Auctions: Online Vs. Real World

The internet has transformed the world in many ways

, and the changes that have come have arrived incredibly rapidly. Twenty years ago, mass communication was a one-way thing, executed through the medium of television, yet today, billions of people communicate on a single, glorious platform. It has not just changed the way in which we communicate; rather, almost every area of life has undergone a revolution due directly, or in part, to the internet. Here, we will consider the world of auctioneering to see how the internet has changed this landscape both for the better, and for the worst.

The Transition from Real World Auctions to Online Auctions

The first stage in the revolutionary changes to the auctioneering world is of course its move to an online medium. This has resulted in many favourable outcomes for bidders, but has perhaps lessened profits for the auctioneers themselves depending on your position within the auctioneering market, then, the move could be considered good, or bad. Let's have a closer look at the pros and cons of each type of auction:

Pros of the Real World Auction: From the point of view of the person selling the goods, the move to the real world has had one of two effects. Those that dealt in premium products, such as world-class art have benefited. They are able to advertise to a wider audience, and their auction rooms have filled in turn, this has led to better sales and better prices. From the buyers' perspective, though, this is not so great.

Cons of the Real World Auction: Those that deal with lower end products, however, have seen a loss in profit. This is because there is greater competition, and this has forced prices down, thus less profit for them. For buyers, this is fantastic because they can get premium products at knock down prices.

Pros of the Online Auction: The move to the online auction has done wonders for buyers, who are now able to, mostly, buy products at a much better rate than ever before. Sellers have also benefited from the move, but this affects new sellers only, not those who were in the market prior to the internet explosion. New sellers have found a lucrative niche that is much more accessible, and the savvy seller (those that can find cheap goods and sell them at profit), can make millions online.

Cons of the Online Auction: Aside from what has already been stated, i.e. that existing auctioneers lose out, there are a few cons for buyers too. The first is that it is not always easy to determine the quality of the item and for such things as electrical goods, there is no guarantee that they will even work. There is some recourse for compensation if sold goods that are faulty, but this can be a long and drawn out process.

by: John Samual

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