In the sphere of online shopping, the usage of auctions has opened new niches for both the seller and the buyer. For years now, companies like eBay paved the way for auctions to become a significant staple in most e-commerce markets. Now, Wise Market, an online Australian marketplace, which offers a large variety of tech products among others, follows that precedent by going to auctions.
This exciting move will change the outlook that a consumer has for a marketplace and open up a chance for them to bid for items such as smartphones, tablets, smartwatches, gaming products and many others. But why has this model been chosen by Wise Market? As for the buyers, what benefits do they hope to reap from this new system? But much more importantly what does it do and how does it work?
Welcome to a thorough guide on all aspects of Wise Market’s new foray into auctions, the advantages, the methodology, and how this is going to disrupt the way Australians buy goods online.
Why This Change? Why has Wise Market Started Auctioning?
Auction has always offered consumers an opportunity to purchase gadgets and other products at reasonable prices. With consumers going for more of these models, the management of Wise Market saw it apt to adapt to consumers’ needs and expectations as well as help to create more flexibility and fun to the shopping experience.
Enter the auctioning model.
Adding auctions to their site provides a fun and new method of shopping. The company’s decision to adopt this model was driven by a combination of factors:
- Pricing Strategy: Since there are numerous online stores and physical retail shops dealing in technology gadgets, Wise Market saw an opportunity to enable its customers to purchase the gadgets at a possibly cheaper price. Bidding is possible in auctions that exposes buyers to bid on items resulting in lower final costs for popular products.
- Promoting Customer Traffic: E-auctions excite customers and build up their anticipation. The use of bidding can make the shopping process interactive since buyers can be involved in the process. It also helps to build a keen spirit of competition that some people can develop after using the system. It makes people involved in how often they have to visit the place in order to get what they want.
- Market Extension: With the progression of Wise Market, the use of auctions allows new customers, who are possibly familiar with auction format from other websites like eBay, to try it in another environment. The purpose is to expand the audience of regular customers and adapt to new tendencies in buying products.
- Establishing Trust: The auction model is one that is anchored on trust. It is clearly visible for buyers where the price is at a real-time level and can bid when they want to, which makes it very comfortable. This build trust as there are no extra or hidden charges and buyers can bid when they feel like it saving time on haggling and negotiations.
How Does Auctioning Work at Wise Market?
Anyone who’s ever shopped at websites such as eBay will be reasonably familiar with the basic concept of auctioning online. Wise Market follows the same pattern, but with some features that enhance the process further for its users.
Here’s a step-by-step guide on how the auctioning process works on Wise Market:
Find the Auction Listings: Like any other e-commerce platform, the users will be able to click on an option labelled ‘Auctions’ to go directly to Wise Market’s list of products available for auction at the moment. The products may include smartphones, headphones, tablets, smartwatches, chargers, accessories, and more.
Start Bidding: Once you are logged in you can check the bid amounts that are currently placed, the number of competing bidders and the remaining time before the current auction ends. If you wish to bid for an item you will have to open a Wise Market account (if you haven’t already) and you can then enter the amount for the bid you wish to make.
Much like eBay auctions there’s no fixed price — this is a bidding war right down to the last sneak peek. It will usually take some days for the auction to complete, or as stated, and you can have ample time observing the bids and planning your offers.
Monitor the Bidding Process: A positive aspect of auctioning is perhaps the dynamic nature of the price. The price will go up as more buyers put their offer on the product. However, if you really desire a certain item, the temptation to win the auction may force you to monitor the item and be ready to place your bid.
Some Handy Tips to Win an Auction: Quantify your budget: You should not overspend for the purpose of having the best of everything. It’s important to stick to a budget. When making the purchase, first check the prices and decide how much you are willing to spend and stick to the amount. Sometimes auctions can become a bit heated but it is important not to engage in the race to the point of no return.
Bid Strategies: Another good way to plan for an auction is to bid a little before the auction is due to end – a technique known as sniping. Bid the maximum amount you’re willing to pay for the item and don’t exceed it. Auctions can get competitive, but it’s essential to avoid getting caught up in a bidding war.
Watch the Clock: The last few minutes of the auction are by far the most crucial as most of the bidding can turn your way. Set a maximum amount you’re willing to pay for the item and don’t exceed it. The price may drop fast so act decisively and quickly.
The Winning Bid: Once the auction period expires, the individual who has bid the most for the product is the winner. Wise Market will contact the winner directly and inform them of the final list price together with shipping charges. The buyers will go ahead and finalise the transaction with the due payment for the product and receive it as any other normal purchase.
Delivery of the Product: The item is forwarded to the buyer like any ordinary online shopping. Well, you know what is good about the auction systems – that is, you are getting a particular item at a cheap price wherein you would need to spend a few hundred dollars less in contrast to the normal retail prices for it.
What Can Buyers Expect in this Auctioning Model?
The auction model offers several distinct advantages that both new and seasoned online shoppers will appreciate:
Opportunity for Bargains: Variety is the spice of auction shopping and one of the most enjoyable facets of this is the hope that the shopper will be able to snag a real bargain. While conventional shopping is characterised by a price bar, auctions allow you to buy products at the cost that is within your ability to afford.
Transparency and Control: Auctioning is transparent as compared to other shopping models. For each auction, you can always monitor the bid price when the auction is still live, the remaining time, and the total number of competing bidders. It offers you a way of evaluating what is going on and determine how much cash you are willing to spend.
Fun and Excitement: People like the competition due to bidding, which in addition, may lead to victory results from the process. Whether you are bidding for a new generation smartphone or a gaming device accessory, there is a much satisfying feeling to ensure that the specific product you want goes to you at the right price.
Access to Exclusive Products: In Wise Market’s auctioning system, you might find that the stock you prefer is unique or only produced in a few quantities and cannot be easily obtained from usual commercial sources. This makes shopping even more special as people get to shop from a place with an air of exclusivity attached to it.
What is the Future for Wise Market’s Auctioning Model?
As Wise Market continues to expand its auction offerings, there are a few areas they plan to focus on to enhance the user experience:
Auction Alerts: In the near future, Wise Market will provide the option of setting up notifications the moment certain goods, the user is interested in, go up for auction. This way, buyers will not lose the desired devices brought in by creative inventiveness from electronics manufacturing firms.
Auction Tiers: There could be different degrees of auctions with different initial prices, which gives the customer the opportunity to decide and participate at one auction that is a high-stakes option or one that is not so and has less of a price.
More Product Categories: At the moment, most items available for auction on Wise Market are of tech related merchandise but the company intends to incorporate other categories for auctioning too.
Conclusion: A New World of Shopping with Wise Market
The move by Wise Market to diversify into auctioning services is a welcome boost to the Australian e-commerce market. By emulating eBay, the platform gives buyers a golden opportunity to acquire their favourite tech gadgets at reduced prices with some levels of fun and excitement. For buyers, it’s not just a fresh means of shopping, but a novel way of interacting with products, how to play bidding games, and ultimately, win the highest bid.
If you are interested in the opportunity to buy new smart phones, smart watches, video games, consoles, and other products at cheaper prices, you should check out Wise Market’s auction area. Perhaps the next great deal is bidding away.
