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Tips to Add Value to Existing Online Auction Items

By Whit Hunter

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Online auctions are one of the best ways to bring in a lot of donations in a short amount of time. They're also super exciting! Donors love to contribute to your cause by bidding on quality items, and small businesses jump at the chance to donate items in support of local charities and organizations.

Better yet, with the help of online auction platforms such as BetterWorld, online auctions are incredibly easy to organize, host, and run. If you're interested in checking out what BetterWorld offers, sign up for a free account today!

Setting online auction prices and adding value to existing items can be tricky and often involves research and creative strategy. However, with the right tips and tricks, it won't take long to price your items to be both profitable and enticing.

How to Price Online Auction Items Successfully

Here are our top tips on adding value to your existing online auction times without increasing your overall workload.

Establish the Correct Price From the Beginning

The first step in pricing your online auction items is researching each item's fair market value. Organizations often boost their online auction starting bids by bundling items into gift baskets, which is a great idea -- however, you'll need to price each item separately before combining.

Conduct some market research into previous sale prices for your items. Then, set your bid price 20 to 30% lower than the store price, giving participants a good deal and encouraging bidding. On auction day, bidders will start forming an emotional connection to the online auction items and, sometimes, bid far higher than they initially expected.

Consider How You Obtained the Online Auction Item

A lot goes into pricing online auction items, and provenance is one of the biggest things to consider. In a perfect world, people will donate most items to your cause, but in reality, you'll probably have to buy items to fill out your auction.

In this case, make sure you buy items lower than the market price or high-demand items, such as one-of-a-kind memorabilia or desirable concert tickets. When pricing these items, set your starting bid at a price that will allow you to recoup your cash outlay.

Group Like-Items to Create a Higher Value

When organizing an online auction, receiving many smaller items, such as gift cards in lower denominations, is normal. The best way to get a higher bidding price is to group these items with other smaller items to create large gift baskets. Create fun experiences, pair books together, or add two like-items to boost the value to your bidder.

Often, donors will see one or two online auction items they want and use that as a driving force to bid on less popular items. This approach will drive your bidding prices up and, in turn, create a higher profit for your organization.

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Use the Best Online Auction Software to Showcase Your Items

Try to be as organized as possible when planning an online auction, as this will ensure you retain items during the hectic organization process. It will also streamline the bidding process by keeping each item and every single bid in one place.

The display of your items can impact auction bids, so it's essential to consider how the software displays your items. Choose an online auction software that prioritizes showcasing your items in a bright and attractive light.

Your chosen platform should allow the upload of high-quality images and enticing descriptions of each item. It's also helpful if the platform provides pre-made social media graphics templates for you to share as these can create a buzz around your online auction.

Review Mobile Bidding Options

It's important to make it easy for your donors to participate in your auction. Quality online auction software can simplify the process of placing bids, receiving notifications of higher offers, and paying for items after a win. If the bidding process is too complicated, many donors will walk away before placing their bid, which is money left on the table for your organization.

Try also to avoid the situation where donors bid once and forget about your online auction. Find a platform that enables mobile bidding options such as text message alerts and pay features.

Next Steps in Creating a Successful Online Auction

Now that you know how to boost your bid value, it's time to get to work! Follow these tips and others on the BetterWorld blog for the best possible outcome, and you'll craft an enticing online auction.

Use high-quality items, attractive photographs and graphics, and descriptive captions to help your donors understand how important it is for them to win this item. Put in the work at the beginning of your planning process, and you'll reap the benefits.

If you need help getting started, contact our friendly customer service representatives for a free demonstration of our online auction software. We will show you how to make the best of each of our products at the lowest cost to you – free! That's right! BetterWorld is always free for nonprofits, schools, and other organizations, so don't wait – reach out to us today!


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Whit Hunter
AUTHOR

About Whit Hunter

Whit Hunter is the co-founder of BetterWorld, the free, easy-to-use online fundraising platform. His passion for empowering nonprofits and tech expertise have shaped BetterWorld’s mission to make fundraising more accessible and efficient.

Whit's innovative vision has helped countless organizations raise more funds and reach their goals, driving BetterWorld’s ongoing success.

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