- Thinking about taking your bidding war online?
Gone are the days when auctions required a mandatory physical presence. Today, a lot of products are auctioned digitally using high-speed internet. Online auctions have become increasingly popular, with the number of users increasing from 35 million in 2015 to over 68 million in 2020. Online auctions today allow businesses and individuals to buy and sell products doing their bids online. These auctions happen typically through an online platform which is either a website or an application.
Types of Live Auctions
- Timed Auctions: These auctions have a certain set duration in which auctioneers bid and the highest bidder wins the item at the end of the auction. Auctions are submitted online and the bidding trend is visible to the users so that they can increase their bid if they wish to. Once the time is over, the highest bidder is automatically awarded.
- Sealed Bid Auctions: These auctions are similar to timed auctions, except for the fact that the bids are kept a secret. At the end of the bidding war, the highest bidder is notified about the win. No information about the other bidders or their bids is shared and the organizations usually announce the final winners only.
- Live Auctions: These are real-time auctions in which the product is shown and bids are made on it as they are presented. The auctioneer manages the bidding and the people participating in the bidding process watch the auction unfold online. Bids are placed using software developed or deployed by the auctioneers or simply using visual signals.
Online auctions are a booming industry. The advancement in streaming technologies and high-speed internet has propelled the online auction industry which generates billions of dollars of revenue each year and is increasing exponentially.
- According to Abdalslam, e-commerce sales in the auction industry are expected to reach US $8.8 billion by 2023.
- The online auction market is estimated to grow at a CAGR of 11.35% between 2022 and 2027.
- Asia Pacific remains the fastest-growing regional market for online auctions with China leading the race by contributing more than 50% of the transactions.
Role of Right Technology for Live Auction Streaming
Merely looking at a product on a screen and bidding for it means that the visual quality has to be good enough so that buyers can make an informed decision. Hence, getting the right technology to stream your live auction becomes all the more important here. The process of a live auction is completely online which makes it dependent on technology. The video should not lag since it is a time-sensitive business and it should also not lose quality as the right visuals are a key to better bidding numbers.
The most important factors for live streaming are therefore:
- Good visual quality by adapting the latest technology such as adaptive bitrate streaming and trying innovations such as AR & VR for better user experience.
- Generating lag-free time-dependent live feed.
- Creating a secure connection to broadcast content for high-value product streaming.
- In 2020, the average time spent by a bidder on an online auction was 10 minutes, with 25% of bidders spending over 20 minutes.
Muvi Live: Best Live Streaming Solution
Live auctions is all about live streaming and who knows live streaming better than Muvi? An organization that has worked for years building tools for successfully hosting and sharing content both live and recorded, we have a product that you can consider for hosting your next live auction.
Muvi Live, our enterprise-grade live streaming platform is tailor-made for individuals and businesses planning to host live auctions on their platform. With a dedicated CMS to manage and broadcast low-latency multi-camera live feed on various devices, apps, and platforms, Muvi Live offers a range of features such as live chat, real-time analytics, monetization options, and customizable branding that makes it a go-to choice to host live auctions.
Live auctions require the least amount of lag possible. With Muvi Live’s adaptive bitrate streaming technology, the video quality automatically adapts to the internet speed of the user. In this way, the timeline of the live feed is maintained even if the user suddenly gets a poor connection. Built on AWS CloudFront CDN, Muvi Live helps you live stream across the world to your users at lightning-fast speeds, with ultra-low latency. Amazon CDN caches your live streams across their global network of over 225+ points of presence in 90 cities across 47 countries, bringing it closer to visitors from every region.
Piracy is another important aspect of live auctions. By enabling DRM on your live feed, it gets encrypted and only the person that you wish should access the auction will be able to access the auction.
Online Video Player
Hosting your live auction with Muvi Live becomes so much easier with our HTML5-based video player that is cross-platform, cross-browser, and cross-device compatible. You can also engage your audience with video cards to drive traffic and sales. Add polls, external links, or other CTAs in your live stream and let your audience take action during playback. With Muvi Live, you can also embed the HTML5 player on your website and apps. Let your audience watch your live stream regardless of the devices and platforms used by them.
All these features and much more await you when you deploy Muvi LIve. For starters, we offer a free trial as well. Click here to witness Muvi Live yourself.
How to Host Live Auctions with Muvi Live & Start Streaming
Hosting live auctions with Muvi Live is very easy. Here are the steps on how you can create a live auction event and start streaming live.
- Once you subscribe to Muvi Live, login into the Muvi Live CMS.
- Click on ‘Add Stream’ button and then fill in the required information. Enable DRM if you wish to secure your live stream and then click on the Save option. The live stream gets listed on the CMS.
- On the CMS, click on the go-live option. It will take a few minutes for the system to go live. In the meantime, set up an encoder that will transmit the feed from your devices to the Muvi Live server.
- Connect it with any encoder using credentials like this your stream is live.
- Generate a shareable URL by clicking on the three dots next to your live stream on the CMS. This URL can be used by your clients to access the live feed.
The list of features is endless. Start streaming for free.
Q) What types of auctions can I host on Muvi?
You can host all types of online auctions with Muvi Live. Simply integrating Muvi Live’s video player into your website will start the live auction from your own website.
Q) Does Muvi offer any support for live auctions?
Muvi’s dedicated 24/7 support team will be there to resolve all issues that you might have during your live auctions.
Q) How can I ensure a secure and fair auction on Muvi?
By enabling DRM, you create a secure link that blocks any unauthorized access to the stream.