The 6 features every auction technology should have
13. 10. 2021
Auction technology, a great way to bring offline and online auctions closer together. Good auction technology must contain the following aspects:
- High quality video
One of the most important features for good auction technology is high quality videos. Online auctions are becoming more popular and will remain a standard in the auctioning world. High quality videos ensure that online bidders have no disadvantage when it comes to getting a good impression of the auctioned object.
- No delays
During an auction many things are happening at once. The auctioneer gives information about the object, and online and offline bids are coming in. The bids are sometimes made right after each other. Therefore it is essential that there is no delay when streaming a video and that the software is running real-time.
- Different auction types
There are many different types of auctions. Each type has its own rules and consequently needs suitable software. Good auction technology gives you the possibility to choose between the different types of auctions, whether it is a hybrid, online or a closed auction.
- Connect to existing business systems and information
To ensure user friendliness it is key to use auction technology that can connect between the auction and the existing business systems. Interlinking of, for example, client information can give insights about your clients and saves time. In addition, auction information needs to be up-to-date and linked to the auction software.
It is of the utmost importance that your auction technology protects your and your user’s data. Specifically personal and payment information is sensitive data and needs to be treated accordingly, as well as the anonymity of anonymous bidders. Good auction technology has security systems in place to protect all parties involved.
Auctions come in all forms and sizes. Small auctions with only a handful of bidders and big auctions which can have up to thousands of bidders. Especially at these big auctions the amount of people trying to reach the server can be too big, resulting in system failure. For this reason, the final condition of good auction software is the ability to manage large amounts of people accessing the server at once.