Auction or Deal? IT MATTERS!
NeoFill has carefully designed two platforms to assist with the promoting and selling of items so that each merchant will be highlighted in the best light. Choosing which to use for that specific merchant will also help to assure that the item sells for as much as possible. There are a few criteria that will help to determine if your merchant should be included in the deal program or as a part of the auction platform, let me explain.
Criteria #1 Number of Items
If your merchant wishes to sell many of the same item, you have a DEAL! Auction items should be unique. It is imperative that there is a bidding war on auction items to raise their selling amount. Having multiples of the same item decreases those chances. Items on the DEAL platform sell indefinitely until sold out or you choose to close them. Each is sold for a predetermined amount - typically 50% but not necessarily 50%.
Criteria #2 Retail Value
Items for sale on the auction site must be bid on, waited for and strategized over. For these reasons, it is an item that has a retail value of at least $100 that will sell best on the auction site. Bidders are willing to spend the time and effort necessary to win an item when it is of a significant value. Items with a lower retail value can be easily listed on a deal site to sell for a predetermined 50% of retail value for instance. In this case, there is not a time factor, a bidding war is not required and the station is assured of a set price of at least 50%.
Criteria #3 Availability
One of a kind, once in a lifetime, only available for a limited time... These are phrases that indicate a fabulous auction item. If you are working with a merchant that can offer an item like this, chances are they should be in the auction. Bidders must be excited and anxious to get this item because if they don't, they may never be able to again. This is what will drive up their bids to an amount higher than usual. Keep in mind that in order for an auction item to be sucessful, the greatest number of bidders must be bidding on the fewest number of items.
Schedule a call with our sales team today to learn about other criteria that can be used to determine if an item should be placed on the deal platform or on the auction platform. Click Here
