Best Online Fundraising Auction Platform for Charity

The Dictionary defines auction as a public sale where goods are sold to the highest bidder. With the initiation of the internet, auctions have also become digital, implying that they are held online.

An online auction is one where the sellers sell and buyers bid for products using their browser or mobile app. Just as in a traditional auction, bidders and sellers buy and sell multiple products and services. Products on which bids are placed may be tangible or intangible in nature. Online auctions have made the world a smaller place by allowing bidders from any part of the world to participate in an auction. This has opened new doors for both sellers and bidders.

Online auctions are also popular among non-profits for fundraising because they enable non-profits to reach a wider audience across the globe without any time limit.

How do online auctions work?

Registration

If you want to participate in an online auction either as a seller or as a buyer, you will need to register on the online auction site.

Bidding

The late date is specified for sending the bids. Bids are not accepted after the specified date.

Winning Bids

Participants with the highest bids are obligated to purchase the item.

Payment

The highest bidder remits payment on the auction platform using a credit card, debit card, cheque, etc. or escrow services.

Online auctions have become very popular due to the benefits they offer.

Advantages of online auctions:

Convenience

Online auctions are convenient to use as bidders can bid from anywhere at any time.

Wider Reach

Online auctions have made it possible for bidders to bid on an auction site from any location across the globe.

Saves Time

Bidding on an online auction saves time as you do not need to travel to the location of the auction. On the contrary, you can bid at your convenience saving on the travel expenses.

Economical

Since you do not need to travel to the location of the auction, you save the amount you would have incurred as travelling expenses.

Compare Prices

Online auctions help you compare the prices of the object on auction by researching on the internet and this enables you to place accurate bids.

No Time Restrictions

Bidding can be done at any time 24/7 according to the convenience of the bidder. The only thing he needs to bear in mind is the last date for bidding.

Social Interactions

Online bidding encourages highly intensive social interactions.

Boosts Online Business

Since online auction includes a large number of sellers and bidders it enhances the volume of online business.

Online Auctions include:

• B2B- Business to Business interaction
• B2C- Business to Customer Interaction
• C2C- Customer to Customer Interaction

E-bay is a perfect example that uses all three types of interactions.

Things to do for remotely participating in a live auction:

• Create an account on the online auction site.
• Before the actual auction, you can browse the site and familiarize yourself with the products on auction.
• You can place an absentee bid on products of your interest.
• An absentee bid permits you to bid the maximum amount you are willing to pay for the product.
• The absentee bid becomes your bid in case you are unable to attend the live auction.
• You can access the online bidding console with the help of your account to follow the online auction.
• Some sites even allow you to watch the live auctioneer in action. In fact, some of the best online auction sites even facilitate chatting with the auctioneer. This enables the online bidders to get answers to any queries they might have.

There are numerous online auction sites and solutions available on the internet. Fees for use vary based on number of items, participants, value of items, etc. iConnectX.com provides these tools plus promotion of the auction in their Marketplace.

Online auctions work in the following steps:

• The auction is created on the website.
• Auction items are added.
• Bidders register and bid for the items
• Highest bidder purchases the item.
• The funds generated go to the charity.

Excited about participating in an online auction?

Prior to participating in an online auction, you will need to carefully choose an auction site as if the site is not genuine, there is a likelihood fraud.

Some of the top online auction sites are:

• Charity Auctions Today
• Ready Set Auction
• Bidding Owl
• Clickbid
• Silent Auction Pro
• Bidding for Good
• iConnectX

Last Words: Future Trends in Online Auction

As auctions go deeper into digital arena, their accessibility will increase. Some of the
trends to watch out for in the future are the application of AI in a global online auction scenario. AI in online auction performs functions such as processing customer inquiries, matching bidders with items, product packaging and delivery, and more.

Mobile bidding has introduced various bidding possibilities. Bidders now have the flexibility to bid at anytime from anywhere through their mobile devices.

Although most online auctions are in line with traditional auctions, with the improvement of auction software we can empower businesses to leverage the competitive nature of the buyers.

For nonprofits and organization looking to promote their own online auction, register at iConnectX.com. Here you will find the tools you need, even a Marketplace where you can promote your auction to the community of “like-minded” professionals.