A shift in perspective: The digital revolution in the auctioning world
Over the course of our 85 year history specializing in industrial asset management, we’ve come to notice a significant shift in the tide surrounding how an auction, for say business liquidation, is conducted. The fact of the matter is ≥90% of the auctions we’ve organized in the past calendar year have been online exclusive.
And what of the number of traditional/live auctions (i.e. with a physically present audience) carried out? A lowly 3. As a matter of fact, this number has been on a downwards trend for many years and is fast dwindling.
What’s the prognosis, auctioneer?
The industry is shifting. Online bidding is, by orders of magnitude, changing how commercial and industrial auctions for business liquidation, asset disposition, acquisitions, and so on are handled.
Are online auctions to be embraced?
No one should jump the gun and claim to prognosticate the end of days for live auctioning; they, of course, will always have a strong place in the bidding world. The excitement, hubbub, and atmosphere aren’t things that can be replicated in an online medium anytime soon.
Nevertheless, the digital revolution brings forth with it strong gifts. First, and most apparent, to the plate is the ability for anyone, anywhere to get in on the prize. With the world becoming increasingly unified, geographic exclusivity on an item seems like a relic of bygone days.
Second, convenience is, indeed, king - a sentiment that rings evermore true in the hustle and bustle of today’s society. With less time on our hands comes the need for time-effective solutions; the zeitgeist is to have an auction that works for you, rather than you working for the auction.
Third, and final, is to do with the concept of consolidation. The increased connectivity that accompanies life in the 21st century means that people, as a byproduct, have their hands in a lot more pots. Managing these pots would be near impossible without an intuitive, centralized hub – a necessity for bidders participating in a business liquidation auction. Bidders, thanks to online auctions, now revel in having their information, activities, bids, purchases, and history united in harmony rather than discordance.
