Live online auctions can be just as fun as traditional ones and have revolutionized the way people buy goods and services. If you plan on hosting one, whether to fundraise for a good cause or for profit, there are ways you can improve online auction engagement without the presence of an auctioneer.
It’s not enough to list items on a website and wait for bids to come in; you need to use live auction software to implement features like real-time interaction, engaging content, high-quality video, gamification, and an overall user-friendly experience to simulate the excitement of an auction environment. Let’s explore a few ways to host successful online auctions and how you can measure engagement.
5 Ways to improve online auction engagement
Online auctions can set themselves for success by implementing several key strategies:
Invest in real-time streaming technology
Real-time streaming software is crucial for auctions that are simultaneously in-person and virtual. Ultra-low latency video creates an immersive and interactive auction experience that simulates a live one, ensuring that participants receive live updates and can react instantly to bidding activity.
The technology behind real-time streaming is particularly essential in auctions because the final bid can make or break the experience for everyone. It’s been known to happen: someone places a bid on an entry as the clock approaches zero, only for someone else to swoop in at the last second and out-bid them — but there’s a video lag. The first bidder celebrates, thinking they won, but is crushed to learn someone else came in.
Real-time streaming with Dolby.io’s robust solutions can enhance the online auction experience and avoid such fiascos. With sub-half-second latency, high-definition video, clear audio, and powerful scalability, you can host large audiences without compromising steam quality. In addition, our unique Content Delivery Network (CDN) enables synchronized video and real-time bid updates, ensuring an exciting and engaging experience for global participants.
Improve accessibility
Successful online auctions are accessible to wider audiences. It’s crucial to implement features that cater to participants with different needs and preferences. Some ideas include to boost accessibility and engagement include:
Closed captioning
Closed captioning is a common accessibility feature that is no longer an “extra,” but essential standard practice. It ensures that participants with hearing impairments can fully engage with the auction and benefits both non-native speakers and people in noisy environments.
Fortunately, Dolby Millicast streamlines closed captioning with WebCaptioner API and effortlessly adds real-time captions to your content.
Language options
Your auctioneer might be speaking one language, but providing captions in others — live, if possible, given that most auctions aren’t scripted — broadens your audience to people around the world. The Dolby Millicast API enables multiple language options to boost global auction participation.
Easy in-app checkout
Once you’ve won the item up for bid, streamlining the checkout process is critical for maintaining engagement and ensuring a smooth user experience. Abandoned “shopping carts” happen in online auctions as well as eCommerce, so simplifying the payment process avoids frustration and makes happy users more likely to attend your next event.
Advanced tools to boost auction performance
Real-time and post-event auction tools boost engagement and participation, leading to higher final bids and increased profitability. By making your auctions accessible to a global audience, you can attract more participants and drive-up final bids.
Combining re-streaming with live clipping is the future of live auctions, as it allows auction houses to reach a global audience in real-time while providing instant highlights and verifiable records to enhance transparency and engagement.
Live clipping
- Shares instant clips from a live auction before the bidding is over.
- Generates immediate interest and engagement.
- These strategies not only increase visibility but also enhance the chances of higher bids and successful sales, making the auction process more dynamic and profitable.
Re-streaming (Multicasting or Multistreaming)
- Expands reach by attracting more potential bidders on social media.
- Taps into platforms with vast user bases to increase visibility.
Disputes & Audits
Real-time video recordings and clips are essential for resolving disputes and conducting audits in live auctions. They provide an indisputable record of events, ensuring transparency and accountability. Should any disagreements or claims of unfair practices arise, auctioneers can review the footage to accurately determine what happened.
- Uphold the integrity of live auctions by providing necessary features for resolving bid timing disputes.
- Record your auction streams and access the files post-event.
Live auction recordings verify that all procedures were correctly followed and upholds the integrity of the auction process.
Gamify bidding
Gamification adds an element of fun and competition to online auctions. The Dolby Millicast technology enables game-like features so online auction organizers can incentivize participation and bidding activity.
Leaderboards
Leaderboards could display the top bidders and provide real-time updates to inform participants about their standings. You could even put items aside as prizes specifically for people who place the most bids so that even if they don’t win an item they were vying for, they don’t walk away empty-handed (and every bid increases your revenue!).
Badges and achievements
Awarding badges and achievements for certain actions, such as placing the first bid (which is a great way to kick off momentum because participants might hesitate to go first), bidding on a specific number of items, or winning multiple entries can add an element of accomplishment and encourage continued participation. Display these badges prominently on users’ profiles to recognize them publicly and create a sense of progression.
