The Challenges of Internet Auctions Versus Live Auctions

There are a lot of differences between live auctions and Internet auctions.
There are a lot of challenges to running successful Internet auctions.

The main positive is that you can easily expand your audience beyond the local area and people from around the world can bid on the lots you have for sale; however, at the same time you lose your ability to command their attention during the auction itself. This leads to a relative arithmetic for online auctions: You need more bidders to have a successful event.

To get more people actively bidding on Internet auctions, you need to employ marketing, advertising and other public outreach activities ahead of each sale. This includes: Direct Mail, Email Blasts, Classified Advertising and News Coverage. This helps to expand the base of potential buyers from within traveling distance to buyers from around the globe with Internet access.

Online auctions have their own kind of excitement, which is much different than a conventional auction environment. One obvious challenge is to simulate the excitement of a live auction event and inspire the buyer to keep bidding; whereas, in a live auction event, the buyer can see other bidders and get caught up in the excitement and thrill in the moment.