With the advancement in technology, online industrial equipment auctions have become a popular option in recent times. Both sellers and buyers now prefer online auctions over traditional auctions as they save time and are much more convenient. Especially after the Covid-19 pandemic, there has been a steady increase in virtual auctions. While the global online auction market in 2021 stood at US$5.90 billion, reports suggest that it is likely to reach US$11.47 billion by 2027. With buyers and sellers embracing digital transformation as seen with online auctions, the industrial world has undergone a massive transformation.
What are traditional auctions?
Traditional auctions refer to in-person auctions. They take place in a physical location at a specified time which lasts for a few hours depending on the length of bidding. In traditional auctions, potential buyers participate physically. They get to inspect the items up close and ask questions.
What are online auctions?
Unlike traditional auctions, online auctions are much more flexible. They are held on a digital platform. Buyers and sellers from all over the world can attend online auctions virtually. Instead of doing the heavy lifting and spending money on transporting items to traditional auctions, sellers can simply post pictures and videos of the items to be sold in online auctions. The time frame of online auctions is longer. Bidders have the flexibility to bid over several days, weeks, and months. Due to a large network of buyers, sales are likely to get completed faster. Once a bid gets accepted by a seller, sales are completed within 28 days in an unconditional auction but it can take longer to process in the case of conditional auctions.
There is likely to be a space for both types of auctions in the future. However, for the moment both buyers and sellers have adapted to the online auction and have experienced more success with it. In this blog, we will discuss how online industrial equipment auctions have changed the industrial landscape.
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Greater Exposure
One of the most effective ways online auctions have transformed the industrial world is that it gives access to a wider spectrum of buyers. This means by listing your industrial asset on an online auction, you can reach a greater audience from all over the world. With no geographical limitation, buyers can also reach a variety of sellers.
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Time-Saving and Cost-Effective
Bidders can participate in online auctions from the comfort of their homes or offices. They do not need to take time out of their busy schedule to attend an online auction. It thus saves their traveling time. Besides, it has a quicker turn-around time. As a seller, you can sell your used industrial assets in online auctions within a short period.
Online auctions also save a lot of money. Sellers do not need to pay for an auctioneer. You can set up an online auction for free. There are also no carrying costs involved in online auctions. As online auctions are faster and cheaper, it is a more viable option for sellers.
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More flexibility
In traditional or in-person auctions, sellers have very little control. On the contrary, you have the power to take decisions in online auctions. You can list as much equipment as you want in an online auction. Besides, online auctions give you the freedom to choose a date and time. You also have the flexibility to set the prices for the assets that you want to put on online sale. This suggests that you can gain more control in online auctions.
Want to run a successful industrial equipment auction?
Our centralized marketplace at Aucto is the best place for hosting online industrial equipment auctions. From creating your sale event to managing invoices and payments, our experienced team will help you in every way to make your sale successful. Here you can sell your industrial assets at no cost and get the highest net recovery rate. To contact our seller support team, call 1-844-326-7339 or email [email protected].
