Want to start an online Auction Business? You are at the right place

Posted on 26 September, 2016

3..2..1 SOLD!

If you have ever been to an auction you might remember how the first sentence feels. The fast-paced environment and the continuous pressure to take big decisions in a fraction of seconds, it’s all very exciting.

At Emipro, we are specialized in making a powerful Auction website which can cater requirements of tech-savvy auction lovers. We know and have experienced how online and offline auction works. With that experience in mind, we have built power-packed applications with the help of which anyone who wants to make an online auction store can get started in a short time without focusing much on the functionalities because we have covered it all. If you are someone who knows how online auction works and what are its advantages, skip to the later part. If you are someone who wants to know more about online auctions and its benefits in details, continue reading.

Auctions have lost their importance in today’s era where the prices of the products are regulated by the government. Even most people are used to buying products at the fixed rate. But there are a portion of people who really like the Auction game and make a living out of it. Popular shows like Auction Kings, Baggage Battles, Storage wars have sparked interest again in the auction and more people are looking forward to the option of buying a particular product from the auction. Though it is practically impossible to buy retail goods at the auction, but there is a huge market for second-hand products which can be sold at auction and that market is not catered well. Currently, there are no ‘Big Players’ in the auction market hence the opportunities are limitless.

There are many advantages of selling on Online Auctions, some of them are mentioned below:

  • Auction brings in pre-qualified buyers and creates competition among them which sometimes leads to exceeding the price of negotiated sale.
  • It helps a seller sell the products quickly without wasting time on negotiations. It accelerates sales in low market conditions.
  • All the parties in the transaction are treated in a fair and equitable manner.
  • It allows you as the seller to set terms and conditions of sale. If the price does not cross the base price or reserve price, the contract is canceled.
  • Online Auctions allow you to have control over the product and the bidders who will participate in the auction.

With the advancement in the technology and the eCommerce platforms, it is easier to start an auction business with moderate investment. Starting an auction business requires passion and patience: Passion about the Auction to take it to the next level and find the right products or sellers and patience to get the traction into the market.

There are various types of auctions depending on what products you sell. Some of the most common are Antiques, Automobile, Charity, coins, storage units, postcards and many more. A good marketing plan is the most crucial factor in an auction, it helps to bring in the right people who are interested in buying the product and more the people, better the price.

How to start an online Auction website?

The basic thing you will need to start and online auction store is an eCommerce platform because auctions work mostly on products and a huge amount of product cannot be managed via a simple CMS platform. Magento is the best open source eCommerce out there in the market which can handle any types of customization for making a full-fledged eCommerce store. The main advantage of using Magento is that it has a vast marketplace for extensions where you will find extensions to your Magento store according to your needs. We have built a Magento extension called ‘Real-time Auction’ which caters to people who want to start an online Auction store and set everything up in no time.

Below is the demo of how an online auction product looks like. You can see the number of bids, current bids, time left, your bid, minimum bid and all other features which an online auction site might need.

With our Auction extension for Magento, users can bid on ‘Real Time’ basis which is one of the best features out there in the market. Sometimes you may want a product to be available for a short amount of time and there are many bidders, if there is no real-time bidding there will be a mess up and there will be no real feeling of bidding. The best thing about Auction is the vibe from other bidders and the amount of competition which you face during the Auction. Without the real-time feature, that is not possible. So, ‘Real-time Auction’ extension helps you create a real like auction environment online.

It has all the features which a person needs to start an online auction business:

  • Set minimum bid price
  • Run multiple auctions at the same time
  • Allow only specific customer groups to participate in the auction
  • Set minimum price gap so that you get the best value out of the auction
  • Easy management with user-friendly interface
  • Notify auction winner and other bidders via email about the auction status
  • Customers can see the previous history of their bids so they have better reporting ready made without making excel sheets for each bid.
  • Auto extend  the auction end time if someone places a bid in last minutes (Popcorn bidding)
  • Auto update/notification on screen if someone places a new bid

The online auction market is an unexplored gold mine where you can take the first movers advantage. At Emipro, we can create and manage a full-fledged online auction website right from the idea to launch. We have got everything in place backed by advanced technology and countless hours of research. The experience we have in building auction sites and a powerful application specially designed for auctions gives us an edge over others. Do contact us if you are passionate about eCommerce and want to start an awesome auction website online.

Shetul Majithiya , Senior Digital Marketing Executive

Magento Blog

About Emipro

Being an emerging leader in IT market since 2011, Emipro Technologies Pvt. Ltd. has been providing a wide range of business solutions in Odoo & Magento. We are pleased to have a large pool of contented customers with our meticulous work in the domain of ERP & e-Commerce. Our customers are companies of all sizes ranging from startups to large enterprises who realize that they need a professional internet solution to generate revenue streams, establish proper communication channels, to achieve desired goals and streamline business operations. [....] Read More

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2 Comment(s)

9series Solutions

Posted on 28 September, 2018

Excellent post you had covered in this post. Keep updating us.

Hexagon InfoSoft

Posted on 21 December, 2016

Thanks for such a great post sharing here. Appreciable points you have covered in this post..