How optimistic are you about prospects for your online auction business growth?
Without question, the business of doing business has changed for all of us. More and more industries are finding ways to leverage the internet to grow their business and reach new audiences, and many of the corresponding trends point to big opportunities for your online auction business.
Forbes recently published an article about how small businesses are changing in 2021. We broke down what these evolutions could mean for the online auction industry:
E-Commerce just keeps getting bigger
We all know online shopping was more popular than ever during the COVID-19 pandemic. But e-commerce has been experiencing a boom for quite a few years. People are more comfortable than ever with buying things online — in fact, many even prefer the comfort of shopping from the couch.
This growing demand for online purchasing has the potential to translate beautifully for the online auction industry. An online auction can reach a virtually unlimited audience, most of whom are happy to place their bids with a click rather than a paddle.
Bid online, pick up in person
Another shopping option that is likely here to stay is curbside pickup: the convenience of online shopping without the long wait for shipping. Curbside pickup is a fantastic strategy for restaurants, grocery stores, and other businesses whose products are traditionally purchased close to home.
It’s also great for online auctions that cater to a more local audience. A fundraiser for your city’s humane society or food shelf might be more likely to attract folks from the neighborhood. Since the curbside pickup model is now pretty familiar, you can offer it as an option for people to collect items purchased in an online auction. This saves you the cost of shipping and saves your bidder the long wait for their purchase to arrive at their doorstep.
Plenty of room for creative online auction business growth
There are several areas where businesses and individuals alike have learned to adjust financially over the past year.
For example, stimulus checks, crowdfunding, and subscription services are just a few of the financing options that have shaken up the system and changed the way we think about how money changes hands. Let’s not even start the bitcoin conversation!
While the best option for the vast majority of your auctions is a built-in payment processing system, sometimes it may be worth considering the payment preferences of the younger generation such as peer-to-peer.
This is also a time to reassess your revenue sources. Online auctions have the potential to make waves in many different industries. Now is the time to think creatively about how your online auction business can generate revenue for industries that may have never considered it before.
Perhaps a nursery could take advantage of skyrocketing demand for house plants and auction off a few rare and exotic varieties. Or a vintage furniture store could sell their best mid-century finds through online auction.
Luck favors the prepared
Now more than ever.
The new abnormal.
We’ve all heard these phrases and the fact is things are changing quickly and will continue to do so. Flexibility, creativity, and agility will give you the advantage you need to identify new opportunities for your online auction business to grow.
If you can size up the market, leverage the cultural landscape, and find the right niche, you can create something exceptional. Here’s one example of a fantastic new business idea that emerged when someone capitalized on an untapped market.
With the right online auction software and the right preparation, you’ll be ready to take action on any opportunities for online auction business growth that come your way. With the logistics and functionality handled, you can focus your energy on your next big idea.