Five Tips for a Successful Auction
Nine of the top 10 U.S. retailers, among hundreds of others, are increasing recovery for their excess and returned inventory through B-Stock’s technology-based and data-driven auction platform. B-Stock’s team of marketplace experts, many of whom got their start at eBay, have years of experience running online auction marketplaces; all that know-how forms a foundation and enables retailers to build a successful auction strategy. Curious to know what a formula for success looks like? Read on for our top five auction tips.
- Find the Right Buyers – Having the right buyers is always the most important first step to maximize recovery on auctions. It’s important to segment buyers by product category, condition code and ability to participate (financial ability, geographic location, etc.) in order to properly drive demand.
- Generate Repeat Buyers – Repeat buyers create a foundation on which to build a successful auction marketplace and will also help boost recovery. There are many operational elements that help keep buyers coming back. Building customer loyalty programs that reward repeat purchases is one example; fun promotions are another. For example, one client is currently giving away a truckload of hangers with any apparel purchase.
- Sustain Bidder Competition – More bidder competition (among ‘the right’ buyers) means higher prices every time. B-Stock is continually investing in attracting new buyers through targeted demand generation programs.
- Optimize Auction Lot Configuration – How auction lots are assembled is extremely important to maximizing recovery. For example, after a Fortune 500 home improvement retailer broke its lots down into smaller quantities, more buyers were able to participate. This had an immediate impact on recovery: at half a truckload, the recovery increased 40%; and quarter truckload lots experienced a 52% increase in recovery (over the original recovery rate of full truckload lots).
- Offer Quality Customer Service – A customized, private-label B2B liquidation marketplace promotes a direct relationship between you and your buyers; and with that comes the responsibility to provide them with a great buying experience. By offering quality customer service that includes resolving the inevitable disputes that will crop up amicably and quickly, you’ll reap benefits in the form of better prices.
If executed correctly, these techniques will increase recovery substantially; what’s more they are all offered as part of B-Stock’s suite of seller services. With over 100,000 buyers in 130+ countries, an experienced account management team to advise and oversee strategy, and a demand generation team – skilled in driving the right buyer traffic to an auction – our retail clients are earning 30-80% more for their inventory than traditional liquidation methods. For more information on how we can set up a data-driven program for your liquidation inventory, please contact us.