March 27, 2023
What to Expect When You Start an Online Auction?
With the rise of the internet, many activities that have previously required a physical presence have shifted into the digital realm. One of these activities is auction sales. Online auctions have grown in popularity alongside online shopping in general—after all, what could be more convenient than shopping from the comfort of your own home?
Bidding on items rather than simply purchasing them at retail prices can provide you with significant savings. However, there are various types of online auctions, and it’s useful to know what to expect before you start looking.
Scheduled Auction: This is the type of online auction with which we are all most familiar. Timed auctions are similar to live auctions, although there is no live auction or auctioneer. Normally, the auction lasts two weeks. Timed auctions frequently draw bidders who either place high opening bids to frighten off rival bidders or place low closing bids in an effort to win the item for the lowest price.
Short-speed Auction: This quick auction concept is given a twist by making the bidding window lightning-fast. Such auction sites typically move a large quantity of goods at low prices—each high bid extends the bidding window for a few seconds, but when the timer expires, the highest bid wins. Some of the most popular 90-second auction websites have mobile apps that allow you to participate from anywhere.
Online Live Auctions: This is a live online auction that combines the convenience of an online auction with the format of a live auction. This format combines the best features of both live and online auctions: you get the thrill of bidding in real time without having to wait days to find out if you won, but you also get the convenience of bidding from the comfort of your own home.
Final Auction Thoughts
Knowing the format of the auction you’re participating in will help you estimate how long you’ll have to wait to find out if you’ve won. If you want to experience the thrill of a true live auction, Oktion is committed to providing the most authentic live auction experience available online.
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With the rise of the internet, many activities that have previously required a physical presence have shifted into the digital realm. One of these activities is auction sales. Online auctions have grown in popularity alongside online shopping in general—after all, what could be more convenient than shopping from the comfort of your own home?
Bidding on items rather than simply purchasing them at retail prices can provide you with significant savings. However, there are various types of online auctions, and it’s useful to know what to expect before you start looking.
Scheduled Auction: This is the type of online auction with which we are all most familiar. Timed auctions are similar to live auctions, although there is no live auction or auctioneer. Normally, the auction lasts two weeks. Timed auctions frequently draw bidders who either place high opening bids to frighten off rival bidders or place low closing bids in an effort to win the item for the lowest price.
Short-speed Auction: This quick auction concept is given a twist by making the bidding window lightning-fast. Such auction sites typically move a large quantity of goods at low prices—each high bid extends the bidding window for a few seconds, but when the timer expires, the highest bid wins. Some of the most popular 90-second auction websites have mobile apps that allow you to participate from anywhere.
Online Live Auctions: This is a live online auction that combines the convenience of an online auction with the format of a live auction. This format combines the best features of both live and online auctions: you get the thrill of bidding in real time without having to wait days to find out if you won, but you also get the convenience of bidding from the comfort of your own home.
Final Auction Thoughts
Knowing the format of the auction you’re participating in will help you estimate how long you’ll have to wait to find out if you’ve won. If you want to experience the thrill of a true live auction, Oktion is committed to providing the most authentic live auction experience available online.
