Non-profit organizations are working hard to achieve a good world, but it’s tougher to manage. In addition to the basic problems facing any organization, such as adjusting to new technologies and being up to date on accounting and regulatory needs, non-profits confront certain other industry-related obstacles.
This means that the problems of fundraising are more complex than we give them credit for. It cannot be attributed to a single fundraising challenge, but rather to a combination of variables that conspire to hinder your progress.
The nonprofit sector is changing. Prospects and donors change their behavior, their method of communicating, and their way of giving, of course, after some time. The patterns and effects of the contribution received by your organization might affect donations. Thus, issues impacted by trends are the largest and most unpredictable difficulty faced by nonprofits.
Let’s delve into the challenges that Nonprofits may face in future fundraising events:
Each donor wants to participate more in its non-profit cause.
For example, 59.8% of participants wish to know how much total money has been obtained following a fundraising attempt, 44.5% want to know how the collected cash will be utilized (source: https://ciof.org.uk/events-and-training/resources/challenge-events)
This is the problem for your non-profit – to keep contributors informed and hence delighted with tailored communications.
What’s important is to send messages they want to read — ones they expect. To accomplish so, the first step is to determine what type of communications your audience will get. Segmentation, Personalization, Original Content, and SMS are some of the effective solutions.
Nonprofit organizations must compete to attract funders’ attention and valuable hours of volunteer work.
Worse, grants and government money are being split among the qualified groups, resulting in less funding for each.
Non-profits must make extreme efforts to raise funds to match the competition. They expand the number, variety, and size of fundraising activities, as well as the amount of money they seek for.
The effects are not good news at all. An increased attempt to raise funds also leads to a rise in overhead expenditures. And, when contributors shift their support to other charities, you must actively engage in retention measures to keep them loyal.
Working actively on the retention of donors and the image of brands is without question fantastic ideas that maintain the attention of supporters.
However, revisiting your mission and vision statements is a simple approach to differentiate your organization. Make it as concrete as possible. It will assist you in reaching donors who are purely motivated by the cause. It will also help you distinguish yourself from other organizations that appear to be in the same field.
Donors contributed 0,9% more to charity organizations in 2012 than they had previously given to the federal political campaigns. Donors that failed to provide political actions, on the other hand, lowered their donations to charity by 2.1% that year (source: https://institute.blackbaud.com/wp-content/uploads/2016/10/GIEY.pdf)
Although this trend is encouraging and works directly for you, you have to consider one aspect. Party members have a tremendous impact on donor behavior.
Partisan donors donate less to non-profits when the majority is not. So, even if a prospective contributor is ready to donate to your cause, he will give far less than he would if his party were in power.
Communication Hurdles are the primary struggle for many social purpose organizations. For example, many small and medium-sized organizations, together with a compelling issue description and solution, address the challenge in building strategic pitch decks.
While the majority of organizations, together with their communities, enable transformational projects, effective storytelling is tough to work out. Complex bids for grants are frequently often not available to organizations.
Moreover, we discovered that organizations, perhaps because leadership and/or contributors do not grasp the benefits that brand buildings have, are in general not able to or reluctant to expend on marketing and communications.
Lack of Government Funding
Many non-profit groups rely on the government’s help. It might be in the form of grants or a complementary arrangement or it can simply be a safety net in place to cover the gap in cases of shortages of funding.
Reducing national and municipal budgets implies that fewer are necessary. Most non-profits get less than they desire or need, while some do not have any financing.
Not Running it Like a Business
With so much attention on performance, your charity may find it difficult to remember that it is still a company with a bottom line that must be in the black. Non-profits typically place their social impact targets at the forefront and their corporate targets at the forefront, until there is enough to conceal what is going on.
Cost and social effect must be matched so that all efforts achieve genuine outcomes. You should utilize the proper tools to make sure your mission never loses track of its capacity/reach. This will make your employees and processes more flexible, adaptive, and ready to handle changing situations within the constraints of your resources.
Political and Social Unrest
2021 has been a tough year in terms of the political environment. Community involvement is critical for developing strong ties with people of the community and increasing support for your nonprofit’s purpose. It has become more difficult to engage with community members without community activities or athletic contests.
Non-profit organizations must find new methods to stay engaged. This gets more difficult when the country is experiencing severe political upheaval. Committing across various groups is often a failure due to strong personal opinions that lead to political and social disorder.
Fundraising in Post-Covid World
Event fundraising is important to many non-profits, and the forced pause that we’ve seen across the board has had a direct impact on donations. Social distance is expected to take place in a post-COVID environment, such that conventional financing for events may not have been typical for a long time.
Non-profit concerned that this funding gap will not be created and will leave a significant hole in financial projections. But that doesn’t always imply you need to cancel all your fundraising drivers, even if you cannot hold in-person events.
Online funding is a precedent that began before the COVID crisis. It is useful to continue using technologies that require individuals not to be in close physical touch. You will adjust your funding efforts to the new reality if you can take some of your fundraising drives virtually, such as generating money by way of online auctions or offering seminars.
These are times that have never happened before and we all learn as we walk. Successful demands for nonprofits must be integrated into a broader statement of mutual support, empathy, and solidarity in the following weeks and months.
And this must not be a transitory approach: Since nonprofits are dealing with ever-increasing personal loss and hardship, they can no longer continue business as usual.
The connection between supporters and supporters will become more and more dangerous. We will all need assistance, and we will all have to do everything we can to aid others.
How Can iConnectx Help You
Our non-profit solutions allow you to get the finest possible fundraiser tools to help your teams do more: make a good contribution worldwide.
iConnectx is for people who desire not too expensive event software, however, it has all the capabilities needed to best advertise events and sell tickets. The platform is nicely built and is excellent for companies that desire considerable expansion and scalability.
Connect with the IConnectX team to get started with your online fundraising auction.
Charity auctions have been a great way to raise money for schools, campaigns, and nonprofits. After all, who doesn’t like to take home an aesthetic piece while also doing good with that money? Fundraising events focus on auctions because they have been a proven success model to raise the money desired. While previously, fundraising auctions were restricted by location, online fundraising has risen an opportunity for nonprofits to expand their reach.
As the rest of the world moves towards a virtual world, nonprofits need to adapt to this as well. A virtual charity auction may be a fantastic method to raise funds while also cultivating community. Bidding may be extended by adding additional goods or timed bidding to keep people engaged. There’s no need to resort to the trouble and expense of putting up a venue when there are lots of software choices with promotion, administration, and engagement capabilities.
You may have seen online fundraising auctions for other organizations. However, if you’ve never participated in an online fundraising auction before, it might be intimidating.
