What is Auction Software
When you have high-quality auction management software, placing bids and tracking them becomes easier. Basically, auction software is a trusted solution for optimizing bids and tracking them in real-time. Moreover, an auction app comes in handy for managing settlements, invoices and inventory.
Since the execution of online auction events requires careful planning. Even the stats show how auctions are done through live auction software gives higher revenue by up to sixty percent and bids per item by around 120 percent.
Benefits of Auction Software
The main advantage of online auction software is that it safeguards all bidding transactions. Besides SSL security, the platform also supports auction snipping and proxy bidding for its end users. Some of the other benefits of deploying these solutions are:
Auction software supports Tier IV facility for a high level of scalability. SSL and SSAE 16 Type II compliance makes auction apps highly secured.
- User-friendly web interface
Online auction software’s web interface can be used on tablets and mobiles for live bidding. This web interface is useful for checking bids, doing item searches and sending push notifications, all in real-time.
- Notifications for out-bid
Popular auction apps can send immediate out-bid notifications on email addresses as well as on mobile phones. To such notifications, the auction software helps attach links for those items that have been out-bid.
- Easy to use bidding interface
The easy-to-use bidding interface is best for placing bids. The inbuilt auction catalogue also lets you access bidding information in real-time.
- Integration with payment processors
Reverse auction software can be integrated with online payment processors for the bidders’ convenience. Users can also ask bidders to have a valid credit/debit card on file with the help of this feature.
- Automated management of auctions
Managing ticketing sales and creating silent auctions are easy with the penny auction software. The feature comes handy for running multiple fundraising events, organizing items and collecting donations.
What are the Auction Software Functionalities?
Be it monitoring, organizing or tracking, all bids are easy with the penny auction software. You can build your own catalogue, sell tickets and solicit donations with a live auction software. Here are some of its key functions.
- Managing inventory- The mass uploading of inventory descriptions on a website is quick with reverse auction software. The module is best for updating inventory items once the bidding has started. It comes handy for adding inventory quantities too.
- Registration- Charity auction software can be used for setting up private auctions and customizing the registration rules for each such auction. To make such registrations secured, the auction software ensures PCI compliance for securing the bidder’s data.
- Credit card processing- Processing of credit cards even if it is in bulk can be handled efficiently by the online auction software.
- Thumbnail galleries- Thumbnail galleries can be created for auction items using a silent auction program. Such thumbnails can be resized and customized with new captions automatically.
- Bulk mailing- Auction apps can be used for sending bulk mails to registered bidders. You can also use this feature for sending mass email notices.
- Auction archives- Building auction archives for storing online and live auction results become easy with an auction app. The feature also offers a powerful search engine for finding specific data.
- Online bidding- Pre-bids, live simulcasts, e-biding or live bidding, all can be done easily using live auction software. You can also use this functionality for selective bidding and combining bids from different websites.
- Comprehensive reporting- Popular auction apps depend on robust analytics and reporting for generating reports on bidders, items and registrations. These reports can also be utilized later on for profitable future events.
How Does Auction Software Help Conduct Different Auction Types
You can easily establish online auctions and integrate them with payment processors using reverse auction software. For conducting different types of auctions, online auction software helps you with:
- Identifying the list of best products
Auctioneers rely on auction software solution’s selling trend reports and analysis to pick the best products. This module is also helpful in:
- Finding out if a product is antique or unique using data records
- Is it possible to sell products in mass?
- Is there enough demand for the product?
- Does competition exist for buying in abundance this product?
- Range of profitability margin
- Identifying a bidder’s interest
Creating categories for listing products and easing the sales process is super quick with auction management software. Once these categories are ready, buyers and customers can search the kind of products available and check different price ranges. Auctioneers and organizations can in turn use this browsing history for assessing a buyer’s preferences, dislikes, likes and other trends for creating future strategies.
Users can create attractive marketing and ad plans using auction software tools. You can use email, branding and third-party integrations for enriching the visibility of all your items. For generating more traffic, auction apps can also be used to post links and ad banners on a website.
Positive ratings would give buyers a fair idea about how reliable an auctioneer you are. You can deploy charity auction software for the following purposes:
- Integrating with logistical partners for timely delivery of products
- Answering buyer’s queries and questions as the platform offers real-time notifications
- Following up with different bidders of an auction conducted in the past.
This feature allows revising of all auction listings and tests them for improving sales. Post the bids on different websites to check where they are performing the best.
Key Features of Auction Software
Users can easily generate reports and view stats using online auction software. Additionally, you get detailed reports on bidders, items and registrations with an auction app. Let us have a look at the key features that make possible such capabilities:
Auction software makes the creation of custom pages easy through its advanced custom page builder. Building such pages for advertising and marketing purposes is simple as you don’t require any special coding language.
Online auction software can be used for preparing online sales catalogues for creating auctions with ease. You have to select the auction type and specify the start time for an auction event.
Live auction software’s inbuilt invoicing feature can be used for automatically generating invoices and sending the same to buyers. Buyers, on the other hand receive payment links embedded in their invoices for making quick payments.
The user can create automatic settlements for every sale and update them as soon as a customer pays against the invoice. The one-click tab allows you to send all settlement sales sheets to their designated consignees.
Custom data input fields in silent auction software can be used for file uploading and collecting all information regarding data, currency types and multiple choices.
- Comprehensive bid analysis
Comprehensive bid analysis is important for getting post bid event reports in real-time. You can also use this feature for online chats and messaging to suppliers, again in real-time.
- Powerful advanced controls
Powerful advanced controls can be used for negotiating complex bids. The built-in pre bids, live events and post bidding options can be used for doing multi-round staged negotiations.
The proprietary rules engine in penny auction software can be used for conducting bidding events with transformational prices. This engine is also crucial for multi-line, multi-format, non-price and multi-parameter factor negotiations.
Auction software provides reusable templates for an intuitive workflow and user interface. The software also offers real-time analytics for bid interfaces and the creation of intuitive events.
- In-person & online events
Maximize funds and participation using a silent auction program becomes possible because of the software’s ability to host in-person and online events.
How to Choose the Best Auction Software
Conduct successful silent auctions through live auction software. End users have reported how the software has over the years been helpful in generating more and more revenue for their business. Here is a list of modules you need to be well-aware of before selecting the right solution:
- Centralized auction actions- All actions related to an auction process like generating reports and assigning of bid numbers can be performed efficiently with auction management software. Make sure that the product you buy offers a centralized location for such activities. Online bids- Bids can be placed online whether from a mobile or a tablet. Multi device bidding from auction sites is helpful in generating more profits and revenues. This feature is mandatory in every online auction tool.
- Detailed reports- Auction software’s inbuilt analytics can be used for getting insights related to an auction’s performance and a bidder’s behaviour. These reports can be used for strategizing accordingly for all future events.
Before selecting an auction management tool, check the following details. Have a look at the list of important features that the best auction software must have:
- If all the essential features required for effective auctions are available
- Possibility of using the platform even when internet connectivity is not that great
- Ease of the software to be scaled in future for accommodating more bidders or products
- Compatibility of the software with devices like mobiles, laptops and tablets
- Encryption services are mandatory and so is an integrated online payment platform
- Check if the interface is user friendly or not
- Friendly customer support is available or not
- Clarify if the vendor of auction software is offering live demo, free trial or free version
- Ensure that there are no hidden costs or charges.