How to Run an eAuction

Running an eAuction is challenging and yet exhilarating and rewarding, wouldn’t you agree? To run a successful eAuction you need to juggle several things at once. Below we’re going to cover all the essential things that you need to be on top of while running an eAuction. Make sure you read right to the bottom as we’ll include a great resource you can use to run really profitable eAuctions too!

Without further ado, here are the essential things you need to know about when running an eAuction.

Don’t Let Anyone Get Left Behind

Any eAuction platform you use must, must, must be self-updating. It must be in real time and it must update immediately as something changes.

If not, those on slow internet connections or different browsers may be left behind, making bids on products that are no longer available!

If you can’t guarantee that everyone will be on the auction in real time, it would be wise to set up a process for what happens to bids that get lost or delayed. Make it clear from the start to everyone involved how your eAuction will be running and what happens if something goes wrong.

Make Fair Comparisons

Suppliers might be talking about completely different products. If you’re hosting global eAuction you may even have bidders, suppliers and stakeholders participating in different currencies too!

This is why it’s important that your eAuction can cope with all these different things. If you can’t compare everything on one level you’re going to lose deals and confuse many buyers.

So, you need to hold an eAuction that cleverly brings everyone onto the same playing field and makes it clear to everyone what is happening. If your platform can’t handle this, you need to set up some rules for participants: for example, make it a rule that all bids and products are valued in USD.

Easy User Interface

If you’ve been using eAuction platforms for years and years you probably will have no trouble finding your way around a completely new one… but will your stakeholders, employees and suppliers?

When running an eAuction you absolutely need to make sure that everyone knows how to use the platform before you begin. You can either send out instructions to all those that are taking part, or pick a platform that’s so simple to use anyone can quickly understand it.

It’s also a good idea to offer support and include a phoneline that anyone can call if they’re having problems with the platform. That way, you won’t miss out on any deals because a supplier hasn’t managed to use the platform correctly.

 

This is all a lot to think about… why not let Scanmarket handle it all for you with their fantastic and innovative eAuction platform? To get a head start and set up your eAuction ready for bidders, find an e-auction here at Scanmarket!