Just like most industries, the online auction industry is constantly changing. As a regular buyer or seller in online auctions, it’s important to be aware of trends in order to maximize transactions.
Of course, online auctions are nothing new. eBay has been a major player in the game for a long time, but the online auction market continues to grow. Read any article on the web about the fasting growing industries and they all state that ecommerce and online auctions have grown tremendously just in the past few years alone. This is making the market more competitive. Auction houses – whether big or small – must differentiate themselves from others through quality service and user-friendly sites in order to stay relevant and successful.
Another trend in the online auction industry that will no doubt continue to grow is the use of proprietary technology in online auctions. Mobile apps dedicated to online auctions are becoming more prevalent so people can bid easily while on the go. Many big auction sites have made their sites more mobile friendly, but the challenge for app developers now is adding more functionality to mobile apps for online auctions. As technological tools become more sophisticated, perhaps the way auction houses conduct online auctions will change.
Big auction houses are becoming more accessible by partnering with other businesses. Back in 2002 Sotheby’s partnered with eBay, but the deal was a flop. The two auction powerhouses recently rekindled that relationship, plus added another party, Invaluable, which is another online auction platform.
And speaking of accessible, as more and more items are being auctioned online, people are becoming more privy to collectibles that were only known by a few. What’s even equally as exciting is that you can purchase any item from anywhere in the world. Rare items that were only found in a certain geographic location can now make their way across the globe.
We’re thrilled to be a part of this fast-growing industry. As we look ahead to the coming year, we have intentions of making our processes more efficient while increasing our level of service to sellers and buyers. We also hope to help more businesses liquidate their assets and expand our estate sale division. If you’re in the Southern California area and looking for an online auction company to help sell your business or personal assets, we hope you’ll consider us!