When most people hear the word auction, we often think of someone standing in the front of a room, holding up items and saying numbers really fast. As the bidders in the room throw up their hands, the prices of the items being auctioned off get higher. This form of a traditional auctioning has been widely accepted for many years, but over the past decade or so, there’s a been a swift change to online auctions. The online auction industry has grown tremendously over the past few years, especially from 2009 to 2014, during which the industry grew by 10.3% annually. Accounting for part of this growth is the specific area of business liquidation auctions.
About 26% of people in the United States who use the Internet have participated in some type of online auction — these range from consumer goods auctions to retail liquidation to medical supply auctions. Why is it that these auctions are so popular? It’s simple; they offer convenience and flexibility that traditional auctions lack. Take, for example, an online auction site that allows you to enter your max bid. By telling the site your max bit for an item, you can then leave your computer and go to work or do whatever it is that you want to do. There’s no reason for you to sit around waiting to see if you win. An email will be provided to you in the event that you win, informing you that it’s time to pay.
Generating almost $300 billion in revenue each year, the US e-commerce and online auction industry is massive and is expected to grow even larger. There are many forms of online auctions, including those related to business liquidation. In other words, auction liquidation services are big business.
When buying items through these auctions, bidders are likely to get exceptionally valuable deals. And best of all, there are no geographical barriers, meaning you can live in Washington and bid on items in Florida. Sometimes, shipping will be provided free of charge, while other times it won’t. Because of this, it’s imperative that you know the ins-and-outs of the terms of the business liquidation auctions that you take part in.
