Auction website model is like a separate force of nature in eCommerce with its own rules and structure. The basis of every auction website lies in non-traditional (compared to standard storefront model) relationships between seller and buyer. Keeping the scope, it’s built on the principle “who’s more” for forward auctions and “who’s less” for its reverse kind.
To maintain these established long time ago rules in the digital environment, there is a necessity of certain functions, leveraged into auction website, so the auction core could remain. A multiple set of features exists, determined by auction niche, its target and pricing format.
Rain or shine, every auction website must be strictly fulfilled with the following opportunities to play its main role with talent and successfully replace on-site auctions atmosphere:
Two user’s types. Online auction website should provide different dashboard interfaces for vendor to represent his goods and bidder to look for goods and bid;
Messaging. There should be a comfortable channel of communication for seller and buyer;
Newsletter. Upcoming auction updates in the form of email sendings is a must, as well as informing involved bidders about how auction runs. This feature is possible through integration with mail services;
Bidding function. It’s a key function, as every item should show its bidding tactic and provide possibility to bid;
Security. Even though it’s in the fifth position, security is primarily relevant. Any website, which deals with its customer payment information, must include this option by default;
Payment gateways. Offering clients multiple payment options increases chances of their active engagement in your auction portal;
Analytics. Any vendor who choses your website for his products promotion will be grateful to receive the most actual data about his products views and customer behavior in common.
Online auction business with the right set of extensions can properly compete with storefront websites. If you wonder, where to start or how to proceed with your online auction project, visit this article that introduces a complete guide about How to Build an Auction Website like eBay.