We have curated a list to help you run a fundraising auction online.
10 Tips to Run a Fundraising Auction Online
1. Decide the Right Type of Virtual Auction
The first step is to decide what type of auction it will be. You must know the different types of auctions so that you pick the right one for your non-profit. The two types of auctions are:
This type of auction offers longevity to your fundraiser. This is a more hands-off approach, it does allow you to significantly expand your reach and encourage a diverse range of supporters to participate.
Guests will have access to your online inventory of available auction goods for a silent auction. Then they’ll be encouraged to look through the items at their leisure and bid on the ones that pique their interest. Because these virtual auctions are longer, you’ll need the right tools to keep participants engaged when it’s necessary.
One of the most fascinating online fundraising events you can conduct is a virtual live auction. You may have already hosted (or attended) a similar event in person. Bring this idea with live streaming technologies to the virtual world! All participants must connect to your live-streaming platform at a set time if you pick this sort of virtual auction. Then, in real-time, your auctioneer will be aired to the participants’ screens.
2. Decide the Auction Items
Choosing auction goods is difficult because you need to know which things will elicit the most enthusiasm from the contributors. Finding an object that is not materialistic is a wonderful idea. Because experimental products are difficult to find in stores, they are best sold at auction. Donors give because they want to make a difference. They are more interested in the emotional component of a bid item than the physical aspect. This connection can be made using experiential goods. Day tours, vacation trips, and visits to the location where your organization is working are all examples.
3. Promote Your Event
Take to social media if you want your online auction to be a success. Promote it on all platforms where you already have a following. Don’t forget to follow up with emails, newsletters, and maybe even internet advertising. It’s a good idea to use a blend of targeted invites and a broad-based mass marketing approach. This way, your loyal contributors and other supporters will receive a tailored message urging them to come, while others in your support network will learn about your event and decide to attend. It’s a win-win situation.
4. Decide the Rules of Auction
Before you start promoting, you should write down all the rules and regulations regarding pre, during, and post-auction events. You should include rules about auction items, bidding process, deliveries, payment terms, bidding rights, etc. It is also here that you mention the purpose of the auction and the buyer’s rights.
5. Payment Method and When they Can Pay
You are conducting a fundraiser because you want to raise money for a cause, therefore, having a clear document detailing payment instruments and their terms and conditions is a must. This document should also include by when they can transfer the money, any additional charges applied, and other things related to money.
6. Create A-Team
It takes a team to put on a successful fundraising event. A dedicated auction committee for the project may make a big impact and make things easier. Create a single center to simplify communications while arranging an auction because there are so many moving pieces. The committee can then be subdivided into the event, procurement, marketing, and operations subcommittees.
7. Be Creative (Build Suspense)
It’s critical to keep people busy and entertained, whether you’re holding an online or live auction. An uninteresting event might sap the motivation to participate in anything worthwhile, such as fundraising. Looking out methods to make everyone pleased at the end of the event is one approach to achieve this.
Aside from bidding, there are a few more things you may do to enhance the auction event. Remember that not all bidders will be able to purchase the thing they like, so offering them alternative ways to participate can be entertaining.
8. Keep Everyone Motivated
Planning an auction takes time and effort. Your auction team might lose track and get demotivated throughout the process. For it to not happen, make sure that the morale is high throughout the planning process, as well as after the event. Regardless of it was successful or not, remember the effort and appreciate it.
9. Create a Virtual Catalogue
Your online auction catalog is perhaps your most effective marketing instrument. After all, it’s a virtual window into your auction. Your catalog allows event attendees and other potential visitors to browse your products and decide whether or not they want to join. You might make your catalog available to the whole public ahead of time, or you could limit the sneak look to those who have already registered and paid for their tickets. The latter can be a fantastic way to encourage pre-registration by offering a special “early bird” chance.
10. Choose the Right Software
Online charity auction software allows you to organize a fundraiser from the convenience of your own home or workplace. Adopting a suite of specialist auction software is a must when it comes to preparing your forthcoming virtual auctions. With so many alternatives to select from, it’s important to remember to consider the most important aspects. Here are our top 3 recommendations:
- iConnectX is a prominent technology company that helps organizations and companies thrive in their fundraising efforts. iConnectX has robust fundraising solutions ranging from online auctions to event tickets and Text-To-Give and Donations. They also offer Live Software support, CRM input, a live event monitoring page an auto-bid. iConnectX is the perfect choice for your online fundraising auction, with reasonable rates and a team of specialists at your disposal.
- BiddingOwl is an auction management system that manages silent, live, and online auctions from beginning to end. Mobile bidding is also available during your event, as well as specialized fundraising help and fully integrated credit card processing.
- ClickBid was established in 2002. Hybrid events assist schools and organizations in raising cash. You may host silent, live, lottery, and fundraising events from donor mobile devices using their live auction and live video services.
Virtual auctions can take a lot of time and work to arrange, especially if it’s your first one, but the payoff can be huge! With the additional fundraising income and improved interaction with your charity supporters, you may be asking why you didn’t use this technique sooner.
Connect with the IConnectX team to get started with your online fundraising auction.
The first cell phone came into being just 30 years ago. Our cell phones have been able to connect to the Internet for just 15 years. And just within the past 2 years, mobile giving has passed fundraising through desktop – we are online on our phones more than we are on our computers. That is a lot of technological change in a very short amount of time. Of course, nonprofits must adapt to keep up. If you didn’t grow up around technology like the millennial generation, how can you adopt the latest technology trends to help nonprofit organizations more efficiently?
To make the donation process easy for you, here are some features and methods of the iConnectX online donation process. iConnectX tool is easy for donors to use for all levels of nonprofit fundraising. There are several fundraising sites available for both individuals and nonprofits. iConnectX has made it possible for both.
iConnectX’s user-friendly platform enables anyone to set up a fundraising page to raise funds for the cause you are passionate about.
iConnectX has set itself as a platform for nonprofit fundraising to help nonprofits reach their goals.
Support Your Cause
Promote donations from your advocacy site in iConnectX, your fundraisers and events. Any collected monies are sent to your nonprofit weekly.
Increase Your Donations
Solicit donations on your advocacy page within iConnectX, also on your fundraisers and in your event pages. We make it easy by integrating the payment form from a single click button. Payments are sent to your nonprofit directly.
Fundraising Tool to Watch
iConnectX has features a new set of online fundraising tools that are timely and relevant for the year to come. This year’s tools tap into fundraising trends that have emerged because of the COVID19 pandemic, from text giving or mobile giving to virtual events to online donations for nonprofits.
