Nowadays most companies are feeling pressure to become more efficient if they want to be profitable and competitive. Artificial Intelligence (AI) is one of the solutions for business that works with online auction platforms which are willing to cut costs, increase revenue, and what is even more important – make their customers satisfied. That’s how we came to the idea create such a platform empowered with AI. AI creates bigger value in the long term because it’s constantly self-learning. It can track customers’ behavior, predict, and prevent your business. Bellow, there are few cases where ADAM is unbeatable in doing that because of its ability to analyze big data:
Most sellers and buyers always have a dilemma “how much does this item actually cost?”. Usually, if someone wants to get the answer to this question they are spending some time analyzing the market. It’s not a big deal if you are buying or selling rarely. But if you are running an auction and selling various items 24/7 probably you are hiring analytics who are doing this job for you or… You are losing money because of selling goods too cheap or having a huge warehouse for unsold goods. Actually, in all these cases, you are losing money.
ADAM is following market trends and doing price research continuously. It can answer the question of how much this item costs in most cases. Even more, ADAM can predict at what price each item could be sold with a probability of 25%, 50%, 75%, and 90% (the higher price – the lower chances to sell it). ADAM will help you to know what is the market price and what are your chances to sell goods for a higher price.
Nowadays e-commerce and auctions are having thousands of customers. No doubt it’s good for your business. More satisfied customers mean more profit. But what if some of these customers are not satisfied and planning to leave your platform if a customer is really active and willing to buy, but it’s the first time for him when he is purchasing something in the auction or finding the same in another e-shop or in another auction, and he is hesitating? Will it be great if someone could tell you that this customer is not satisfied or he is ready to make a deal (is hot), just need a small push by email or a call? The problem is that nobody has enough time and resources to check each customer. But ADAM has.
ADAM is constantly following the behavior of every single customer and based on its previous experience can identify customers who are becoming hot, already are hot or who are about to leave. Even more, ADAM will divide customers into 3 groups – new customers, existing and loyal. These 3 groups will be divided into hot, medium, and cold. And that’s not the end – Adam predicts how the behavior of customers will change in near future: are they about to become hot or their activity will go down. AI will update your managers with a sorted list which will help them to dedicate their time and effort (emailing, chatting, or calling) only to the target customers segment. You or your managers can follow the situation and adjust activities for different segments.
The statistic shows that it is possible to keep more happy and engaged customers by making personalized and unique offers that they could not resist. AI at a current time analyzes customers‘ behavior: search history, clicks, purchases, personal data, and many more and prepares unique offers for each customer.
If you have experience with auctions probably you have already faced a situation when non-logical high bids (usually made by accident) are ruining the auction. This is definitely affecting the satisfaction of customers and cutting the incomes of sellers.
But we have a solution! We have trained ADAM to prevent such situations. An important AI ability is to analyze and recognize customers that are risky or have no clue what they are doing in the auction platform. So, AI analyzes customers’ personal and demographic data and the bids they make. AI could notice irrational bids or mistypes, save customers from making a mistake and save your time by rejecting bad bids.
In early 2020, many auctioneers were obliged to make the transition to online auctions because of the limitations on large gatherings during the COVID-19 pandemic. Perhaps this was the catalyst for a necessary shift to best serve all buyers and sellers. Online auctions have many advantages. Here’s a quick look at the benefits of choosing to go online for your sales with ADAM:
More buyers. Because of the conflicts, distance, and individual item marketing, there is a much larger audience willing to participate in an online auction. And those buyers are different. People who only want one item, younger buyers, stay-at-home buyers, etc., are more likely to bid online.
The larger reach. So many buyers from around the world can reach online auctions. If you’re worried about your stuff being given away, online auctions provide the reach to find the right buyer for every item.
Convenience. Buyers can bid whenever and wherever they want, in multiple auctions on the same day at the same time.
Exposure. Buyers can search and find items of their interest because every item is cataloged and has a precise name so that when your future customer is searching for an item on Google – it does the work for you.
Instant engagement from marketing. Bidders can go from an email to bidding fast, so they won’t forget about the auction.
Longer bidding window. Online bidding can stay open as long as you want. The longer bidding process means more chances for bidders to find what they want and engage. This allows buyers to do their homework and make informed decisions, which they love to do.
Provide more details. Sellers can review online item descriptions to ensure 100% accuracy.
More throughput. Sellers are in control. You decide how many items to close in any amount of time.
Less onsite activity. Your stuff will still be picked up, just not all at once. Pickup by appointment is a beautiful thing.
