How Does A Virtual Auction Fundraiser Work

In today’s environment, you will be hard-pressed to think of anything that is not related to the online ecosystem, whether it is shopping, watching esports, listening to music, or anything else. Hence, when charities think of raising funds now, the preferred route is a virtual auction fundraiser. It is not only by choice, the Covid-19 pandemic has led to lockdowns and social distancing norms that have kept people indoors and banned large public gatherings as in traditional auctions.

How does a virtual auction fundraiser work?

A virtual auction fundraiser is conducted through specialized websites that use advanced and cutting-edge software to hold the proceedings. As distinct from traditional auctions, the photos only of the items for sale are uploaded on the site. There is no auctioneer taking bidders through the auction. After registering for the event, the participants have to bid through any Internet-enabled device such as a smartphone, tablet, or laptop. This is very convenient as participation in the virtual auction fundraiser can be on the go or from the convenience of home.

At the end of the auction, the winners are declared by the site and they can make payment easily through the many payment gateways provided. However, it is the responsibility of the organizers and auction fundraisers to arrange for shipping and delivery of the items.

Bidding at virtual auction fundraiser

Bidding at a virtual auction fundraiser is done over smartphones and laptops. At the start of the event or even many days before that after the photos of the items are posted on the site, participants can evaluate them and decide which to bid for.

When the virtual auction fundraiser gets off the mark, as a participant you place a bid. Thereafter, there is no need to closely follow the auction because a notification will be sent to your device as soon as your bid is crossed by someone else. You can then place a higher bid or drop out of the race. The advantage here is that you can go about your usual work and refer back to the auction occasionally.

There is another variant of mobile bidding at a virtual auction fundraiser. At the start of the bidding for an item, you place the highest amount that you may pay for an item. Bidding will continue among the other participants until the price set by you is reached. While it is very convenient as there are long break periods for you, the downside is that if the bidding stops well below your pre-set amount, you still have to pay the higher amount.

A virtual auction fundraiser is not only cost-effective as most infrastructure costs for holding a traditional auction are not there but also the bid amounts are generally higher than regular auctions. It is because bidders are located at all corners of the globe, leading to more competition to get the items.