Trends in Industrial Equipment Auctions

As technology continues to game up, auction is moving beyond being just a mere sale into what can be called state-of-the-art affair. Perhaps, it is wrong to be making that claim now because art – creative negotiation and competition, has always been a part of it even while it was yet to live up to the digital lifestyles of sellers, auctioneers, and buyers. After all, it can’t be ignored as not being an art from time immemorial owing to how sellers and auctioneers successfully pull interested bidders from far and wide to any physical event. Most times, it’s the like beholding a theatre, boxing challenge and what have you.

Tracing the journey from the ages past to internet auctions is definitely going to be a wide revelation about not only how even we as humans have evolved into such a graceful ‘digitalists’ but also how our lives have improved greatly. Thus, this goal of this article is to shed more light on the trends in industrial equipment auctions via the internet. But first, let us look into the general benefits that these trends mean for industrial equipment auctions.

What do these trends mean for industrial equipment auctions?

  1.  New trends in industrial equipment auctions make it easy to sell value directly to individual bidders.

  2.  It reduces administrative cost as a number of process can be automated using artificial intelligence (AI).

  3.  It promotes a better and efficient way to manage the bidding process.

  4.  Time is highly optimized  in online auction market. 

  5.  It ensures effective and personalized communication between the auction firm and prospective bidders.

  6.  It enables prospective bidders to bid from anywhere in the world, virtually, if the eventual bidding takes place physically.

  7.  As a result of online auction market, bidders do not only bid easily, they also enjoy the opportunity to socialize.

  8.  Through mobile bidding apps, feedbacks and responses can be received from prospects easily for future internet auctions.

  9.  Collection of data and results for a better future bidding. It should be noted that these trends now allow getting insights from bidding activities and when used correctly, it can be used to make better decision, hit more opportunities and redefine more laudable auction processes.

  10.  These trends enable industrial equipment auctions to sell easily. Consequently, the seller who is trying to eliminate inventory carrying cost is able to do that quickly.

Trends in online market auction

Mobile auctioning

Every business is now attempting to meet up with the digital lifestyles of their target audience. It has become quite necessary owing to the scarcity of attention to anything out of it. Moreover, there is no crime in being where the people are hence, mobile bidding. Not only does it make life easier for everyone, it enables the auction to travel faster. The targets for your industrial equipment already have smartphones and this even gives them the chance to bid from anywhere they are if they cannot be present, in case of a physical auction.  The mobile auctioning is in halves – bidding and also socializing. Economically, it saves the sellers and auctioning firm a lot of cost. In a single mobile bidding, a lot of industrial equipment can be sold in one evening. 

In order to meet up with this, many more online auction sites are now concerned with making their sites more mobile-friendly while mobile apps for auctions are being introduced every new day. Also included in this space is e-commerce which allows instant buying and selling.

Bid assistants

With the emergence of trends in selling industrial auction via an online market, we cannot pretend that everyone is tech-savvy. In fact, some of bidders are certainly going to be tech-shy and that is going to be a restraint. Consequently, the need for bid assistants was introduced. These bid assistants who have been trained as well may be staff of the auction firm or just volunteers. What they do during auction events is to go around assisting bidders involved in mobile bidding.

Artificial intelligence

The battle is done and AI has come to stay. This is one of the ground breaking technological advancements although it brings to the table many concerns and worries. It should be noted that the emergence of AI further motioned the growth of auction from traditional to internet auction. The impact of AI in online auction enables the performance of a good number of activities such internal operations, customer-based service enquiries, packaging of purchased industrial equipment as well as its delivery. 

Social media platforms

The most popular auction event with supposed distinguished personalities honor is not likely to attract the required attention if it does not pass through the needle eyes of social media. Even if the goal is not to invite every Dick and Harry, using social media platforms to promote auctions makes it exciting and does no harm to any party involved. On the other hand, if it is not a restricted auction, sponsoring them on social media platforms like Facebook makes it easier to reach a wide of prospects is afforded here. 

Besides just being on social media platforms to promote auctions, auction firms can use the opportunity to stay in the digital culture and keep their hands on what people are saying and doing.

Seamless transactions

The business of auctioning industrial equipment has become more challenging despite technological advancement. This is because, it is now possible to outmaneuver other firms out of the business with the right advert strategy. Also, everyone is trying to get to the mind of target customers and the game to impress by every auction firm is really up like never before. Beyond having the spec of industrial equipment that a customer is looking out for, another thing is important – the impression. There are diverse ways to actually impress targets and make them turn to you alone but it all starts with making them see how you intend to make bidding easier for them. Don’t forget the need to make bidding easy. This wouldn’t be a problem when you understand that with technological advancement comes a digital lifestyle that has drastically reduced sustained attention on anything. An average human being is confronted with a lot data in the digital space, all seeking his attention. His time is limited, he has other things to do and the best he can do is to focus on the ones that are compelling and easy to process. Now, be warned that being easy doesn’t mean it has to lose its essence. 

