Online Penny Auction Software
The product is set at the lowest price, and trading is always increasing. The price at each rate increases by a minimum value. A participant needs to pay to make a bid. One bid is worth more than the price increase. Despite the fact that the timer approaches zero, each bid increases the time until the end of the auction. The most active bidding always starts at the very end of the auction, when only a few seconds remain.
All in 1 Solution
Intuitive interface of the auction platform provides flexible and convenient system administration which allows the platform operator and their users to hold auctions and close deals.
- Penny bid agent
- Separate auctions for newcomers
- Custom bid packages
- Day & night auctions
- Training auctions with free participation
- Advanced marketing tools
- Bid / cost reimbursement
- Auctions with limited bid amount
- Different types of payment
- Unlimited number of users and products
- Flexible commission settings
- Integration with payment systems
- Analytics system integration
- Multilingual interface
- Data export and import
- Hidden or transparent participants list
- Mobile friendly
- Emails and SMS alerts
- Different reverse types available
- Auction blog feature
- Finance management
- Login via social networks
- Fiat and crypto currency support
- IIntegrated CRM and reporting system
What do you need to know before launch?
How long does it take to start a penny auction?
Out-of-the-box solution with a predefined set of functions and modules (which are selected in the order page) together with a standard skin can be deployed within a few business days. The time of deployment depends on whether the client has already created accounts in the payment systems or not.
In case of an individual design creation and heavy customization, the time of deployment is anywhere from 15 business days to several months (depending on the complexity). It is critically important that the client invests their time and stays in close cooperation with the development team providing timely responses and approval of the suggested options.
What costs do I carry when launching a penny auction website?
– Penny auction software cost.
– Monthly cost of the server rent.
– Support as experience shows that having an agreement for continuous support is more cost effective than handling each new fixture as a separate order (getting an estimate for each task, approving the estimate, signing an order and making prepayment). E.g., if your server is down and you don’t have an agreement for technical support, you will lose valuable time with settling formalities instead of having the issue fixed immediately.
– Auction administrator salary (if you are going to hire a person for this position).
– Marketing costs. What marketing steps I should follow when launching a penny auction?
Marketing is the key. If you don’t invest enough of you time, efforts and investments in your platform marketing and promotion it won’t be used by people. Make your auction participants feel like a community. Find the right communication channels. All successful online auction businesses have a strategy for attracting customers to their sites. Without a carefully thought-out plan, turning a profit becomes much more difficult. Various marketing options online businesses have at their disposal include SEO, PPC advertising, email and SMM campaigns. Additional options include bonus and partner programs which can help either to attract new clients or retain the existing ones. Try as many instruments as you can and find out what works best for you. Think of your future clients’ retention by organizing special advertising campaigns for existing clients, get feedback and improve your business.
What are the legal aspects of a penny auction?
Due to the possibility of participants spending a lot of money and still losing an auction, or ultimately spending more than the retail value of the item they end up winning, some analysts have criticized the model or compared it to gambling, even when operating without fraud.
That is why in some countries penny auctions are under restriction.The open legal question is whether the outcome of the penny auction is determined by chance or by skill. If by chance, then penny auctions likely would be illegal gambling and/or illegal lotteries. If by skill, then the penny auctions are likely legal, but still dangerous. At the end of the auction, the”winner” has not won the item, but rather has won the right to buy the item. Without full, clear and conspicuous disclosures, a penny auction site may deceive a consumer who does not understand the process. If you are a penny auction owner, it is critical that you consult with an experienced eCommerce attorney with the background to advise you about the latest information in the online penny auction industry in your country, specifically with regard to fair and safe bidding practices.
What kind of customization is available?
All levels of customization are available for an auction platform. Additionally, new skins can be developed to create a completely unique design. The flexibility of “Merkeleon” system does not restrict any sort of changes and allows realizing any ideas. It is even possible to create multiple designs that can be rotated or switched by a one-button click in the admin area.