Tomorrow – The View from Today, Barnaby’s Online Auction Report
Barneby’s, the global search engine, have published their third extensive review of international trends and influencers for consumers within the online Auction Market. The results are based on data from 65 million lots sold over the last two years and arguably underpins the requirements for Auction houses to develop a successfully competitive online presence in today’s increasingly demanding market.
Most significantly, the results show that there has been a shift in the age of consumers buying at online auction houses, with the over 35s now rising. 55-64 year olds represent over 20% and are dominating the online landscape as they become adept at registering and bidding. This later age bracket positively constitutes a wealthier audience, interested in contemporary art and antiques, as well as luxury brands, with a particular focus on watches. This change in demographic is influenced by new seamless platform technologies and payment opportunities as the online markets are becoming more accessible and familiar.
Whereas previously the cap of spending was relatively low, the spending levels are now rising, up by 5% in value terms of market share. However, whilst the higher spending levels are between€1000 and €5000, at the same time sales under €100 have also seen significant growth. The diversity of the market offerings is therefore also attracting new younger consumers, interested in more consumerable goods, such as furniture. We are therefore seeing a rising market across all levels and sectors, establishing a wider audience.
It is apparent that what attracts the buyers and sellers to particular online auction houses is simply a matter of confidence, requiring the experience to “be easy to use, reliable and trustworthy”. Therefore, the priorities for auction houses is unquestionably adapting to these needs by choosing the right online strategy to ensure that their branding is promoted at every touchpoint to help maintain customers and source new ones, processes that are seamless and dependable with abilities to maintain and manage the client base and provide a competitive edge.
Consumers also now expect first-rate technologies with exceptional digital imaging, photography, detailed condition reports and without question, different devise usage, with mobile become a popular choice for browsing.
With unrivalled innovative technologies, support and expertise iRostrum’s advanced software not only meets these identified future needs but intuitively tailors to your business and industry sector. For what is most evident from this report is that to be successful and grow sales is to understand and adapt to your audience.
iRostrum provides innovative online auction systems to power your individually branded online auction platform from your own existing website, combining excellence in presentation with advanced user experience and the very latest in online bidding technologies. iRostrum therefore ensures that the reputation of your brand is kept central to all client interaction and your primary asset, client data, is retained and controlled by you, from registrations, bidder data, detailed analytics, profiling and communications.
To find out more please contact us.