Auctions: Taping Into The Global Garage Sale
The rise in online auctions has created a global garage sale. Interestingly it is this exact atmosphere that is a draw to customers that enjoy bargain hunting. Many online auction users are used to spending Saturday mornings driving from one location to the next in search of a treasure. These individuals may not even be certain what they are looking for, but they know it when they see it. Just as the local newspaper provides details on the most promising garage sales, so too does the online search function of various auction sites. If you were to stop and talk to anyone at a garage sale about the one item they purchased at a garage sale that had the most meaning they would each have a story of an item that is still in use and was the greatest bargain they have ever encountered.
The same could be true of online auction users. Each day customers are finding out-of-print music, classic books, Hollywood memorabilia, items from pop culture, furniture, automobiles and much more. The circus atmosphere of an online auction site contributes to the end use enjoyment for customers. This is the atmosphere online businesses can take advantage of when they place items for sale on an auction site. Many online businesses will provide items for sale at auction that have a minimum bid price that is much less than the retail price of the item.
The reason they do this is to generate significant interest in the auctioned item. If the items becomes popular with bidders the online business selling the item may wind up selling it for more than it’s worth, but they may also find they have encouraged many potential customers to consider their online business website. One of the reasons the use of an online auction site is a powerful marketing tool is simply because it taps into a mindset that may not initially be inclined to visit your online store. The bargain hunter, the frugal man or woman, those on a budget are prone to utilize auction sites simply because they are relatively sure they will find the best deals there. If you can prove you are interested in the price conscious consumer you may convert the bargain hunter into a regular customer at your online shop. The mechanism used is an online auction site that tells a certain type of consumer that you understand and will do your best to keep your prices at a level that is inviting to bargain hunters on a global basis.
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