In this guide, we will deep dive to understand the online donations process, new fundraising trends and more. Nonprofits are not immune to the new changes and COVID19 has forced many nonprofits cancel their fundraising events resulting loss of revenue to support the cause.
Turning one-time donors into recurring donors remains one of the major challenges for nonprofits. The benefits of recurring donations are obvious – more funds and the ability to plan more events and programs. Due to the cancelation of nonprofit events, nonprofits losing the funds.
iConnectX, a fundraising tool for nonprofits, offering a platform for millions of 501c charities to create virtual events, online auctions, ticketed events, online donations for charities and more. In this guide, we will deep dive to understand the iConnectX’s Online Donation process.
How to Accept Donations Online
- Select the nonprofits based on City or Industry to make online donation
- Go to the nonprofit page and click on Donate button
- Choose the option to donate with or without registering on iConnectX
- Enter the amount to donate and other details
- Save your details for future recurring donations
- Receive the receipt on your registered mail for your donation
What Are the Best Nonprofits to Make Donations?
Once if you have decided that you want to support a cause based on your interest. The next process is to find the best nonprofits based on industry or city that will use your fund to make impact on the community. If you are making donations then it should not be hard, iConnectX have brought you more than best charities to donate to and 1.5 million non-boarded charities to donate to on our platform. Whether you are looking for charities supporting coronavirus programs or charities doing educational work – iConnectX has listed nonprofit for every cause. Find the list of best charities to donate to.
Easy to set up, web and mobile apps for bidding, notifications for bidders if they are the highest bidder or if they are out-bid, and of course, full reporting of bids and dollars raised.
So whether you are holding a silent auction at a golfing event, looking to turn those donated items into dollars through an online event, or holding a gala with elegant prizes, iConnectX has the solution for you.
Event cancelation, postponement or pandemic situation and alike force traditional events to cancel those results to loss of revenue for nonprofits. This is not a story of one or two nonprofits, but many nonprofits find themselves in the same situation. Traditional events, fundraisers, and programs are off the table for now, but that does not mean nonprofits cannot raise funds. Now, nonprofits are shifting their focus from traditional auctions to online auctions.
Online auctions are a great way to bring in revenue, build networks, social interactions, receive donations, and more.
Here, we will dive deep to understand what an online auction is, the advantages of the online auction, how to set up an online auction in iConnectX, and alike.
What is an online auction?
An online auction is one of the most engaging fundraising events where a bidder competes with other bidders by setting increasingly higher bidding amount on a web or mobile-based platform.
Online auctions have made the world a smaller place by allowing bidders from any part of the world to participate in an auction. This has opened the door for both nonprofits and participants.
Online auctions are also popular among nonprofits for fundraising because they enable charities to reach a wider audience across the globe without any time limit.
How do you set up an online auction?
So, whether you are holding a silent auction at a golfing event, looking to turn those donated items into dollars via an online auction, or holding a gala with elegant prizes, iConnectX has the auction solution for you.
It is easy to set up on both web and mobile app for bidding, notifications for bidders if they are the highest bidder, outbid or a winner, and of course, full reporting of bids and dollars raised.
- Go to iconnectx.com and register your nonprofit
- Add your items
- Add a description of your nonprofit
- Add current programs with a link back to your website
- Add volunteer opportunities, plus capture necessary information through an online form
- Take in donations
- Add events, auctions, and fundraisers
- Post stories and activities to the “Feed”
- Manage your admin users
- View reports of all activities
- Promote all activities in the iConnectX Marketplace
- Take advantage of upgrading your subscription and receive advertising on social media, on the site, and our login page
Here are advantages of online auctions:
Online auctions are a widely accepted fundraising method for the below reasons:
It is easy to hold online auctions for nonprofits, they can sign up here to complete the registration process to be eligible for online auctions on iConnectX. Nonprofits can easily set up online auctions from anywhere anytime, and at the same time bidders can enter the bidding process from anywhere anytime.
COVID19 pandemic or similar situations has forced many nonprofits to cancel or postponed spring fundraisers indefinitely. Unlike traditional auctions, no pandemic can force to cancel or postponed online auctions as it happens over the internet.
Online auctions are an increasingly popular way to help expand not only the auction reach for a different range of products to auction, and it wider the reach of the audience. The physical presence of the bidder is not mandatory in such auctions, so they can bid or outbid the items from any part of the world.
Online auctions not only increase the reach of auctioneers, but it saves time too. Bidding on an online auction saves time as you do not need to have at the location of the auction. On the contrary, you can bid online at a convenient time, monitor auctions in real-time.
Since the online auctions happen online and not a physical location is required for the auction. So, bidders can save traveling expenses as they do not have to be required to travel to the location of the auction, instead of participating online.
In online auctions, bidders get a facility to check the price of items up in a online auction online before making the bid, and this enables bidders to place accurate bids.
No Time Restrictions:
Bidding for the auction item can be done anytime according to the convenience time of bidders, unlike traditional auctions. The only thing the bidders need to mind is the last day of entering the auction.
Online bidding encourages social interactions.
Online auctions include many bidders participating in the online auction that helps generate more funds.
What items put on online auctions for nonprofits
In this article, we have discussed how to set up a successful online auction, but what about the type of items need to auction. The nonprofits must avoid auctioning any gambling or illegal items.
With a state-of-the-art, cutting-edge platform, iConnectX undoubtedly emerging as one of the fastest growing online auction platforms that help nonprofits raise funds by auctioning the items received in a donation.
Today, iConnectX is one of the most reliable online auction platforms for nonprofits as it offers the safest marketplace platform for both nonprofits and bidders alike.
Additionally, iConnectX has many interesting features that are easy to use and easily customizable.
iConnectX sharing the item need to put in an online auction:
iConnectX has a wide variety of categories. In fact, whatever bidders want can usually be found here ranging from signed memorabilia to electronics to travel package.
You can bid for a wide range of listing namely:
- Travel package
- Signed memorabilia
- Collectibles and custom artworks
- Gift basket
- Sporting goods
- Free Training
- Books or Novels
Add an Online Live Auction to Your Online Auction Fundraiser:
Online auctions work in the following steps:
- The nonprofits need to register their organization
- List the auction items on the website
- Enter the minimum bidding amount to enter in an online live auction
- Bidders register and bid for the items
- Receive notifications on bidding, outbidding, and winning the auction
- The highest bidder wins the items
- The winning items are delivered to the winner through the mail, doorstep service, or collect from the nonprofit
- The funds generated through online auction go to charity
What makes iConnectX one of the best online auction sites?
