The global online auction market is growing at a rapid rate. The AI-enabled auction platforms help users in performing different activities. In fact, bidding on an auction platform is cost-effective. The best auction portals have automated bidding systems with a range of listing categories. Both bidders and sellers try to grab opportunities from these portals. Do you like to launch an innovative auction platform for them? It can become a source of your revenues. How? Your first step is to hire online auction app development, professionals.
A free consultation with app developers will let you know the cost and features of online auction portals.
Online auction app development- Why do auction apps have gained high popularity?
According to a statistical study, the age groups, 18-29 and 30-59, like to take part in auctions regularly. Thus, the annual returns from online auction businesses will be high. Potential users know that they can reach a wider market to sell and buy products. Hence, you may take advantage of this trend. Hire a team of qualified developers and earn more from the app.
Build a portal like eBay- Online auction app development services
While talking about online auction platforms, eBay comes first to our mind. Pierre Omidyar introduced this portal in 1995 to sell and buy products. Now, it is a prominent online auction company with a revenue of more than 2.86 billion dollars. The business is flourishing in the online auction market, and you may also try to build a similar portal to compete with eBay.
How will you earn money from your online auction app?
You may have already invested in auction app development services, and now, you need to think of the revenue model to gain more proceeds. A perfect revenue model will make your monetization strategy more effective. Besides, you can charge fees for using your platform.
Sellers have to pay you a percentage for every sale. Thus, it is the best way of turning your auction app into a profit-generating system.
You may also charge a fee for providing goods for every category. A single vendor can list products in multiple categories. Moreover, he has to pay the fee for each of them.
Charge for listings
You have to decide on the charge for every good when sellers have already published the preset number of products in a month.
So, you will earn in a range of ways by building an online auction app. A clear business model is vital to making your online auction business successful. Take more effort and time to research your business model.
Auction of different types
Before integrating the features, you have to choose a suitable auction type.
It is a highly popular auction format where the bidding starts at a reserve rate. The highest bidder will be able to purchase the product.
The auction is named after William Vickrey, a Nobel Prize winner. Although the highest bidder will win the goods, the price will be based on the second-highest bidder.
There is an automatic clock to stop the bidding process. The initial price is high, and it gradually gets lowered.
The auctioneer will learn about the desired rate submitted by buyers and sellers. Then, he will choose a price and close the deal. The seller who has asked for a lesser price will get the opportunity to sell the product. Similarly, the buyer placing a higher bid will purchase the product.
Bids will get sealed after buyers have placed their bids once. The highest bidder will be the winner.
How much does it cost to design an auction app?
The cost and timing of the auction portal app development project will vary with a range of factors. For instance, the features you have added to the app will make a difference in the price. Your professional app developer will design a portal to ensure a harmonious relationship between sellers, buyers, and administrators.
App designers and developers will create separate panels for
- The Seller – Sellers can create an account, use payment systems, and check the status of the auction. Moreover, they can accept payments from buyers and analyze the sales statistics.
- The Buyer – These buyers are bidders who can open an account to place their bids. They can check their listings, search for items, and make bids. Furthermore, they may check the ratings of sellers.
- The Administrator – As an admin, you can manage your app’s content and user profiles.
Features for sellers
Listing development- Sellers can add lots of items with details like product name, category, image, and description. They will also find space to mention the auction format, its duration, stock size, currency, reserve price, starting price, shipping information, and payment options. Moreover, sellers can set rules like minimum amount for the subsequent bidders.
Dashboard for sellers- Venders can check statistical details, including sales tendencies, ratings, and income. With the vital details, sellers may run their businesses systematically.
Features for buyers
User profile- During the app registration process, potential buyers have to add personal details, payment info, and shipping address. Other things that they can check are the current bids, watch lists, sellers, saved items, recently viewed products, purchase history, and messages.
Bidding process- Buyers and sellers can set the bidding process. While initiating a live auction process, sellers have to decide on the starting price. The highest bidder can buy the item after the auction.
Shopping Cart – The shopping cart enables consumers to select multiple items from sellers. Also, buyers can manage the settings of the shopping cart to remove the items and adjust the product quantity.
Ratings and Reviews – Sellers and buyers can send feedback for every transaction.
Live chat- Like any other app, your online auction portal should have a chat feature. Buyers may interact with sellers to get relevant information. It also develops trust between both sellers and buyers.
- User Management – As an admin, you can delete and edit any user profile for some strong reasons.
- Auctions Management – Auction bids are manageable from your admin profile. While someone has violated rules, you can delete his auction bids.
- CMS– You can ask your developer to integrate a Content Management System. You may edit and remove content to update your guidelines.
- Generate report– The auction app will create the report on the product performance. Moreover, you will learn about the statistical details related to sellers.
The overall development process will go through different levels
Backend structure development– Backend development involves functionalities and processes accessible to users.
Frontend development- It is about designing the interface with scroll buttons and other elements. So, developers will focus on the design of the interface.
Security testing- As transactions happen at the auction platforms, security is one of the important factors. Thus, make your platform SSL certified to ensure the highest security.
Platform testing- Now, the app is created, and developers have to ensure that it runs smoothly on any platform.
Launch the app- The app development company will launch your auction app and help you earn revenues.
Therefore, you can now look for the best auction app developers. Integrate the most useful features and draw the attention of your target users.