Provide detailed product information
Online auctions have many advantages. They can last longer (for days, even), attendees can participate from anywhere, and there’s a much larger limit to how many people you can host. One way they’re at a disadvantage, however, is that attendees can’t see the goods they’re bidding on in person. It’s a similar problem to online shopping — real-time video can compensate for it, but in order to help people imagine how a product or service would play a role in their lives, you need to be descriptive.
Offer bidders multiple views
By allowing viewers the ability to zoom in on an item up for bid from all angles, they can inspect details more closely and boost their confidence when placing a bid. The Dolby Millicast Multiview feature enhances the live auction experience for bidders by providing multiple camera angles up to 4K, thereby offering a comprehensive view of the items up for bid and ensuring informed decision-making.
Make sure the written text is equally detailed. Include descriptions about specifications, features, the item’s history, value, and more to help attendees make informed decisions.
Place bids from any device
It’s essential that global bidders can participate in real-time streaming auctions using any device, from smartphones to tablets. This flexibility makes it easier for bidders to join, increasing participation and driving up bids.
How to measure online auction engagement
Now that we’ve covered a few strategies to improve online auction engagement, it’s important to go over methods for measuring said engagement so you can verify which tactics are working. Some key metrics that pay attention to include:
Number of participants
This one is obvious, but it’s worth stating. How many people are participating in your online auction? A higher number of participants typically indicates greater interest in competition, which drives up the final bid prices on a greater number of items. Tracking participant numbers helps you gauge your auction’s popularity.
Bidding activity
How often are attendees actually placing bids, and for how much? If you have a thousand participants but people are only bidding once or twice on a select few items, then you either need to improve the intrigue of your entries or make your environment more engaging. Related metrics include the total number of bids, average bids per item, and the submission rate (e.g., time between bids).
Chat discussions
Chat features enable participants to communicate with each other. Typical live auctions don’t normally involve this — everyone tends to be silent unless they’re placing bids — but in a virtual environment, active chats can indicate how interested users are and allow them to ask questions.
Time spent
How long are participants spending on the auction platform? Longer session times indicate greater interest. Attendees might spend most of their time on one item’s page, suggesting they really want that entry in particular; or they spend time on various pages, revealing that they’re happy to browse the whole catalog. If people enter your platform but leave quickly, then you know you need to take other measures to capture their intrigue.
Feedback and reviews
Collecting feedback and reviews from participants after the auction is over grants you insights into how much they enjoyed it and are willing to attend again. Take constructive criticism gracefully so you know how to make your next event even better.
Chat discussions
Chat features enable participants to communicate with each other. Typical live auctions don’t normally involve this — everyone tends to be silent unless they’re placing bids — but in a virtual environment, active chats can indicate how interested users are and allow them to ask questions.
Time spent
How long are participants spending on the auction platform? Longer session times indicate greater interest. Attendees might spend most of their time on one item’s page, suggesting they really want that entry in particular; or they spend time on various pages, revealing that they’re happy to browse the whole catalogue. If people enter your platform but leave quickly, then you know you need to take other measures to capture their intrigue.
Feedback and reviews
Collecting feedback and reviews from participants after the auction is over grants you insights into how much they enjoyed it and are willing to attend again. Take constructive criticism gracefully so you know how to make your next event even better.
Industry benchmarks
If you want to know how to have a successful silent auction, then you also need to know what success looks like. Truthfully, you define what success means to you — sales, participation, engagement, etc., which varies by industry, auction type (silent, live, long-term), and target audience. That said, it’s still beneficial to have a general idea of what success could mean for other auction organizers. Some general benchmarks include:
Participant conversion rate
The percentage of registered users who actively participate in the auction. A typical benchmark might range from 20% to 40%.
Average bids per item
This can vary widely, but a healthy auction might see an average of 5-10 bids per item.
Chat engagement rate
A high engagement rate might see 30% to 50% of participants actively using the chat feature.
Session duration
Successful auctions often see average session durations of 20 minutes or more, indicating sustained participant interest.
Bidder retention rate
The percentage of participants who return for future auctions. A high retention rate indicates a successful auction experience.
Understanding these benchmarks can help you set realistic goals and measure their progress over time. Comparing metrics against industry standards can highlight strengths and areas for improvement.
Conclusion
Improving online auction engagement requires a combination of technology, strategic planning, and a focus on user experience. Whether you’re fundraising for a cause or auctioning items for profit, the more you simulate a real environment and motivate attendees through competition and accessibility, the better the end result will be.
Ready to take your online auctions to the next level? Dolby Millicast’s live auction solution will make it seem as if your auctioneer is in the room with your participants. Check out one of our live auction case studies and contact us today.
