Software for Online Penny Auctions
Penny auctions are revolutionary websites that get the best of both worlds. It all starts at a penny, then you bid, almost like in regular auctions. The only difference is that penny auctions offer give-away prices for customers and deliver extra profit to owners. That is how it works. The product price sets at a minimum, then increasing using small bids. To participate in the bidding, a user has to buy a right to place bids. The value of each new bid is higher than the previous one. Every new increase relaunches a timer. The most active bidding starts when just a few seconds are left.
All in 1 Solution
The advanced and user-friendly interface of our software offers a flexible and convenient site. That enables effective management of the website, thus allowing developers and users to collaborate. The list is abundant in innovations. Best penny auction sites offer:
- Penny bid agents for proxy bidding
- Free introductory auctions
- Bid package solutions
- 24/7 auctions
- Training auctions with free participation
- Contemporary tools for marketing
- Smart reimbursement system
- Auctions with limited bid
- Different types of payment
Penny Auction presentation & Demo
Key Soft Features
- Unlimited number of users and products
- Flexible fee settings
- Systematic arrangement of payment tools and analytics
- Multilingual interface
- Email and SMS alerts
- Auction blog
- Finance management
- Login via social networks
- Fiat and cryptocurrency support
- integrated CRM and reporting system
Additional functionality involves
The engine of a penny auction includes many non-standard solutions available on the market. It is 2,3 times faster than its most famous competitors. It can withstand a load of up to 1 million users. And its flexible architecture allows making changes at the request of a developer or owner concerning functionality and design.
A feature that makes the software even more enticing is the list of participants which can be either open for users or hidden, depending on the customer's preference and security considerations. In addition, you can choose what information to reveal, in case the participant list is discreet. However, it is a common practice to provide the name and the country of residence.
This auction functionality is available on mobile devices which makes it a convenient tool which you have at hand wherever you go. Moreover, you can always stay updated to the latest events in the auction when you set on notifications. By the way, it is equipped with the cutting edge CRM and reporting algorithms which means you are in control of your finance flow.
Create Your Own Penny Auction Site
Establishing a penny auction is a perfect business idea. Nevertheless, there are a few peculiarities every potential founder should be aware of. In a penny auction, everything is well-measured: a comfortable interface, groundbreaking technology, professionals in charge, etc. These sites have a lucrative gaining probability. But it takes time to kick into high gear.
Here you will find several tricks and learn how to start your own penny auction site.
When you decide to start websites in an auction industry, and your choice is a penny one, these frequently asked questions are for you.
You may need a few days. The launch time includes criteria like customization, interface, algorithm, technical peculiarities. Thus, it will be best to be ready that development may take up to several months depending on your viewings and complexity level.
Before launching an online website where you will hold auctions of penny type to be more specific, consider this. The cost consists of:
- Software spendings, part and parcel of any virtual business
- Server rent which you have to pay monthly or annually for using a domain
- Salary costs. Professional technical support, auction administrator (in case you hire one) are a minimum employee set for the starters
- Marketing spendings. Well-thought promotion will quicken the result and boost development.
Marketing is the key. Find suitable communication channels. Develop a strategy for attracting new customers to your website. Practicable virtual marketing options at every customer disposal list SEO, PPC advertising, email, SMM campaigns. In addition, there may be bonus programs to get new clients and reward the existing ones.
Some beat up these programmes, claiming it is a fraud way to scam people on the web. That is why in some states, penny auction sites are forbidden. Without understandable information, consumers may think of the penny auction as a scam on the virtual market. But this myth may be demolished. To become the most successful penny auction owner running a full-fledged company, you must consult an experienced attorney about the latest peculiarities on the online penny auction specifics and standards.
All levels of customization are available for an auction platform. Additionally, you can create a unique design. The flexibility of the “Merkeleon” system allows the implementation of any ideas. It is even available to create multiple styles to switch in a click.
Try products from various areas. Diversity generates demand. Another solution is to survey participants. Generally, the most popular items are computer components, household appliances, mobile phones, and external storage devices. You can make a special section for customers to offer their products and vote for a favourite one.
Premier auctions are transparent. You can check any participant and see the history of completed auctions, with a complete log of all bids. It is vital your auction conscientiously comply with all conditions and regulations.
People can make one bid and become winners, or make hundreds and stay unsatisfied. Regular folks attend auctions, so there is no single strategy on the list on how to win an auction. A few pieces of advice: inspect the situation, be confident and reserved, use intuition.
The first thing that comes to mind is the legal issue, namely the complete illegality of places alike. However, this is not the case. It is simply a matter of competition on the market. It is a vivid demo of business owners giving up too early when they lose more than they get. Remember that it is only natural before you tap into an adequate strategy and commence a progressive development.
Hardly so. Functionality is different. In gambling, it is a combination of luck and strategy, depending on the game. In a penny auction, an item goes for sale at a minimum cost. And everyone can raise a bid in a penny auction, adding a small amount to a starting cost. Any user has equal rights for a win. The only limit is their will. Nevertheless, it is worth consulting a specialist who will expose all details and requirements.