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Looking to sell collection of valuable items or property ?Skip on long negotiations processes find the right buyer through online auctions. Be it reverse auction or simple auction enjoy bidding from the comfort of your own home.
This guide is specifically designed for auction enthusiasts like you.
Auction Marketplace Checklist
The latest report by Technavio noted a trend in growth of online auctions to be around$1.9 billion progressing at a CAGR of 9.7% from 2021 to 2026.
Encouraged by the ease of ordering at home and the ability to quickly compare prices and product reviews among retailers the annual rate of increase in online auction is about16.1% to $934.2 billion in last five years. If online auction is your thing, don’t hesitate to take a look at this guide.
Select the best plan that suits your marketplace business
CMS is a content management system with a set of scripts for creating, editing, and managing site content.
Custom platform is created keeping specific needs of users in mind.
Understand the variations available in the marketplace
Who Comes First Buyers or Sellers? Easy tips to add sellers
Marketplaces are built on the premise of buyers and sellers transacting with each other. But when you start, you have none of those. So how do you convince sellers to join a platform without buyers and vice versa?This problem is referred to as the chicken and egg problem of online marketplaces. Read Here to gain an in-depth insight. Ensure excellent service providers Build a community
Key Takeaways
Components | eBay | Etsy |
---|---|---|
Type | An all-inclusive auction marketplace. | Etsy is an online auction site for handmade goods and crafts. |
Revenue Generating Process | eBay derives maximum profit by charging its sellers listing fees, advertising fees and after-sale commission. | Etsy charges a listing and a transaction fee from its users for the use of the website. Along with offering charges for availing extra features |
Mode of Operation | Sellers registered under eBay have the option to either list their products for auction or to sell them at a fixed price. | Registered sellers can list items for auction, wait for the highest bidder and then complete the transaction. |
Analysis | What makes eBay successful is that fact that it in one of the first online auction website. | What makes Etsy stand apart from its competitor is it’s focus on niche which makes client management easy. |
Time of work | Host can freely list out the dates when they'll be able to rent out their services and so | Service Providers can choose the time and date and also separate slots according to their preference |
If you are looking to grow your business, here are a few option for you to try
Transform your WordPress site into a seamless multivendor platform with MultiVendorX. Get a 15-minute free consultation today!