5-Ways-Buyers-Benefit-from-an-Online-Auction-in-the-Philippines

5 Ways Buyers Benefit from an Online Auction in the Philippines

August 1, 2018

How do buyers benefit from an online auction in the Philippines?

  1. Removes geographical barriers
  2. Saves time and money
  3. Offers more options
  4. Makes it easier to compare prices
  5. Guarantees fast transactions

 

There are two main types of auctions – the traditional kind and an online auction in the Philippines. Both of these allow buyers to buy items at great deals and allow people to obtain rare items that cannot be found in actual stores. Although traditional auctions have been around for much longer than online auctions, the popularity of the latter has never faltered and is on par with the former. Nowadays, companies are holding both traditional and online auctions, but the majority are sticking with the latter.

Online auctions are a win-win for both buyers and seller. From a seller’s standpoint, they won’t have to spend for an actual and physical event which typically costs a lot. They’d have to pay for the venue, auctioneer, equipment, and others. An online auction removes all that and would only require them to spend for the website or webpage of the auction site which is a lot cheaper than preparing for an event. Their reach is also extended to participants outside their home ground which means more opportunities to sell their products.

As for the buyers, they also benefit from participating in an online auction, and that’s exactly what we’ve written below:

Removes Geographical Barriers

The primary benefit of online auctions is that anyone from any part of the world can participate in them. Say there’s a unique and rare item that the auction sells but you’re not living in that country, you won’t have to sulk because you can easily register online and place your bids anytime and at the comfort of your own home. You may have to shoulder large shipping fees, but that is so much better than missing out on an item just because you were in a different part of the country or the world.

Saves-Time-and-Money

Saves Time and Money

Online auctions are incredibly convenient. As said in the previous point, you can bid from pretty much anywhere you want, which means there’s no need to spend time or money to travel to a physical location just to take part in an auction. You also won’t have to suffer through the feeling of going home empty-handed after traveling miles to attend a live auction – ultimately wasting your time and money. The only thing you need in order to participate in an online auction is a laptop or tablet and an internet connection – things we all pretty much have or at least have access to.

Offers More Options

Unlike traditional auctions where you are limited to the items in the catalog, online auctions offer more options and appeals to a wide variety of people. This is not because online auctions put up random items – although they sometimes do – but mostly because there are a large number of online auctions that you can access at the same time. Since you don’t have to be in a physical location to place a bid, you can just browse different auction sites and bid on all of the items you want.

Makes-it-Easier-to-Compare-Prices

Makes It Easier to Compare Prices

Participating at an online auction means you have a reliable internet connection, which also means that you can easily look up the original price of the items that are up for auction.

Granted that you can do this too prior to participating in a traditional auction, it’s almost impossible to do while the actual bidding is happening. The bidding process at live auctions are extremely fast-paced and there’s no time to check prices. Online auctions, on the other hand, don’t move as fast and there’s a lot of time to thoroughly research an item before needing to make a bid.

Guarantees Fast Transactions

Buying, winning and claiming the items you’ve won at a live auction can be as time-consuming as the auction itself. You have to hand out the payment, sign some papers, and wait for the seller to authenticate and finalize the transaction. Such a process is necessary for large commodities such as cars and real estate, but they are a little bit unnecessary for small items like old books, clothes or pieces of furniture.

You can skip all this when you buy from an online auction. All you have to do then once you are selected as the highest bidder is settle the payment and wait for your item to arrive at your doorstep.

Key Takeaway

Online auctions in the Philippines offer a lot of benefits not only for sellers but for buyers as well.

For one, it gets rid of geographical barriers and allows people from all over the world to participate. Another is it removes the need to spend time and money to travel to a physical location. There are also more options in an online auction and caters to people with different interests. Comparing prices has also been made possible during the bidding process. Finally, faster transactions, especially for small items, is guaranteed.

All these points show how beneficial online auctions are for buyers but don’t take it as an argument against live auctions. Both auction types have their own sets of advantages and benefits for both parties and are great ways to get items at great prices!