- Easy to set up on both web and mobile platform
- Notifications for bidders if they are the highest bidder, outbid, or a winner
- Full reporting of bids and funds raised
- Easy to turn donated items into dollars through an online event
- Manage your admin users easily
- No platform fee for bidders to enter an online auction
- Build online presence for nonprofit
Auctions have been one of the most effective fundraising strategies. Traditionally live auctions were organized by nonprofits where the donors were invited to the venue where the auctions were held. As the internet became a predominant aspect of our lives, online auctions made a foray into the world of charity auctions. Virtual auctions were slowly and steadily making a place for themselves. And, when the pandemic struck, they became the only way to hold charity auctions.
The nonprofits that had already adopted online auctions were able to adapt to the changing ways of working in 2020.
What is an online auction?
An online auction is held virtually. The items for auction are displayed on a website with the starting bid prices. The bidders can send in their bids through the website. The nonprofit holds a virtual meeting with all the bidders after the last date of the bids. The winners are announced in this meeting and the items are delivered to them.
Online auctions offer several benefits over traditional auctions. These auctions can attract bidders across the globe, unlike the physical auctions where participants were restricted because of their geographical locations. Also, it is easier to maintain the confidentiality of the bids. Online auctions also reduce the efforts required in terms of setting up the logistics such as finding the venue, arranging food, beverages, etc. for the event.
If these are not required, then what is required to create an online auction? is the first question that comes to mind.
The building blocks of an online auction are:
These are websites that are created specifically for hosting online auctions. There are several auction websites listed on the internet. It is recommended that you compare all sites and choose the one that best meets your fundraising goals.
Remember to choose an auction website that is user-friendly and easy to navigate. The choice of the website will also depend on the type of products you want to auction.
When organizing an online auction, make sure that you select the items you want to auction carefully. Do your research to find out the type of articles donors will be interested to bid for. Finding out what items are listed on competitor websites will give you a fair idea of the type of items you could consider listing.
Customized Retail Store
You will need to set up a retail store on the auction website that is customized according to your brand. In other words, the retail store must include your brand’s logo and color scheme. Make sure to post high-quality pictures of the original products on the site. Include descriptions and details about the product on the site. Create an attractive store that is easy to navigate and bid. Ensure that you include a secure payment gateway that can be used by donors from any country.
Let’s now delve into how to create an Online Auction?
Step 1: Establish your Fundraising Goals
The chief objective behind organizing an online auction is generating funds for charity. Therefore, you will need to determine exactly how much amount you expect to generate through the auction.
Step 2: Determine your Budget
Decide exactly how much you propose to invest in the online auction and allocate specific amounts for different activities. This helps to keep a check on the expenses incurred in organizing the event.
Step 3: Select and Procure the Items you want to Auction
Find out what type of items your donors will be interested in bidding for and choose them. Procure the items from vendors/sponsors.
In an online auction, you will need to work out the logistics for the delivery of products. Delivery is easier if the products can be transferred electronically or through the mail.
However, the choice of the items for auction will depend largely on the purpose of the fundraiser, the interests of the donors, etc. Your focus should be on quality and not quantity while choosing the articles.
Step 4: Choose a Cloud-Based Auction Website
Auction websites like iConnectX are a perfect choice for creating an online auction. This is because they offer a single platform for all stakeholders to collaborate.
iConnectX is a platform that implies the process of planning, managing, and processing both in-person and online events. This platform streamlines the process of hosting an online auction.
This platform facilitates:
- Setting up an auction website
- Listing items for auction
- Mobile Bidding
- Offers a secure and integrated payment platform.
iConnectX is a user-friendly platform that can be used easily for hosting different types of online events like peer-to-peer fundraising, etc. It also makes it easier for different stakeholders to collaborate.
Step 5: List the Items on your Retail Store on the Auction Website
Listing the items on the website entails posting quality pictures of the products, their descriptions, and minimum bidding prices.
Make sure that you post HD pictures of the actual product instead of similar products. The description of the product must be precise and must include details of the products. The description must be written in a manner that engages the audience. A catchy headline for the product helps attract donors.
Step 6: Promote the Auction
You will need to create awareness and generate the interest of your audience for the online event. Digital marketing strategies are the most effective in connecting with your niche audience.
Optimize your website with relevant keywords so that it has good exposure and ranks high on searches. This makes it easy to attract traffic to your brand when someone types in search phrases like “online auction sites near me” or “free auctions near me”, etc.
Make sure that your website clearly communicates the mission and vision of your brand. Besides, it should be easy to bid for the listed items on the site. It is recommended that you include a section on “how to bid in an online auction site” to make the task easier for your bidders.
Create a buzz on social media to connect with your audience. Make sure that you post regularly on social media to engage your users. Use social media campaigns to tell the story of your brand to your audience. Connect with your audience to build trust. Social media campaigns also help you build a sense of urgency about the event. Posts like, “last few days left, etc.” are quite effective for lead conversions.
Email marketing is another effective strategy that helps you build a personal bond with your subscribers. You can communicate effectively through emails to generate interest in the event.
Step 7: Host the Online Auction
Host your online auction on an auction website like iConnectX.
Here’s a step-by-step guide on how to create auction sites on iConnectX:
- Register your nonprofit on iConnectX.
- Upload a description of your nonprofit on iConnectX platform.
- List the items on auction with high-quality pictures, descriptions, and the minimum bidding amount.
- Add the event(online auction) with a link that drives the audience to your website.
- Include forms on your site to gather necessary data about your visitors.
- Post updates about your event on iConnectX platform.
- Take advantage of the iConnectX follower list by promoting your online auction to millions of followers in the iConnectX marketplace.
- iConnectX also provides you a comprehensive report of the bids and the funds raised.
Here’s how it works for bidders:
- A bidder can search for an auction website by typing relevant phrases like, “online auctions near me” or “live auctions near me.”
- The search engine will display a list of online auction websites. Bidders can select a website that is aligned with their ideas of donating.
- Bidders will view the list of items on the site.
- They can make their bids using any device of their choice. There is no platform fee for making a bid.
- They will receive automated notifications regarding their bids, outbidding, and winning the auction, etc.
- Winners receive the articles they have won via mail or doorstep service or can pick it up from the nonprofit.
- The funds generated are used by the nonprofit to support charities.
This is an overview of how nonprofits can create successful online charities to raise funds for charities.
Digital is the “new normal” and nonprofits also need to adapt to digital means of operating. This means whether it is raising funds or hosting events, nonprofits will have to choose online methods. Fortunately, a plethora of online fundraising platforms is available to streamline the fundraising process for nonprofits!
The basic objective of all nonprofits is to raise funds through various events and campaigns. However, the difference lies in the specific methods each nonprofit uses to raise money online.
