Looking to build a successful custom
software solution? Our experienced
development team is ready to assist.
Want to create an auction site like eBay? Then, turn to Geomotiv, a trusted service provider with extensive experience in creating custom auction apps and eCommerce marketplaces. With our world-class online auction platform development services, you will be able to create fully functioning software with the right features to fit all your needs.
Looking to build a successful custom software solution? Our experienced development team is ready to assist.
An online auction platform is a marketplace that brings together buyers and sellers and facilitates transactions between them. Unlike traditional marketplaces, this type of platform is based on a bidding system. That means that a seller can list an item with a starting price to potential customers and let interested ones place their bids in real-time. Eventually, when the auction is over, the bidder with the highest price wins the item.
Most of the online auction platforms work the same, though there are other mechanisms to consider. For example, buyers can compete and bid for the product descending or ascending orders, determined by the chosen auction type. In addition, you can create an online auction site using one of the popular mechanisms, such as English auction, Vickrey auction, Ticker auctions, and so on.
The platform’s goal is to establish and coordinate relations between buyers, sellers, and administrators. Therefore, it must support all three user roles and provide the functionality to facilitate their interaction and transaction with each other and the website. Thus, another crucial aspect is the design and navigation, which have to be intuitive and user-friendly.
Someone creating an online auction website has an opportunity to market and sell various products to the highest bidder without mediators. So, if you want to make your auction sites like eBay or Listia, go with an experienced custom software development company like Geomotiv. Our team has built multiple eCom marketplaces and auction websites, and we are ready to work on the technical side of your solution.
Benefits
Shortcomings
Benefits
Shortcomings
An auction type where bidding starts from a suggested reserve price and proceeds with accepting bids in ascending order. The highest bidder wins an auction in the end.
In a penny auction, players pay a non-refundable fee to place small incremental bids. At the end of the auction, the last bidder wins and delivers the final bid amount.
This auction type operates on a limited number of hours or days in a week.
The essential rules for this auction type does not imply that a bidder pays extra fees. But the winner of the auction bears the cost of the actual bid.
In this format, placing a new bid resets the countdown timer for the auction. It takes place until no further bids are being input.
Here, the buyers can acquire an item at the Buy-It-Now price, bypassing competitive bidding or choose an option to place a bid instead.
The main principle of this auction type is to make it available only for new bidders on your custom auction website.
This type of auction implies granting exclusive access to the bidding process. For example, you can allow a set of participants to pay an additional fee to bid on the inventory.
Here, multiple bidders can set a minimum price to let the auction begin.
Dutch auctions start at a high price, progressively lowered until a bidder accepts the price. In this way, succeeding winners pay less for the remaining items.
The winners in this auction type are the ones who place the highest bid. But eventually, they have to pay the second-highest bidder price.
The principle of this auction type is to enable bidders and sellers to submit their desired price to an auctioneer. The trade is executed when a match is between a buyer’s price and a seller’s asking price.
In this type of auction, no bidder knows how much the other players have bid.
Consequently, the winner pays the first highest price on the auction platform, though the lowest one can win in some cases.
Each time the vendors sell some goods through their auction platform software, they are charged a certain fee of the total sum amount. This revenue option serves as a primary source of income for eBay – the global auction platform that needs no introduction.
This monetization option presupposes charging a non-refundable fee to list an item or a category for sale on any online bidding platform. Then, regardless of whether that listing sells or not, the platform charges each vendor a different amount depending on the item’s category and seller’s status.
As a rule, sellers can publish up to 50 free items within one category per month.
This revenue option implies charging a fee per transaction and a percentage of the total sale amount.
For instance, most categories on eBay have a standard 2.9% fee on the final deal value and a $0.30 fee per transaction.
This monetization strategy opens new ways for business promotion as it grants exclusive benefits for vendors in exchange for a fee. From training in e-bidding for sellers to receiving detailed analytics of their participation in various auctions, this gives a vital revenue stream for a custom auction website.
Then, partner with Geomotiv to overcome your web development challenges and create an outstanding product!
| Template-Based Software | Software-as-a-Service Solution | Custom Auction Platform |
|---|---|---|
| $3.000-$10.000 | $300-$6000+/month | $50.000+ |
| The simplest and the cheapest way to build your own auction website using WordPress themes | An option to build an auction site by “renting” a cloud-based platform from a service provider | With custom auction software built from scratch, it is possible to create a unique product that will stand out on the market |
| Generic design and features, security and performance issues, platform limitations, possible bugs, and glitches | Lack of flexibility and customization. The SaaS provider manages product updates, security, hosting, PCI compliance, and other technical aspects | Complete control of the features and functionality, vast customization options, scalable architecture, enhanced security for sellers and bidders |
Solid experience goes hand-in-hand with mastering appropriate toolchains.
We use both cutting edge and classic technologies.
Senior specialists with deep business and technology background
Advanced solutions that bring real value to businesses and end-users
Extensive knowledge of creating auction websites for multiple domains
Rigorous testing to ensure the solution is error-free
Secure third-party integrations: payment gateways, marketing tools, CRM, etc.
Apps with a user-friendly interface for every end-user type
Vast experience with microservices architecture design and development
On-time delivery of quality solutions
Transparency of the entire development lifecycle
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A real-time bidding platform is a virtual marketplace where people can buy, sell, trade, and check out the inventory provided by multiple vendors. Multiple users can bid on a vendor’s list at any given moment, then the winning bid (with the highest value) is shown to the user. Through an online auction platform, bidders and vendors connect, and the selling process is executed.
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