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There are a million websites and companies that proclaim that they can maximize the value of surplus or abandoned property. From what we have seen, this has not been the case.
It is believed by many that the best return on investment is using an online auction service provider. With the new year coming, we felt that you are entitled to some facts about live auctioneering.
Did you know that live auctioneering is a $264.8 Billion Dollar business that increases the return on your investment? A recent poll sanctioned by the National Auctioneer Association by Harris Interactive to the public showed some very dramatic and surprising results:
- Ninety-two percent (92%) of consumers held a very favorable view of the auction profession
- Consumers spend an average of twice as much at live auctions ($988) than at Internet auctions ($475)
- Consumers who participate in Internet auctions are more, not less likely, to participate in live auctions.
- Of consumers attending live auctions 92% bid, and 87% make a purchase
- The greatest barrier for consumer participation in auctions is lack of information. They don’t know when, where, or how to participate in an online auction.
- Over half of consumers cited newspapers as their primary source for finding out about live auctions.
The once booming lure of online sales has flattened due to mounting complaints of fraud, failure to deliver, or something as simple as their own computer. Nancy F. Koehn, a professor at Harvard Business School who studies retailing and consumer habits, said that the leveling off of e-commerce reflected the practical and psychological limitations of shopping online. She said that as physical stores have made the in-person buying experience more pleasurable, online stores have continued to give shoppers a blasé experience. In addition, online shopping, because it involves a computer, feels like work.
Online solutions where you simply put a logo on YOUR website simply is not getting you top dollar. As the Harris interactive poll suggests, the greatest barrier has been advertisement. If your online solution has promised "No need to advertise - you post a logo" then perhaps Blue Hound Auctions has a better plan for you.
We advertise our online and live auctions to all of North Carolina, as well as the world through a nationwide auction postings ensuring a broader range of interest in your surplus and abandoned property. Contact us today to increase the return!
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