Online vs Traditional Auction Types

Online vs Traditional Auction Types

The auction industry as of recent has been everchanging. The introduction of technology in the market has posed new ways that auction companies can manage and streamline their business from the bottom up. This provides the ability to shift from a traditional route to more digital. 

At InnovA, we are leaders in the online auction industry. We understand the shift to online live bidding auctions, and are here to help companies transition smoothly. Although the traditional auctions ways still work, the innovation of technology has allowed auction companies to do so much more. Below, we explain the key differences between online and traditional auctions, and explain how InnovA can assist companies who need help. 

Traditional auctions

Traditional auctions are held offline and live, usually on a set auction site. Traditional auctions allow potential buyers to examine the auction items before making a bid. These auctions are also run by auctioneers, who direct potential buyers to make bids. 

Live auctions are fun and exciting, and are traditionally the format auction companies still follow today. Your customers get the satisfaction of yelling out their bids or holding up their bid cards, winning an item, and being able to walk home with it that day. 

Online auctions

Online auctions have grown rapidly over the past few years or so, and have really taken off since the beginning of the pandemic. Online auctions are much more convenient than traditional styled auctions, and have been seen to bring in a larger audience as well. During online auctions, potential buyers have the ability of bidding on items from wherever there is internet access. Whether that be at home or at work, online auctions provide much more convenience. 

Traditionally, online auctions have been sort of like silent auctions, where an auction item is open for a set period of time, and the highest bidder once that item closes wins. However, as of recently, live online bidding auctions have emerged and become more popular. Live online bidding auctions follow the same approach as offline live auctions, in which buyers are able to place bids online through an auctioneer. A lot of these live online auctions are simulcasted, which somewhat makes potential buyers feel as if they are actually there at the live event. 
 

While there are pros and cons to both online and traditional live auctions, what are customers really looking for? Well, some customers enjoy the convenience of bidding on auction items directly from their home. Some enjoy the experience of actually going to a live auction and winning a bid. Collecting data from your customers about their auction preferences will help you hit a larger audience in whichever auction type you hold!

How InnovA can help

At InnovA, we can provide your company with an auction management software that suits your needs. Our auction management software can help you market your auction events and brand, help you collect valuable data and information about your customers, and make your entire auction process much easier. Our team is here to help your company reach your goals. If you are interested in learning more about our auction management software, or are interested in a free demo, make sure to visit our website today!

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