The business of online auction is luring startups like nothing else and it would not be for anything I am sure. Take the example of one of the biggest online auction platform eBay which has a whopping figure of 167 million active users. Each user spends almost 150 minutes per month on the mobile app. Now, you see the point in developing a mobile app for an online auction or still carry the opinion that the web is sufficient for that. Even if the startups consider and take steps to develop such an app, its difficult for them to give competition and stand against the market giants like eBay and Poshmark. One of the tactics is studying your competition, imitate them and overtake them.
So, How to Develop an Online Auction App?
Search For Your Niche
A smart company indulges in the market study and analysis before initiating the app development. It’s not a smart decision to enter a domain where already giants have dug their feet deep. Instead, find a new market which is having an appropriate demand for a lesser competition where you can create your own space and do your business. You can target a specific country or a specific type of goods.
Auction Mobile App Development
When you are done picking your market, think of the audience that can be captivated and frame the business policies and monetization techniques accordingly. To take the wise and an informed decision, consult professional marketers, project managers or business analysts. You can conduct the research by yourself if you are blessed with enough time and resources.
Conduct SWOT Analysis
Strength and opportunities are something you would already have figured out before reaching this stage. In fact, these are the factors that would have to drive you towards developing an auction app. The important parts at this stage are figuring out the threats and weaknesses. Here are some of the prevalent challenges you must be equipped to fight with:
1) Delivery issues
2) Tax law problems
3) Slow and difficult initial engagement
4) Security challenges
5) High international competition with similar apps
6) The existence of fake products
Once you are in the know of the SWOT of the auction mobile app development, you should start the study on the features you want to integrate to make your app stand out.
1) Buyers account
2) Bids placement
3) Customized search
4) Product listing
5) Trending items
6) Shopping cart
1) Sellers account
2) Add new items
4) Fix or change the price of the products
5) Add product images
1) Maximum bidding algorithm
2) Customer support
3) Push notifications
4) Ratings and reviews
5) Payment gateway
6) In-app chat
What is the cost-estimation of developing an auction app?
Well, the pricing of app development differs according to the features and different mobile app development company. But, a ballpark estimation can be provided to get you a rough idea of the investment needed for such an app. The features like shopping cart, payment integration and shipping are complex and time-consuming and would need approximately 30 to 50 hours to get it done with. Considering the selected platform would be native for best app performance, the app development process will need a team of 8 people. The team should consist of a designer, 2 Android developers, 2 iOS developers, 1 backend developer, 1 tester and 1 project manager to lead them all.
One of the considerations is that there will be 2 different apps one for the buyer and another one for the user which also adds up to the cost of building an auction app. It would need almost 1400 to 2000 hours to get such an app developed.
Benefits of Building An Online Auction App
1) Having an auction app will give an international touch to your business. Buyers can participate in the auction from any corner of the globe for buying products that gain sound investment from a plethora of options.
2) Attractive prices as the operation cost of selling are reduced insanely as they are shifted online and developers are also at the ease of giving discounts.
3) Auction apps are a great source for time and money-saving. The mobile app will eradicate the need to travel to the auction place.
4) Just login to the app and you can bid for your favorite product. Real-time and money saver.
5) The app will also enable you to check the price of the product and make an informed purchase.
6) The buyer is instantly in the know of the result of the auction when the auction is online. If the bidder wins the result is immediately shown in the app.
7) Sellers can make savings as they don’t have to invest in the infrastructure of hire resources for selling their products.
How to Hire the Best Auction App Development Company?
1) Check Their Portfolio
To check whether a company is good or not, checking their portfolio is one of the best options. Check the type of apps they have developed before. Also, see what type of features they have integrated into the apps.
2) Check Their Experience
Along with the types of apps developed, it is also important to check the number of years of experience the auction app development company has. A company with higher experience can handle complex projects with ease and provide quality output.
3) Developers Experience
Along with the company, it is also important to check the experience of the developers. Ultimately developers are going to work on your project which makes it important to hire experienced auction app developers.
You don’t want to exhaust your entire savings on just one app. Also, you want to keep some amount to run the app after it is launched. Hence, the budget is also an important factor in choosing the mobile app development company for your project.
5) Development Time
You don’t want your app to take forever to get developed and deployed. Make sure the company you choose gives a proper timeline for the development and stands by that time.
People also ask:
1) How do I create an online auction site?
- Check the goals of your website.
- Buy a suitable domain name.
- Pick a hosting provider.
- Install WordPress.
- Install auction plugins.
- Adjust the settings.
- Run a test version.
2) How much does it cost to build an auction website like eBay?
The cost of building a website like eBay is based on the features you choose. It also depends on the time in which you want your app to be deployed.
3) How do auction websites work?
The site owner will post an item. The user can bid their price for the item. The item will be sold to the one with the highest bidding.
4) How do auction sites make money?
Auction sites charge a basic entry fee to post items. This is one way to make money. Also, there is a charge if the item is sold successfully. There is a percentage of the item price that goes to the website owner.