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How to Build Your Own Online Auction Website for Online Auction Business

How to start an online auction website
  • By Ewdc
  • /
  • March 27th, 2018
  • /
  • Posted in Ecommerce

Online auction delivers a quick and powerful business model for both home-based entrepreneurs occurring into eCommerce. It also makes anyone bid for an item of their decision from everywhere without limitations of time, physical presence. Because, the Internet connects everybody together. Whether you need quick money for garage treasure, you are setting a business strategy for financial freedom or your strategy on taking a big-business product portfolio to new clients. The online auctions serve a global marketplace for marketing just about anything. Here is everything that you must know about creating an online auction website with minimal time & cost. Let’s we discuss how to start an online auction website for your online business.

Why Would You Create an Online Auction website?

If you are reading this article, you likely already have a kind of reasons for creating an auction based website. You can also quickly build a website that makes a more particular style of an auction for a smaller group of clients.

Smaller-scale auction websites are excellent in that you have control of the products that are being auctioned off. And you can reduce, or dispose of the price, that is usually required to bid or post products. Furthermore, the web gives a wide-range of benefits like time-stamped electronic bid forms, online searches that can get through up listings of most recent articles being sold on auction.

The marketplace is already ruled by enough large-scale general platforms and bidding websites. If you need your online auction website to succeed, then your best plan of action is to begin small on a very dedicated niche. All the benefits combined with the easy availability of eCommerce site building solutions have driven to increasing growth of online auction websites across the world.

 

If you want to start a small business from home, but don’t have cash on hand, an online auction business is great to start.

 

How to Start an Online Auction Business?

Initially, you should be familiar with the process of purchasing and selling. And you have to know how the auction works. So far, the most significant online sale website is eBay that claims a large number of users around the world.

Other famous online auction websites include:

  • OnSale
  • uBid
  • QXL
  • Yahoo Auction
  • Bonanza
  • Listia

Identify your niche:

To begin with, we would recommend you to start your online auction website from thinking about particular niche to own. To create an online auction site limit your topic and consider what niche you want to own.

Identify your auction model:

Initially, you want to decide on your online project model, as your ways of receiving income will depend on it. Usually, we can separate into two models:

Single Seller Auction: This model indicates that the primary income you get comes from the sale of products. Also, you should deal with your own suppliers searching, buying of products, order processing, and attraction of new clients.

Multi-Seller Marketplace: A model that mainly includes a slightly different role in your project. Not merchant’s but rather operator’s role. So, you will manage the marketplace where buyers and vendors meet each other. The advantage of this model is the capacity to have a dealer’s account and earn income by sales as it was described in the first model.

Online Auction Business Model:

Vendors set-up their account, profile or store based the picked auction site’s parameters and upload items, descriptions, photography to attract clients. The buyers can search and bid on the available items within a selected bid price and timeline.

online auction business model

Buy it Now (Buyout): This is a feature that provides your clients the facility to purchase your product at a set price without waiting for the auction to get over.

Reserve Price: The lowest amount is set for the vendor to sell his item and the bid will start from the smallest price. And if it does not meet the reserve value, the auction concludes without a winner.

Proxy Bidders: Bidders set the highest price they are ready to pay for a particular item. And the software automatically keep bidding until the amount limit has been reached. This also enables the bidders to offer even when they are not available online.

Dutch Auctions: if a vendor has many of one item, he can sell it as many or dutch for a fixed price or auction. When performed as an auction, the bidder may determine the quantity and the amount he needs. Hence, the user can only pay if the total cost including the number of products multiplied by bid price is higher. And the winning bidder will spend the lowest successful bid.

Here are the features required for an Online Auction Business:

The online auctioning business has given new methods of online selling in which anybody can market anything to anybody around the world. In any case, here the dealer isn’t the only person making income, and the person who gets the profit is the website/owner. It is because having an online auction website will assist you to charge the fee for almost anything including, a new record, bids, number of products for sale, photograph gallery, commissions, product description, and so on.

Reserve Price Selling System:

This feature allows the vendor to place a minimum price that the vendor accepts to sell his product. It commits to sell the product, not above the real cost of the product.

RSS or Automated Emailing System:

RSS stands for “Really Simple Syndication”. And it also makes your collection/list automatically available to the customers as daily deals through email.

BIN (Buy It Now) Functionality:

This feature enables the vendor to set an option for the seller in addition to bidding. This guarantees both the buyer and vendor is favored with the cost. The vendor may accept the price of the item without placing the bid to the customers.

Proxy Bidding System:

It is a kind of software that allows to automatically place the bid on behalf of you to the most possibility for the highest bidding. This also enables you to stay as the highest bidder and winner of the auction process. Despite, in the proxy bidding system, the proxy bidder will remain classified all through the auction.

Photo Gallery:

There are a bunch of gallery scripts to upload your product pictures on to the auction website. It also gives you host your products and showcase them with a variety of images with additional segmentation like tags, categories, etc.

Multiple Income Models like Pay per Contact, Pay per Bid, etc:

This feature commonly indicates to a business module that enables the bidder to pay a nonrefundable amount to place a bid on the items in the auction.

Community or Bulletin Forum:

A community builder or bulletin forums for discussion will assist you to maintain connections on the auction website. And this feature enables the buyers to interact with the vendors or other bidders through the forums.

Payment Gateway:

This feature also enables you to perform payment processing with control over high-end encryption. Some of the generally used payment gateways include:

  • Server Integration
  • Offsite Payment (Simple Checkout)
  • Own Secure Payment Server
  • Direct Post Integration.

Why choose EWDC to build your Online Auction Website:

EWDC has the readymade online auctioning software to create an online auction website quickly. It’s a cost-effective solution for the peoples who are interested in online auctioning business. All you require is a domain name, web server and we will be taking care of the rest. Almost, we have the entire elements created ready to be installed, run and configure it for you!

The major factor in building your online auction website with EWDC is to feel the scalability and high performance compared to the ground-up developments. The cost to build an auction site varies based on the term of your online auction business plan. Moreover, we have the online auction software models for both forward and reverse auctioning. And that is perfect for you to start your new online auction business.

If you are planning on starting an online auction business and looking for the best online auction platform to start your online business? Keep in touch with us or you may also call us at +91 9884203777 for instant support.

For further information about starting an online auction business, visit EWDC. And you can live chat with our specialists to know the details about how to create an online auction website using EWDC’s online auctioning software!

Launch Your Online Auction Website EWDC


 

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