Auctions are a great way to sell off unique memorabilia engage fans and customers and a great new revenue source. Here are five great tips for successful auctions and to keep your auctions fresh and user friendly.
- Great photos: It’s an easy tip to follow, but many people get it wrong. A great photo should have bright lighting, not be pixelated, and show the product from a few angles e.g. if you have a jersey you’re selling, be sure to show the front AND the back. If you have a picture of the team member wearing said jersey – that’s even better!
- Getting Bid Extend: Implementing bid extend permits the end time of an auction to extend by 5 minute increments if there is bidding going on within the last five minutes of the auction closing time. This weeds out the lurkers who are just waiting to get in the highest bid, and instead increases healthy competition.
- Put a lower starting bid: If you know your product is worth $100, you’re starting bid shouldn’t be higher than $50. There is some risk involved, but the payout can potentially be great. Especially when combined with bid extend, a product can be sold for much higher then you may have anticipated. (A perfect example being the Kobe Bryant signed floor piece)
- Proxy Bidding will let you walk away from your seat: Your bidders will feel more comfortable when they are able to place a maximum bid and walk away knowing that their bid will continue to increase without having to refresh the page. Proxy bidding allows the bidder to put a high invisible bid which only comes into effect if someone bids higher than their current displayed bid. In this case, the program will bid for them and send them an email letting them know they are still the highest bidder.
- Live Bidding will keep everyone posted: Implementing Live bidding will increase user engagement and keep everyone in the loop. Most auction sites require you to refresh a page constantly to see who is the leading bidder – with Live Bidding, the system will do that for you. A great user experience increases user engagement, drives higher bid activity and will keep customers coming back and recommending your site.