With seamless transactions, bidders can add up their credit card number, link it up with their bidder number, mobile number, or even email address. With a link to the Google mail address for example, transferring bio data of bidders will be without stress. When done successfully, any bidder can pay, donate even to charities and purchase other things with their bidder number. 

Excellently, in internet auctions, no one is losing. Bidders can then spend their time bidding without concerns for any other administrative details that they might have been required to carry out if it was traditional.

Emailed receipts

By linking details like email address with their bidding number, receipts for purchase of industrial equipment can be sent directly to the bidders via email.  Not only does this save time, paper work is greatly reduced for administrative officers. 

Hashtag events

It costs nothing to be on social media spaces as a business. This is just the easiest and freest trends in auctions which can be utilized for sales of industrial equipment. All that any auction firm has to do is to put some added manpower to its marketing effort. This manpower includes friends and supporters who will shares news about the events across any social media platform they belong to. How will this come to pass? Bring out an undiminishing creative hashtag around the internet auction. By doing this, it will be easier to share and promote across different social media space. In addition, you can inculcate a rewarding contest into the tweeting of the hashtags. Let’s say for example, the best supporter gets to receive a certain percentage reduction during the bidding process. This arouses their active engagement and even makes online auction market more fun.

Branding

In this generation of digital lifestyles, sellers and auctioneers as a whole should understand that concepts surrounding ownership, control and delivery have changed. Of course, the sellers and auction firms are in the control, with the power to open and end an auction process. However, trends have brought about new dimension especially for auction firms who do not wish to be ignorant of the power of the clients and bidders. Branding covers many things but not without the targets (clients/bidders). If you can’t do without them, why try to do without them? That is the question every auction firm should ask itself when it comes to branding. Also, it should be stated that it is no longer traditional and consequently, most branding is now executed not just for the sake of selling at auction but more importantly - to live in the mind of the targets. Therefore, this new trend requires:

Simple steps to branding

  • Being relatable and sociable. It is a good thing for a brand when the prospects feel and know that they can relate and socialize in real-time with an entity. You might be wondering about the luxury of time which any entity has to spend on social media platforms. Well, where would you rather be as a salesman? In your office or where your prospective customers are concentrated?

  • Personalizing messages and emails sent to targets and bidders. For example, it is adds human touch and makes clients feel at ease when you address them in the mail as: “Dear X” rather than “Hello”. Also, you can take a step further to ask about your clients’ plans for their kids in a forthcoming summer when they are parents. How do you know whether they are parents or not? They must have provided you with these details in a biodata form you require them to fill when signing up on your site. Also, calling out bidders on your list and wishing them the best on special occasions like birthdays, wedding anniversaries, Christmas, and New Year is an effective art of branding. 

  • Tell unique stories; make it fun and let them feel it.

  • Don’t wait till you want to sell before you reach them. Have a blog; give them information. Despite the unique opportunities which these new trends offer, should you try to take everything all for yourself, you won’t survive. It is important to think beyond the sales.

  • Have a great customer support system. Whose voice do they hear when they call to make enquiries? How responsive are you to chats or messages sent?  Don’t make your targets or clients listen to the machine all the time. Be there. Let them see it that you care and would love to hear from them. You know, there is nothing wrong if the person who handles the phone when next a target or bidder calls is the Chief Executive Officer of your auction firm. For a client, it makes him or her feel important and valued beyond the sales even if that’s what it is certainly about. 

Branding for internet auctions is a game changer and you shouldn’t have a hard time staying and marching through the competition if you utilize strategies that make you resonate as a reputable auction firm. Execute a compelling brand idea and you will remain the King in online auction market. At the end of the day, to execute industrial equipment auctions successfully, the ball is in your court.

Meanwhile, as easy as these trends appear, you should be weary of slippery grounds. Although there are individuals who have successfully used these trends to push auctions of their used items, we do not recommend that where industrial equipment is involved. It wouldn’t cost much to let a reputable auction firm handle the internet auction of any used industrial equipment. And with the appropriate utilization of trends above or any similar one, never has it ever become easier for a firm with adequate resources to execute industrial equipment auctions.

Hello! We are always here to provide answers to your questions about selling at auctions.