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Online Auctions: 5 Ways Your Business Can Benefit From Online Auctions

Online auctions are now the new gold rush on the internet.

It seems as if everyone is talking about online auctions. And why not. There are thousands of online auctions on the internet with more popping up everyday.

People love them because they can usually find great bargains. Businesses are now also seeing the benefits of online auctions.

Below are five ways your business can benefit from online auctions.

1. Get Rid Of Excess Inventory

You could sell your excess or discontinued products at an online auction. Your unsold inventory is doing you no good sitting around, collecting dust. It's an effective way to make extra income and it won't be a total loss for your business. You could even get lucky and make a profit depending on how much people will bid for your excess inventory.

2. Test Pricing For New Products

An easy way to test new product prices is to see what people will bid for them at an online auction. First, sell your product at three different online auctions. Next, calculate the average selling bid from all three auctions and that will be your selling price for your new product.

3. Sell Your Products

You can get your product in front of a large audience by selling it at an online auction. Some of the bigger auction sites draw over millions of hits a year. The key to being successful is to sell your product at multiple online auctions at the same time. Let's say you sold one product a day from just one auction site. If you sell your product at one hundred online auction sites that would be one hundred sales a day!

4. Start Your Own Online Auction

Drive traffic to your web site by starting your own online auction. People will visit your web site to find bargains and to sell their own products. You will get plenty of repeat visitors from people re-bidding on products and adding new products to sell. You could also charge other businesses to advertise on your web site.

5. Lower Your Business Costs

You can find lower prices on business supplies and equipment at online auctions. I'm not saying all the time, but before you go pay retail for a new printer try bidding on one first. A company may be selling them at a lower price at an online auction because they have excess inventory.

May you succeed in your online auctions and make a lot of money.

Warmly,

I-key Benney, CEO

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MORE RESOURCES

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Daily Mail

Judicial avalanche: The legal system has struck a blow against corruption ... Daily Mail The Supreme Court has held that auctions are the best way to allocate spectrum. The government could have resorted to auctions in 2008 and no law or policy could have come in the way of that. That's exactly what was done for 3G. and more »

Brady Jersey Sells For $46000 WLWT Cincinnati INDIANAPOLIS -- A football jersey that New England Patriots quarterback Tom Brady wore in an NFL game has sold for $46000 at an auction in Indianapolis. Hunt Auctions says an anonymous bidder bought the 2011 game jersey at The Super Bowl XLVI Live ... and more »

Brady Jersey Sells For $46K WCVB-TV INDIANAPOLIS -- A football jersey that New England Patriots quarterback Tom Brady wore in an NFL game has sold for $46000 at an auction in Indianapolis. Hunt Auctions says an anonymous bidder bought the 2011 game jersey at The Super Bowl XLVI Live ... and more »

State Auction Brings Big Crowd, High Bids KTXL Those are just a few examples of the myriad of options the public had to bid on Saturday during California's surplus auction in Sacramento. The auction happens every few months, but this go-around more people than usual tried their hand at holding up a ...

Save the dates for these Lehigh Valley events Allentown Morning Call The fundraiser includes live entertainment by students and alumni, food catered by culinary arts students and a silent auction. For tickets, $20, adv.; $25, door, adults; $10, adv.; $15, door, students, visit http://www.friendsoflibertytheatre.org or ...

R Jadeja fetches 2 m USD, 25 players picked in IPL auction Deepika Bangalore, Feb 4 (UNI) In all 25 players out of the possible 37 were picked up in the 2012 IPL auctions here today with Indian all-rounder Ravindra Jadeja bought for the maximum of two million dollars by Chennai Super Kings (CSK). The auction paled by ... and more »

The sweet life The Herald Argus Marks has been auctioning her cakes, decorated sugar cookies, chocolate-covered Rice Krispy treats, chocolate-covered strawberries and cupcakes ever since she opened a Facebook page called Jashco Cakes last August. The baker said she took two intro to ...

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