to be sold
Another advantage of online auctioning is that you do not need to physically present your assets. This allows you to sell more items in a shorter amount of time. An example of this is in the industry of buying and selling cars. You do not have to physically bring your cars to auctions anymore, you can just simply take a picture and upload it online.
Another example is in the real estate industry. By taking detailed pictures of the property, you can provide the buyers with a virtual tour of the place. This way, you get to showcase the location’s features to interested buyers all around the globe.
Technology is key to globalization. It has been a crucial factor in improving the efficiency of auctions. If you are a person who enjoys auctions in the Philippines, online auctions are the perfect doorways for you to enter the international market.