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Optimize your Procurement with Online Auctions

How to build an Online Auction website? What are the best available options in the market?

An auction is a process of buying and selling goods or services by offering a bid price.
What is the bid price? The bid price is a price set by the individual or business for a product or service that has some demand. And the auctioning process is therefrom since the 7th century. With recent advancements in the online E-commerce industry, it has evolved much more by eliminating barriers of physical auctions. Anybody can bid for a product of their choice from anywhere without any limitations of geography, time, physical presence, or even time. The Internet connects everyone together to make the processes easy and simple. To build a successful auction website like eBay, you need to consider some essential things to understand and offer unique features and functionality to your customers.

Parties involved in Auction or bid.

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Seller:

The individual or group who owns the product and put for upon trade to sell it.

Buyer or Bidder:

The individual who submitted the bid to buy the product for his/her interesting price.

Auctioneer:

The manager or the individual who supervises the auction

The online auction provides a broad range of advantages like time-stamped electronic bid applications, online searches that can throw up listings of the latest articles being sold on auction, and much more. All these benefits, combined with the easy availability of eCommerce website building solutions have led to the mushrooming growth of online auction websites across the website.

Define the Business Model

The auction business has several types of models. Each model has its own model and method of fixing the price and selling it to the final buyer. The following are popular business auction, business models.

1. Buyout

The seller will have the option to fix the price for the product. From that price, bidding starts, and then it will be sold to the highest bidder.

2. Reserve

Same as like buyout method, here also the seller sets the base price for the product or item. The auction begins at the base price and ends at the highest price.

3. Proxy

The bidder uses software to bid on his behalf. The software will be fixed with the greatest price that the bidder is ready to pay. The software makes the bidding according to other bidders until the auction is acquired.

Website Functionality

After configuring the auction business model it is necessary to focus on the website key functionality. Auction website looks similar to the E-commerce sites.

1. Simple and easy navigation

The website must navigate the user to any page of the website easily, products and items are separated as per its categories. Advanced search functionality to search the products by category, keyword, product name. And multiple filters to sort the products easily among thousands of products.

2. Photo Gallery

The website must host or display multiple images of the product or item images. Additional integrations will help to showcase or sell your product on the auction website through additional features likes category separation, tags to the image, and much more.

3. Hassle-free Payments methods

A rich-featured hassle-free payment method facilitates in making payment processing is controlled and high-end encryption for online auctioneers. Generally used payment gateways options for website payments are
• Simple Checkout (offsite payment)
• Integration with third-party servers
• Direct Post Integration
• Own Secure Payment Server

4. Forum

The ideal auction website must have a community forum to manage its customers on the page. And it helps the buyers and sellers interact with each other on the forum to discuss various topics.

5. Automated Notifications

The website must notify all the users when inventory is updated with new items and products. Automatic emails sent to all buyers and sellers. And also this helps to promote particular products or items on the website.

6. Additional incomes sources

The website must have additional income sources to generate more revenue for listing the products on the top or main pages or showing top on customer search results. Or else it should have commission charges for each product-wise.

Best available options in the market to build the Auction website

1. WordPress

WordPress CMS is a great option if you’re creating an auction website for a small & self-managing auction business. The active community of WordPress will provide assistance or support for your problems. Integrating the website with a popular auction website will give you excellent functionality with small efforts. The following are popular auction Plugins
• WP Auctions
• Ultimate WordPress Auction Plugin
• Dutch Auction Masters
• Auction Plugin

2. Python/Django

Python presents great abilities for web development, Unlike Java and C++ Python’s code is clear and easily understandable. Python-based Django platform is the best choice to build complex auction websites by using tools. Django provides the complete box of solutions for normal functions and enables the developers to think out of the box to develop great features.

WordPress is a nice option if you’re create auction website for small auction businesses. But Django is the best choice to handle the multi-billion dollar business website. Be wise while choosing the web development framework for the auction website, analyze your requirements before going to select the particular framework.

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