If you’re reading this, I assume you’re looking for ways to make money online. Maybe you’ve been searching for ways to make extra cash, or maybe you’re looking to change careers. In either case, you’ve probably come across the term “online auction” and wondered what it was all about.
In this article, I’ll answer all your questions about how to make money with online auctions. I’ll cover everything from the technical aspects to making sure your page loads fast and engaging users with a high conversion rate. Let’s get to it.
What Is Online Auctioning?
Let’s start at the beginning. Back in the day, people would meet in real life and bid on one another’s items. If you had something someone wanted, they would give you money for it. In modern times, this has been replaced by online auctions, where users can browse through different goods and place bids on them. When someone places a bid, they’re essentially saying: “I want this item.”
If you have an item for sale and you decide to put it up for auction, you’ll want to do two things: 1) set the price and 2) describe the item in detail.
The first step is to set the price. You don’t want to set the price way too high, otherwise no one will want to participate. People hate spending money on things that are not necessary. Set the price at a level that you think is fair and try to make sure it’s affordable for everyone. Then, you can add more information about the item for sale. Be sure to add as much detail as possible. This will help bidders know exactly what they’re getting. It also helps your potential buyers know what other people are saying about the item. When someone clicks on your listing, they’ll see other people’s opinions along with the item’s details.
How Do I Start An Online Auction Business?
Depending on your experience, this can be either a difficult or easy process. If you have a business or marketing background, building a successful online auction store may be a little easier for you. You’ll just need to make sure that you have a good understanding of how online auctions work and decide whether you want to pursue this route. Let’s start with the basics:
You’ll first need to decide which platform you’ll use to run your store. You have two options here: 1) build your own website, or 2) use a platform like Amazon or eBay to establish your store.
If you choose the first option, you’ll need to figure out how you’ll set up your store so that it’s easy to find and navigate. Additionally, you’ll need to make sure that your store is mobile-friendly. According to HubSpot Blogs research, only 23% of internet users have bought something from an online store that they discovered on their mobile phone. This figure jumps to 41% for tablet users and 47% for laptop users.
The second option is a bit safer, as you’ll be relying on a third party for hosting. Although this may save you some money in the long run, it can be more difficult to launch and manage a store on a third party platform. You’ll also have to deal with any customer service issues that may arise.
Which option you choose really depends on your experience and the amount of money you’re willing to spend. If you decide to build your own website, you’ll have full control over the design and content. However, establishing an online store on a standalone platform is a lot easier and requires less management. So, if you’re a beginner, the self-hosted option may be the better choice. But, if you’re looking to take your online store to the next level, establishing it on a standalone platform may not be the best option. So, consider all your options before you make a decision.
How Do I Promote My Auction Business?
There are many ways to promote an online auction store, but you have to pick one (or more) that fits your experience and budget. If money is no object to you, spending money on expensive ads may not be necessary. Instead, you can use free methods to promote your store, like:
- SEO
- Content Marketing
- Email Marketing
- Affiliate Marketing
- Social Media Marketing
- Product Review Blogging
To improve your odds of succeeding, you can’t just focus on one type of promotion. Instead, try multiple methods and measure the results.
How Do I Make Money With An Online Auction Store?
Let’s get to the good stuff now. Once you’ve launched your store and are receiving traffic, you can start making money. To do this, you’ll need to establish yourself as an expert in your chosen field. Depending on your niche, you may need to take some time to build a portfolio of supporting examples.
The most common way to make money from an online auction store is to display relevant products that are currently on sale. When a user visits your site, they’ll see a list of items that are currently on sale. If they click on an item, they’ll be taken to a product page with more information and the option to buy. If they decide to buy an item, you’ll receive the money through your chosen payment method.
If you’re looking for a quick and easy way to make money, you can also create a product page for an item that is not currently on sale. If a user decides to click on the product, you’ll receive an affiliate commission. The commission will be based on the sale of the product.
Can An Online Auction Store Be Profitable?
I think anybody can create a profitable online auction store, as long as they adhere to the right pricing and know how to promote their store. It’s very easy to see how money can be made on the sale of luxury goods, as there’s lots of demand and not a lot of supply. Similarly, if you become the go-to source for a certain type of equipment, you can charge fairly high prices and people will come back for more.
On the other hand, if your aim is to make money from the sale of electronics or fashion accessories, things that people want and need but can’t necessarily afford, your best chance of profiting is to have low prices. You’ll need to ensure that your site is easy to navigate and that the items for sale are clearly explained in detail. Additionally, you may want to consider partnering with established brands that have a large following on social media. When potential buyers find themselves in the unique position of wanting an item but not necessarily wanting to spend a lot of money on it, having a brand they trust to deliver what they need at a good price can make a big difference. If you can combine the power of a trusted brand with an affordable item, you can create a winning formula for online business success.
Forbes recently published an article with advice on how to start an online auction store, which you can find here. If you have any other questions about starting your own business or pursuing online marketing as a career, feel free to reach out to me via email (kelsey@kelseyhill.com) or connect with me on LinkedIn.