A Streamlined Market like no other

In the past, auctioning was basically a brick-and-mortar business. E-Auctions, however, are already commonplace as more and more auction organisations gradually create a presence online. The software that is as simple as plugging it in has anonymized the bidders even while it has increased market variety and kept the auction process under wraps with outcomes made public. Market demand is increasing, and consumer desire has grown across all demographics. Experienced consignors and bidders who are familiar with the auction procedure drive the present market.

The market is now more accessible to everyone, not just the very wealthy and elite. Buyers are becoming more at ease reading material online over time. Despite the fact that the buyer still determines the price, auctions are no longer considered distressed transactions. In fact, many auction houses are already holding sessions with lots offered without a reserve in an effort to spur greater activity. The problems are numerous, however, and range from the authenticity of art to logistics and storage of the items to the lack of a legitimate governing or monitoring authority.

Due to the growth in the number of suppliers, the spread of Internet connections, and the increasing need to control the bottom line, more Indian businesses are hopping on the e-Auction bandwagon. e-Auctions are now more accessible than ever thanks to the expanding supplier market and rising Internet usage, but complexity still restrains development. Companies who want to realise the full potential of e-Auctions must include them in their entire procurement strategy.

The buying organisation may overcome execution problems and achieve the required results with clarity and agreement on strategy, a robust pool of suppliers, and cross-functional assistance. E-Auctions must become a part of a company’s essence as the need for increased business efficiency develops.