Challenge
The auction events that take place offline require tons of organized efforts, setting up a venue for the sellers and buyers to gather, making arrangements for all kinds of necessary auction requirements and more. Moreover, the buyers from remote areas are not able to visit the auction event due to some reason or other. Coming to the expenditure, the money spent for organizing a well-organized auction event with a superb venue, food arrangements, gatherings, security, entry tickets and more is a tad bit high which is not affordable for all.
Solution
Therefore, to solve this challenge, the CP Bids online auction platform was developed with custom client requirements. The client was already running a successful auctioning events business and now wanted to take it online for the ease of its buyers and sellers. The online auctioning platform CP Bids now helps the client to organize the mobile phone and inventory auction events virtually without having to tackle all the issues related to organizing the events on-site. It allows the sellers to auction their products in bulk while the buyers can bid for winning the products without having to gather at the same place and at the same time. What is CP Bids? The application CP Bids(CellPoint Bids) is an online marketplace, designed to cater to auctioning events with all the necessary features, catering to buyers, sellers and admin. It has been strategically designed for hosting the auction events of bulk mobile phones and their other accessories. It allows the sellers and buyers across the country to participate in the auctioning events. For Sellers The sellers are allowed to sell their inventory and products in bulk in multiple combinations whereas the buyers are invited to place bids for the different products/stock. The sellers can add their products under different tags and categories while setting the start and ending time for the auction. The seller is solely in charge of setting the minimum bid pricing for the bulk products. For Buyers The buyers are allowed to place their bids with a minimum price of the lot as well as an increment price. The buyer with the highest bid price gets to win the auction and access the inventory/products after the payment of the bid price. The buyer that loses is also notified of the outbidding with real-time notifications on the app. Apart from this, the buyers can simply purchase the entire lot with a “buy now” button and pay for the products in full. For Admin The admin is the sole in charge of the entire application and the processes that involve biddings and auctions. The admin can approve new members to bid for the auction, check out their profiles, total income for the deals made. In addition to this, the admin can simply manifest the lot as well as create duplicates. The Features Real-Time Updates on Auctions The Sellers and Buyers are able to get real-time updates on the auction event. The buyers can further check out other buyers, all the bids placed, the highest and the lowest bid. The buyers have access to look out for the reserve price, which will be updated according to the highest bid made by a seller and all the sellers that have been outbid according to the updated reserve price will be notified in real-time. Custom Bidding Process The buyers can choose to bid according to their requirements, type of products needed or according to the reserve price limit. The buyers won’t have to guess on the selling price of the products as the flexible analytics platform offers them pricing by model, grade, size, carrier and channel. All the buyers have to do for placing the bid is to register with the application, get approved by the admin and start bidding. Dual-Language Support The CP Bids application for auctioning bulk mobile phones and other accessories is compatible with both the English as well as the Chinese language for the ease of its major customer base. QR Code With the QR Code API, the buyer can simply scan the QR Code of the product to check out its price. The QR Code is created by the admin while the scanner can decode it to a five-digit lot number. The Solution The user-friendly mobile application, CP Bids is compatible with both Android as well as the iOS platform. It can be downloaded from the Google Play Store and Apple Play Store. The sellers can register at the website and get access for auctioning the mobile phones as well as their accessories or parts in bulk once the Admin approves of it. The sellers can further get multiple buyers under their name who can further bid on the products. The real-time data access will allow the buyers to get notifications on the bidding critters, the highest bid made, selling-price, bidding history and more. The buyers with the highest bid will get to take home the auctioned inventory/lot after the final payment. The admin, the buyers and the sellers can communicate from the comfort of their homes via chat platforms.
Results
The bulk mobiles and accessories auction at CP Bids is a transparent process where every buyer is capable of seeing the bids. The buyers can bid on the auction inventory/lot any time of the day till the time limit has surpassed and get real-time notifications on the bidding process. The liquidation process and data-driven auction analytics reduces business risk, optimizes seller recovery values and improves buyer margins. Digital bidding enhances the customer experience and cuts down on the operational costs required to set up an offline auction event.
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