Consumer
We support social networking features such as reviews and star rating, allowing bidders to create a self managed community that endorses the products and the platform, and that generates value through relevant content.
- Extensive administration extranet allowing you to set a hierarchy of staff administrators, and to create and manage auctions, lots, categories, commissions, communication, and moderation.
- Flexible categories
- Flexible and secure payments and invoicing
- Multilingual, multi-currency, multi timezone system, allowing you to target a worldwide audience
- Automated services such as Postcode Lookup and delivery charges by region
- Extensive account preferences for users, allowing them to create a profile and tailor notifications (via email or SMS) and preferences to their needs.
Case Study: Handshake auction
Project Description
Handshake auction is a win-win auction model developed by Red2 which enables both the seller and the buyer to obtain the best individual price for a specific good or service.
This unique auction type is perfect for hospitality, catering or service providers. It lets both the supplier and the buyer to individually express their needs and matches the most compatible candidates together.
This unique auction works by enabling the seller to post up a lot and the absolute minimum price he is willing to accept. This price is not visible to the public, as to protect the perceived value of the brand. Instead, the typical cost of the brand is displayed. If the buyer’s walkaway price is higher than the seller’s walkaway price, the platform will figure out the average, which will become the final lot price at which the deal is closed.
The Handshake model is a superior auction type for the selling of distressed inventory. This is a superb system for industries such as hospitality where low seasons are an issue, but can also be beneficial for the selling of goods and services. It enables the suppliers to sell their inventory which is due to expire without sacrificing the brand reputation by selling at below perceived price. From a buyer standpoint, the customer is able to obtain a price possibly lower than the maximum price they are willing to spend.
Benefits
The handshake auction offers great benefits to both the buyer and seller.
- Sellers can auction brands and services at cheaper prices when they have downtime, and raise their prices when busy, without affecting the public perception of their usual rates
- Bidders can place bids on various brands, and the system will automatically assign them best value/closest lot automatically if they win several, maximising their savings
- Bidders can use powerful search tools to view lots, by a variety of criteria such as location, price, date, etc, or even by keywords or testimonials
- Handshake auctions can be implemented with a rating system to collect customer feedback
- Handshake auctions maintain customer confidence, because supplier walkaway prices on any particular lot can only be reduced, not increased, once posted