Today, we cannot imagine our lives without the internet, mobile applications, and systems for automating routine processes. However, a lot of companies still rely on manual operations, which leads to costly mistakes worth millions of dollars, and simple tasks being time-consuming. This applies to both large and small companies.
Auctions remain one of the tools that businesses continue to operate manually. Selling products in such a format is a challenging task. Thus, this article aims to illustrate how auction systems can assist in automating business processes and simplify workflows for you, your clients, and your partners.
An auction is an online application designed for conducting sales using a bidding format. Typically, this process occurred offline, but it has now been digitalized. Modern companies are incorporating auction functionality into their websites, which enables customers to purchase products through an auction format.
Companies can make use of auction systems in various sectors such as:
This tool can also be used to facilitate tenders with a reverse operation mechanism and to acquire or sell companies and startups. Each business must create a unique process logic that accounts for all the tasks, product features, protection against fraudulent users, rules & regulations, and more.
Traditional offline events influenced the development of online auction types. Three popular models are typically distinguished:
Auction systems offer the functionality to upload categorized databases of goods and services, list them for auction, and allow bidders to register online, place bids, and potentially win items. The online format provides new opportunities for businesses, allowing them to optimize their operations.
Auction software brings businesses a lot of benefits, but still, there are also several drawbacks worth mentioning. Let's delve deeper into these points and explore them in more detail.
The key benefits that the company gets after implementing the system include:
As for the drawbacks, we believe that it is more accurate to refer to these points as 'considerations that may impede the implementation of the system':
Initially, these points may appear to outweigh the benefits. However, automation and simplification of business processes inevitably result in even greater gains. Companies that start using new tools, rarely go back to manual processes and see significant resource savings.
UNB, a private Ukrainian enterprise specializing in the extraction and trade of oil, gas, and gas condensate, actively used offline auctions in their work. To sell their products, the company had a dedicated department of managers who would call customers on a daily basis, announce new bids, receive applications, and determine the winners at the end of each day. A team of staff members dedicated their entire 8-hour workday solely to organizing and holding auctions, which resulted in a significant decrease in the company's efficiency and hindered its growth.
After cooperation with FreshTech and implementing our online auction system the company`s workflow has changed significantly:
Innovative solutions like this have a positive impact on company performance and improve the way customers and partners interact with your business. And when it is convenient for customers and agents to use the service, all their needs are met, and they see the system transparently, then they will return to you, which directly affects the company's profit.
Certainly, ready-made solutions, systems, and software for conducting auctions can be found online. Although the terms of using such services may vary, the main concern is how much value they can add to your business. With ready-made solutions, you will need to optimize your trading processes to fit their conditions, adjust your own system accordingly, and allocate additional time to ensure compatibility. With individually designed solutions, you won't have to worry about these issues.
FreshTech Team specializes in creating non-standard solutions for automating your business processes. We have created one of these unique solutions for Restyleme service. This is a commission-based platform for selling luxury clothing and accessories brands. Their goal is to promote sustainability by prolonging the lifespan of high-quality branded fashion items and minimizing their impact on the environment. At the client's request, we have created a main website that presents a range of products ready for immediate purchase. Additionally, we have incorporated an auction system.
Our team includes business analysts who tailor the functional logic of the tool specifically to your project's needs. That was what we did for Restyleme. We placed significant emphasis on ensuring security. We were aware that there may be individuals attempting to bypass the rules, place false bets, and drive up the cost. However, we found a solution to this issue and successfully implemented it in the Restyleme service.
The implementation of new technology for e-commerce let the service:
The process of building an auction module for your business consists of 5 stages of work:
An important aspect to consider before developing the system is that you should have a dedicated staff to manage the auction system. Although the auction system operates automatically, it is still necessary to oversee it and adjust each bid.
As previously mentioned, online auctions can be customized to fit a multitude of industries; the crucial factor is to determine the most effective business model, objectives, and structure. To achieve this, you can analyze your competitors, develop your own ideas, or seek consultation from FreshTech specialists. Leave your contacts and get tips on how to effectively use the new tool for automating business processes.