How nonprofits raise money online
This is a method of collecting donations directly through the nonprofit’s website. To facilitate online giving, the platform should be capable of creating branded donation pages for the nonprofit’s website. An online donation page makes it easy to donate gifts for specific campaigns. The donation page should also facilitate monthly or recurring donations.
Crowdfunding is an online fundraising strategy wherein a nonprofit creates a campaign on a third-party platform. These campaigns help raise funds for an urgent need of the nonprofit. Crowdfunding usually has small and mid-sized donations from numerous donors. Nonprofits that use crowdfunding as a fundraising option need an online platform that has the features that support it. For instance, it should support secure and easy payment methods, it should facilitate tracking fund generation over a fixed period, etc.
Peer to Peer Fundraising
Online peer-to-peer fundraising warrants platforms that enable individual supporters to create donation pages on behalf of the nonprofit. The donations solicited by these supporters through their pages are transferred directly to the nonprofit.
This is a corporate philanthropy program wherein the employers match the donation of their employees. The online platform that supports the matching gift program will promote a matching gift database on the donation page. So, when a donor lands on the donation page, he can use a search tool to find out the donation made by his employer and whether he can match it or not. If your budget is high, you can even think of an automated matching gift software. In an automated process, the donors get automatic reminders and are guided through the entire process.
If a nonprofit uses using auctions to raise funds online, then it will need a platform that engages the audience and streamlines the auction process. Online auctions do not require paper bids or a lengthy registration process. However, nonprofits that leverage online auction for fundraising need to ensure that they provide their users a mobile bidding app as well.
While these are some of the most popular online fundraising strategies used by nonprofits, your nonprofit may use some other methods. The most important factor for online fundraising is the choice of the fundraising platform. Hence, a nonprofit must ensure that it selects the right platform which serves its purpose.
But choosing the right one can be quite confusing!
Here’s a guide to selecting an online fundraising platform:
Step 1: Establish your Goals
The goal of any nonprofit is to raise funds using the fundraising platform it chooses. Online fundraising platforms offer umpteen features like collecting data about the donors, setting up recurring donations, help spread awareness about the nonprofit, and many more. However, each platform has a specific set of features. Hence, you need to choose one that is aligned with your goals.
Step 2: Ascertain if the Online Platform has the Essential Characteristics
Certain basic features are required in any online fundraising platform. So, when you are shortlisting platforms, ensure that they have those features.
Characteristics of fundraising platforms
When you look at different fundraising platforms, you might find that they have several attractive features that may be useful for you. However, you must make sure that the platform can be customized for your usage. In other words, you should be able to use the features you require according to your needs.
Responsive on Mobiles and Tablets
Make sure that you choose platforms that can be used on all devices such as desktops, mobiles, tablets, etc. This helps you reach a wider audience.
The platform should load quickly on all devices and the data buttons should be prominent and easy to click across devices. The page should not suffer in terms of quality when loading on different devices.
Some online fundraising platforms require technical knowledge for setting up and managing them while some others are less complicated. Choose a platform that is easy to set up. You can also check with the service provider if they offer training, customer support, etc.
Make sure that the online platform integrates seamlessly with your CRM. This will save your time and effort in transferring your existing data into the platform.
This will also simplify the process of running campaigns and planning fundraising strategies.
Ease of Payments
The purpose of any online fundraising platform is to facilitate donations. Hence, ensure that the platforms you shortlist have easy payment options. Check whether they allow credit card/debit card payments or not.
Also, make sure that the platform is a PCI complaint. PCI compliance is a must for any platform that accepts credit card payments. It helps keep secure the confidential data such as credit card details provided by the donors.
Virtual events are here to stay, at least in the near future. What this means is that you will need an online fundraising platform that offers comprehensive features for hosting virtual events to raise funds.
Select a platform that can cater to your future needs. In other words, don’t choose a platform that only satisfies your current requirements. For instance, if you want to add more types of fundraising options at a later date, your platform should be able to accommodate such changes. Flexibility and scalability are must-have features when selecting an online fundraising platform.
Step 3: Comparison
Once you have shortlisted some online fundraising platforms, you will need to compare them and decide on the one best suited to your needs.
You can compare different platforms based on the above characteristics. You can also check out if the platform offers any other features that you can customize according to your needs.
Step 4: Price Comparison
The last step to select an online platform is to compare their prices. It is recommended that you do a cost-benefit analysis before deciding on the online platform you will buy.
While comparing the prices of different online platforms, you must adhere to your nonprofit’s budgets. Keeping your budget in mind while choosing the platform will ensure that you do not spend more than the funds you raise!
The base price of a platform is usually quoted by the provider, you need to include any other additional costs for a realistic comparison.
Here’s a list of some costs you need to take into account:
- Base price
- Price of enhancements or additional features
- Expenses towards IT support
- Cost of training the in-house team for using the platform
- The number of users the platform can support.
- Processing fees of payment
There may be other expenses associated with the different online platforms you may have shortlisted. You must anticipate all such costs for each platform and then compare them.
Make sure that you ask the service provider for different options. This is because a software provider may provide options that include additional features.
If you are looking for a platform that offers all the features required for online fundraising, then make sure to connect with the experts at iConnectX! We have been in the field of philanthropy for several years and provide platforms that cater to all the needs of nonprofits for online fundraising!
The past year has changed literally everything! We are all adapting to new ways of living and cautiously creating a “new normal!” The new normal is going to have technology at the forefront. This is because only technology can help people across the globe collaborate and work towards common goals.
The global economy has suffered huge setbacks in the past year and is still taking time to recover. The nonprofit sector is also impacted. However, it is heartening to note that more people across the globe are motivated to their bit for the community amid the crisis. Therefore, the nonprofit sector is witnessing more interest and involvement.
It is now time for nonprofits to buckle-up and adapt to the “new normal!”
Events are the mainstay for nonprofits to engage their audience. However, social distancing has put a halt on physical events since 2020. And virtual events have become popular in 2020.
Virtual events are the way ahead for nonprofits in 2021!
When organizing an event virtually, you need to get creative and organize events that engage a larger audience. It is recommended that you study the demographics of the donors for your cause and customize your event according to their interests.
Here’s how nonprofits can strategize virtual events to reach a wide audience:
How to make Peer-to-Peer Fundraising Virtual?
Peer-to-peer fundraising help create a sense of community. Besides they have the potential to generate twice the amount of funds compared to most other digital fundraising initiatives.
One of the best ways to convert existing campaigns into peer-to-peer fundraisers is by asking your donors to set up their own online fundraising pages and linking them through software tools. You can urge your donors to reach out to their friends and social groups to build the community.
