Online Auctions: 5 Ways Your Business Can Benefit From Online Auctions
Online auctions are now the new gold rush on the internet.
It seems as if everyone is talking about online auctions. And why not. There are thousands of online auctions on theinternet with more popping up everyday.
People love them because they can usually find great bargains. Businesses are now also seeing the benefits of online auctions.
Below are five ways your business can benefit from online auctions.
1. Get Rid Of Excess Inventory
You could sell your excess or discontinued products at anonline auction. Your unsold inventory is doing you no goodsitting around, collecting dust. It's an effective way to makeextra income and it won't be a total loss for your business.You could even get lucky and make a profit dependingon how much people will bid for your excess inventory.
2. Test Pricing For New Products
An easy way to test new product prices is to see whatpeople will bid for them at an online auction. First, sell yourproduct at three different online auctions. Next, calculatethe average selling bid from all three auctions and that willbe your selling price for your new product.
3. Sell Your Products
You can get your product in front of a large audience byselling it at an online auction. Some of the bigger auctionsites draw over millions of hits a year. The key to beingsuccessful is to sell your product at multiple online auctionsat the same time. Let's say you sold one product a dayfrom just one auction site. If you sell your product at onehundred online auction sites that would be one hundred salesa day!
4. Start Your Own Online Auction
Drive traffic to your web site by starting your own onlineauction. People will visit your web site to find bargainsand to sell their own products. You will get plenty ofrepeat visitors from people re-bidding on products andadding new products to sell. You could also charge otherbusinesses to advertise on your web site.
5. Lower Your Business Costs
You can find lower prices on business supplies andequipment at online auctions. I'm not saying all the time, butbefore you go pay retail for a new printer try bidding onone first. A company may be selling them at a lower priceat an online auction because they have excess inventory.
May you succeed in your online auctions and make a lotof money.
Warmly,
I-key Benney, CEO
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