Crowdfunding is a traditional form of fundraising that has an integrated online component.
You can create a dedicated crowdfunding page to fund a specific fund with a target amount. This method offers complete transparency, and you can communicate the progress to your donors easily.
During the pandemic era, online videos have experienced a surge in engagement. Nonprofits can create live events on Facebook Live, Instagram Live, or Zoom.
Live-streaming comes closest to a physical event because it offers an opportunity to question and engage with each other.
Webinars help raise awareness and engage the audience digitally. You can organize a series of webinars with specific agendas.
You can start with educating your audience about how to interact and what they stand to gain. You can organize informative webinars with the CEO and interviews, etc. with your donors.
Webinars are quite effective in engaging a wide audience and sharing valuable information.
This is an interesting concept of a virtual event where you can organize a fundraiser with the top supporters of your nonprofit. You can invite a speaker to address the group.
You can make it a fun event by organizing a virtual dinner party or luncheon. Decide on a menu and ask the members to cook. The group members can dress up for the virtual dinner party to add a zing! Alternatively, you could organize a theme party.
Such creative ideas make the event engaging for all the members.
Did you think that marathons are impossible in 2021? Think again! Use your creativity to organize virtual marathons!
You can ask the attendees to run outside their homes or on the treadmill on a specific date at a particular time. Make sure to set up an activity goal when all attendees run at the same time on their own. Of course, the attendees must be asked to sign-up for the event and pay a registration fee.
Make it a fundraiser through the race date while tracking their race times. Check out who are members who cross their fundraising and physical finish lines. This a very effective method to engage the participants.
Take it a step ahead by celebrating the members with a live-stream. You can also make the event interesting by inviting someone from your organization to address the group. Help the participants to connect. This will make your event popular because, during the time of self-isolation, people will be looking for an opportunity to connect with other like-minded people.
The same concept can be used to organize a bikeathon or a climbathon. All these activities offer great engagement and are highly effective fundraisers.
Online Charity Auctions
Charity auctions are very popular fundraising events. Fortunately, the concept of online auctions existed even before the pandemic. In 2021, online auctions might almost replace physical auctions until the pandemic comes in control.
An online auction is beneficial as it can engage a global audience. You can use online auction platforms like iConnectx.com for an online auction.
Make bidding easy for your audience by setting up a page specifically for listing the items available for bidding. You can compare the bids and organize a fancy event to declare the winners. Events such as webinars, live streams, or Virtual galas are great options for declaring the winners.
Although, the concept of an online auction is simple to implement and offers several benefits, finding quality products for auction might be a challenge this year. This is because of the way businesses are struggling to cope with the present economic situation.
Don’t let social distancing hamper your efforts to cultivate a community! You can explore the option of the virtual conference for your purpose.
You could organize a day-long conference with talks, workshops, etc. in which people can dial into events of their choice.
Some examples of the speakers at the conference are members of the Board who can explain about the charity. It is a good idea to ask people who have benefitted from your organization to share their experiences. Experts who are knowledgeable about your cause can be good speakers at a conference.
Conferences may be organized on Zoom. Make sure to make the conference interactive to retain the interest of your audience.
Virtual Bingo/Concerts/Happy Hours
If you are looking to engage a wide audience, it is recommended you try different types of virtual events. This is because the type of audience you attract depends on the type of event you organize. While events like conferences are a little serious in nature, they will attract a specific type of audience events like virtual bingo, virtual concerts, or virtual happy hours are fun events that attract a very different type of audience.
While such events are organized virtually through Zoom, etc. they give the audience a feeling that they are getting out of their homes and having a night of fun.
Gaming has become an extremely popular form of entertainment during the pandemic.
Virtual gaming can be used effectively for fundraising in different ways. For instance, you can engage popular gamers and Livestream their game. They can point viewers towards your fundraising campaigns.
Gaming can also be used to cultivate community by organizing a competition between teams. organizing such tournaments helps in fundraising. You can have local businesses sponsor gifts for winners of such tournaments.
These are some ideas of the types of virtual events you can organize. However, technology has made it easy to innovate and create more variations in virtual events.
An event management platform simplifies the process of organizing events. It is recommended that you choose a platform that offers you several features to give you the flexibility to add variations in your virtual event.
iConnectX is just the perfect platform for organizing any virtual event. This platform has been used for organizing events for nonprofits for several years. Therefore, it already has some of the essential features required for such events. Besides, at iConnectX, we are persistently updating the platform with new features to enhance the user-experience through events.
Connect with iConnectX to create events that will delight your audience!
Charity auctions are events where funds are raised by selling off items and products to whoever bids the highest. While the bidder gets to enjoy the product/item, the fundraising organization gets to enjoy the money. An absolute win-win situation!
If handled right, these events can prove to be immensely beneficial, both in raising funds and building long-term engagement with the donors and bidders. Before going into how an ideal event should be planned, let’s understand the essentials.
Types of Charity Auctions
There are three types of charity auctions
- Live Auctions
- Silent Auctions
- Online/Virtual Auctions
These types of auctions are what most people think about when the word ‘auction’ comes up. In these events, an auctioneer with a gavel is present. He showcases the items on auction and manages the bidding process. The bidders place their bids using placards or by saying it out loud.
Silent auctions are events where items and products are displayed on tables for attendees to bid on. The bid can either be made by writing the amount down on a piece of paper or by using the phone. If you’d have watched F.R.I.E.N.D.S, the bid that takes place in the sitcom is an example of the silent auction.
Online or virtual auctions are like silent auctions except that these happen online through a dedicated website and a catalog of items on sale. Further, auction software is needed to help the fundraising organizations manage the entire process. If you happen to find the right platform to host online auctions, it is bound to give better and brighter results as the process becomes extremely easy.
You can also combine the auction types to create more impact. For instance, an online auction can be combined with the part where the bid happens live. This will help boost the adrenaline rush among the guests.
How To Host Charity Auctions
- Choose the right software
- Promote the event well
- Communicate with your supporters
How to Host A Successful Charity Auction
1. Choose A Reliable Online Platform
Choosing a platform is of miraculous significance while planning to hold charity auctions. Ensure the platform allows easy and quick bidding delivers notifications and urges involvement.
2. Know Your Policies Well
Discuss and find solutions to questions like – How the prizes/items will be delivered to the bidders? Who will bear the shipping charges – the bidder or the organization? Be clear and articulate the same clarity to the audience so they know what to expect.
3. Engage the Audience
Keeping the audience hooked is of the utmost importance. You can share the pictures of the items that are put on bids to increase excitement and curiosity.
4. Don’t Spoil the Audience for Choice
Keeping a lot of bid options usually backfires. If we apply this to our own lives, we often end up buying nothing when we have a range of things to choose from. Hence, start small.
5. Keep the Prices of the Items Moderate
The prices should not be too high or too low. In case of hefty prices, nobody makes a purchase and in case of extremely low prices, people start questioning the quality of the products. Thus, the product prices should be strategically chosen.
6. Auction Software to Have the Donation Option
Ensure that your auction software has the Donation Option so the guests can pay easily, without any hassles.
The Benefits of Charity Auctions
1. Raise a Lot of Money
If you can get hold of unique and worthy items or products to put on sale, your charity auction is bound to garner a lot of attraction, which consequently will drive a lot of donations.
2. Know Your Donors Up-Close
Charity auctions are a great way to know your donors up-close and personal. One-on-one communication with your prospects can increase the chances of donations.
3. Saves Time
Charity auctions save a lot of time. For one, you don’t have to go around week after week asking for donations from individuals. It, thus, can raise a lot of money in a small period.
How to Promote Your Charity Auction
- Direct Mail: Letters, pamphlets, fliers, etc. prove to be of great help when promoting a charity auction.
- Email Marketing: This aspect must not be missed. In a world where checking emails is a part and parcel of your life, sending emails to promote events is a great move.
- Word of Mouth: Tell as many friends and relatives as you can and ask them to spread the word. Word of mouth works wonders.
- Social Media: Don’t neglect platforms like Facebook, Instagram, Linked In, etc to promote your event. Data says that 80% of people spend 2 hours on average on their social profiles daily.
- Make Phone Calls: Print a list of your major donors and call them personally to invite them to the event. A personal touch goes a long, long way.
- PPC: Run ads to reach out to more people. One usually gets triple the amount one spends on running ads.
Points to Note When Planning a Charity Auction
Stick to Your Budget
In live auctions, charity planners sometimes end up going extravagant with the theme, flowers, decorations, etc. The act of making everything appear aesthetically appealing sometimes disrupts the budget. This shouldn’t happen.
At all times, one thing that should be kept in mind is that the event is being organized to raise money and not to go overboard in spending. Hence, all the purchases must be made keeping the budget in mind.
Promote Your Items Early
Don’t wait for the auction day to showcase your items or products. Instead, start promoting them days in advance so the bidders know what they can grab and are excited for the same. This promotes more participation and ultimately more donations.
Procure Unique Items
Remember the thumb rule – The more unique the items, the more money you’ll be able to raise. Thus, asking for unique products from individuals and local businesses for donation so they can be put on a bid is a must.
Pick a Great Venue
Choosing a venue that’s spacious matters a great deal. It makes the audience comfortable and takes them to a state where they are happy to donate. Also, there must be enough space for tables (in case it’s a silent auction) and a podium (in case it’s a live auction).
If it’s a silent auction, using mobile bidding software can help you raise more money because of the convenience it offers. However, choosing the right software that is a perfect blend of ease and cost-efficiency is what will need your attention.
With this, we hope you got a comprehensive overview of the nitty-gritty in association with charity auctions. With the above pointers and the right tools, planning your next charity auction will be a breeze!
So, tempted to host a charity auction? Or looking for a platform to host your virtual auction? IConnectX is here to help!
Having helped hundreds of organizations raise money, we will walk you through everything that is needed to make your auction a successful event.
Get in touch today!
The fundraising landscape has undergone a complete transformation during the last year. These changes were probably imminent, but the pandemic has speeded the process. A phenomenal rise in the number of donors worldwide coupled with online donations becoming the preferred mode of giving have given nonprofits food for thought on adapting to the changing scenario!
Although 2020 was not a year to write home about, it has been a year that has witnessed a boost of nearly 7.5% in year on year giving in the first six months. (Source: Report by Fundraising Effectiveness Project) It is also encouraging to observe that the first six months of 2020 also saw an increase 12.6% in new donors and the donor retention rate surged by 1.8%. (Source: Philanthropy News Digest )
It is heartening to observe the growth in the attitude among people across different demographics globally to donate in different ways to charities amid the pandemic. However, when an individual or an organization donates, they would like to make sure that they are connecting with genuine nonprofits. Hence, the onus is entirely on the nonprofit to use the right resources and establish its creditability. An online fundraising platform is the best way for a nonprofit to make itself visible in the digital world.
Also, the nonprofit should ensure that it offers and experience that meets the expectations of its users.
What do the donors want?
- Information about the nonprofit before they donate.
- They want simple and secure donation methods.
- They want to feel a part of a charity initiative.
- There are some who also want their act of philanthropy to be in the public eye.
Fundraising platforms are the best solution for nonprofits to cope with the ever-changing demands of the audience.
A fundraising platform offers a central source to manage different aspects of online fundraising. It helps manage multiple donors, organize campaigns, offer forms, facilitate credit card donations and many more.
When you search for best fundraising websites on Google, you will find a list of names such as Classy, Fundly, Donately, etc. And, when you look at the detailed information about each one, you will find that each one offers features that might be just right for your nonprofit! So, which one do you choose?
Selecting a fundraiser can be quite overwhelming!
Let me make it easy for you by breaking it into small bites:
Step 1: Establishing the Purpose of the Platform
First, you need to find out why you need a fundraising platform-what are you trying to achieve through the platform? For instance, is your platform for attracting new donors or is it to move your existing donors to an online space? Each of such objectives warrant different features of the fundraising platform. Therefore, if you are clear with the purpose, it will make it easier for you to shortlist relevant platforms.
Step 2: Determining Fundraising Strategies for your Nonprofit
Each charity adopts different fundraising strategies such as crowdfunding, charity auctions, peer-to-peer fundraising, etc. There is specific software that supports each of these strategies. Therefore, you can select the platforms that offer the relevant software for your purpose. It may also happen that you may require a combination of software. It is recommended that you choose a platform that supports most fundraising strategies. Also, it should have the flexibility to support additional needs at a later stage. Identifying the relevant software further narrows down your search for the best fundraising platform.
Step 3: Comparing Online Fundraising Platforms
You can compare the different platforms based on the following criteria:
1. Support Offered: Make sure to check the support and training offered for setting up and running the online fundraising platform.
2. Flexibility to Customize: It is also important to choose a platform that can be customized for your nonprofit. it should be easy to customize the forms, etc. with your logo and color scheme so that it is easy for your audience to identify your brand.
3. Ease of Use: Choose a platform that is easy for you to set up and run while offering an excellent experience to your users.
You need to make donating simple for your users. Therefore, choose a fundraising website that is user-friendly and easy to navigate. Also, make sure that your online donation platform offers plenty of secure donation options to users.
Make sure that the fundraising platform is responsive and allows donations through mobile as well.
4. Budget: By now you would have shortlisted the best online fundraising platforms for your nonprofit. Most of these nonprofit fundraising websites will likely offer comparable features. You can filter out the online fundraising platforms based on your budget. The cost of the platform is a vital factor for selection. While you must not compromise on the features required, you need to ascertain that the cost of the online fundraising platform is within your budget. It is recommended to conduct a cost-benefit analysis before deciding on the best online fundraising platform. Also, bear in mind that you might have to bear additional expenses for add-ons for some fundraising platforms.
Step 4: Finalizing
Once you have narrowed down your options to 2-3 fundraising platforms for nonprofits, check the reliability and performance. The best way to verify these aspects is by looking at the reviews and testimonials posted on the site. You could even connect with users and ask them about their experience with the platform. This will help you finalize the best online fundraising platform for your nonprofit.
This is a brief overview of how you can choose the best online fundraising platform for your nonprofit.
One of the best fundraising platforms for a nonprofit is iConnectX. This platform has all the features to support end-to-end event management, secure donations, forms, etc. iConnectX is a platform that has a long history in the field of philanthropy. It has been a part of several nonprofit initiatives over the years supporting both offline and online nonprofit events. The proven track record of iConnectX makes it an ideal fundraising platform for nonprofits. This platform supports a myriad of online fundraising strategies such as online auctions, crowdfunding, and many more.
iConnectX is a platform that has evolved over the years adapting to changing circumstances adopting innovative technologies. It has kept pace with technology to ensure that it offers its users the best experience while participating in philanthropic activities. It is a technologically advanced platform with regular updates to offer users the best features.
Auctions are the bread and butter of nonprofits. With this nonprofit sector facing challenges like never before, it’s time to step up the game by experimenting and exploring new options. And what better way than organizing virtual auctions?
With charity auctions having made a substantial achievement, it is an indication of online auctions being the right move. Especially when the paradigm shift is needed in times of social distancing and restricted gatherings. Let’s understand online auctions a little better by delving deeper.
How to Host A Virtual Auction: Steps for Nonprofits?
Just because live events are off the table now does not mean money can’t be raised. A perfect substitute for in-person auctions is the virtual auctions wherein the revenue can be generated with ease, thereby keeping nonprofits on track. A few essential steps to follow are
- Going for the right software
- Promoting the event like crazy
- Communicating with the supporters
- Following-up with them
Tips to Host a Successful Virtual Auction
Choose the Best Online Platform
Choosing a platform for your online auction is of the utmost importance. Make sure the platform you choose is user-friendly, allows easy bidding, provides notifications, and encourages participation. iConnectX is one of the options you can consider since it enables easy online participation.
Be Clear with Your Policies
How high is the bid to be increased? How are the prizes going to be delivered to the winners? Who will end up paying the shipping charges – the organization or the winners? Questions like these are vital and must be shared upfront with the participants so they know what they are getting into. Nothing should come across as something that might make them feel betrayed.
Keep Your Audience Engaged
Never reveal everything in a single go. Keep things to build suspense. Sharing the pictures of the items being bid on and prizes can benefit immensely to keep the audience hooked. Ensure that when the bidding starts, people are engaged enough to become a part of the whole thing even if they have to miss another important meeting.
Have you ever been bombarded with the best of options but ended up making no purchase? We are sure it rings a bell. The learning to be derived from this experience is that the buyers must never be given too many items to bid on during an online auction. Always start small.
Hire Somebody to Take the Pictures
Pictures of the items you plan to sell can either make or break your auction. It is important that you don’t shirk away from hiring a professional who can take pictures from all the right angles because that’s what matters. Ultimately, what people see is what people buy!
Keep the Prices Moderate
The bids should open with considerable scope to go up. However, they shouldn’t be too low lest people should doubt the quality.
Don’t Fear Extending Your Auction
Because online auctions can run up to a week or more, take advantage of the same. Extend it so more people can participate, and they have enough time to raise the bids.
Make It Easy for Your Donors
Make sure your auction software has the Donation Option so bidders can pay with the utmost ease and convenience.
Difference Between Virtual Auction & Reverse Auction
Virtual Auction is like any regular auction wherein the seller sells the products or services to the buyer who bids the highest. What makes a regular auction a virtual auction is that it happens online, over the internet. This opens up new sales channels for the sellers and gives favorable purchasing conditions to the buyers. Example: eBay’s regular auction listings.
Contrary to this, a reverse auction is an auction wherein the sellers lower the prices of their products or services until the buyer agrees to buy it. Example: eBay’s booksellers continue to lower the prices until the buyer buys.
Long story short, regular auction involves buyers competing with other buyers while reverse auction involves sellers competing for buyers.
How Does a Virtual Auction Work?
A virtual action or an online auction is like a flea market being organized over the internet. Sellers choose to sell single or multiple products while the data collection happens behind the scenes. It involves winning and losing after making substantial bids. However, there are different types of online auctions that one can go ahead with. Let’s discuss this in detail.
Types Of Online Auction
There are two types of an online auction
- Virtual Live Auction
- Virtual Silent Auction
Virtual Live Auction
Virtual Live Auction is a live-streamed event with auctioneers, buyers, and sellers participating online, from their respective places. People can view the item details, join the live chat to discuss things with fellow supporters/participants, make bids, offer donations, and buy things, all through the single screen they operate with the help of the software. To make this work, all the interested candidates have to log on to the live-streaming platform at a specified time. The auctioneer will then commence things in real-time which the attendees can see on their screens. Items are auctioned one-at-a-time and the bids are made via online or mobile bidding tools.
Just like every coin has two sides, this type of auction comes with its own cons. The major drawback is that people can’t tune in after a specified period of time.
Virtual Silent Auction
An online silent auction takes place over a longer period, say, a week. This type of online auction gives the participants enough time to gain access to the online catalog that has the list of auction items. Participants can go through the catalog at their own pace and make bids on the items that interest them the most.
However, a combination of both can be achieved by opening bids for a week or so for certain items and doing a live auction for 2-3 trending items.
If you are all excited to organize your virtual auction, make sure that you choose the right software platform for hosting it. Choosing a good platform streamlines the entire process of organizing the event.
One of the most exceptional software for organizing virtual events is iConnectX. It is a platform that has been used by several nonprofits to organize different types of fundraisers over the years. It has innovative features that take care of each aspect of event management. iConnectX enables you to offer a great event experience to your attendees ensuring that the event proceeds in a hassle-free manner!
So why wait? Get in touch with one of our team members by either giving us a call or by joining the live chat.