ADAM has a few types of online auctions to choose from: open (Forward, Reverse, Texas Auction), and closed (Sealed Auction). Also, you can use various mixes of these auctions.
Open auctions allow participants to see bids of others and that’s how they can decide about placing their new bids (higher or lower depending on the type of open auction). But the main idea of an open auction is to allow participants to place an unlimited amount of bids.
In a closed auction, participants are allowed to place only one bid and have no chances to improve it. Bids placed by participants will be revealed only at the end of the auction. During the auction, bids won’t be seen by any participant.
Benefits of an open auction. Such auctions are the most popular and well-known to buyers. The open auction usually attracts more buyers. Participants are feeling higher competition and placing more bids. This type of auction is more involving. Using a mix of the forward auction and at the end turning it into a Texas auction you will maximize the chances for all buyers to place their highest (lowest) bids which means that sellers will get the absolute best possible price.
Benefits of a closed auction. Closed auctions are saving a lot of time for buyers. They don’t need to spend time checking who is bidding higher (lower) prices and adding new higher (lower) bids. But if you are running a closed auction your buyers should be more experienced and have more knowledge about the actual value of your goods otherwise you will not get the right price.
When you add a “Buy It Now” option to auction-style listings, buyers can either purchase your item right away at the “Buy It Now” price or place a bid. You just need to set the price for which you agree to sell the item. The “Buy It Now” option could be added to closed or open auctions for quicker auction work. Any customer can choose this option to buy the product during the auction at any time. The “Buy It Now” price should be higher than the auction price (or lower if you are running a Reverse auction).
One of the great benefits of an auction with a “Buy It Now” possibility is that it’s quick and transparent. A “Buy It Now” purchase could not be a better example of this – an item is advertised at a fixed price and you bid at that price. There’s no competitive bidding with other interested parties, plus both you and the seller are legally bound to that sale immediately – no gazumping or gazundering here! Another benefit – buyers are sure that they will get the item they want. The seller definitely agrees with the offered price.
The “Buy It Now” option is perfect for sellers who simply wish to sell quickly and achieve a set price to fund their future plans. They don’t want to watch the bidding unfold on auction day and experience that part excitement part anxiety that comes with it.
Absentee Bidding allows buyers to set the max price (min price in the Reverse auction) they are willing to pay for the item prior to the beginning of the auction or during the auction and the system will bid for them. When the auction will be started ADAM automatically will place the higher bid for the participant who set Absentee bidding if someone is placing a winning bid. ADAM will place these bids in preset amounts. The system will increase the price only if someone is responding and only till the preset max price.
The main benefit of Absentee Bidding is that buyers can bid on an item at an auction even if they are not able to participate (due to different time zone, lack of time, or other reasons). An absentee bidder places their bid with the auctioneer prior to the beginning of the auction. These offers can be submitted in written or verbal form, depending on the terms set by the auction house. It is important to understand how absentee bidding works before using this method to buy items at an auction.
The most popular type of auctions. The starting price is set by the auctioneer and gradually increased by bidders. The winner is the participant that has placed the last highest bid. Time-saving – such auctions have a time limit that can be set by the seller before the auction. Sellers and buyers can be individuals or companies. In this type of auction, you can have a „buy now“ function which allows buyers to buy your item without bidding. Usually, sellers set a „buy now“ price higher than the market price. There is a great variety of things and services that can be sold in Forward English Auction. Here are some examples of where we can use this auction:
Reasons why companies are looking for new ways of selling:
A forward auction is becoming a standard process of buying /selling in nowadays business landscape.
The opposite of the forward auction. Participants bid progressively lower and the last bidder with the lowest price wins.
Procurement professionals have used emails and spreadsheets ever since they were invented. Procurement professionals continue to use these tools today although they face challenges with the centralizing and managing of data. Adam can help here by offering a reverse auction.
Reverse auctions are the other major form of auctions. In a reverse auction, a single buyer makes potential sellers aware of their intent to buy a specified good or service. During the course of the actual reverse auction event, the sellers bid against one another to secure the buyer’s business, driving the price to be paid for the item downward. Thus, the winning bidder is the seller who offers the lowest price. Reverse auctions are most typically used for procurement by private companies, public sector agencies, and nonprofit organizations.
Reverse auctions are not a short-term tactic for procurement operations, but are, in fact, a proven method for long-term management of indirect spending — delivering significant savings and process efficiency.
This is a closed auction where participants do not see bids. Bidders indicate their desired price and wait for the auction to end to find out the winner.
In this auction type, bidders get the opportunity to drop only one proposal without the option of changing, it in the future. This is what makes it different from the normal auction (the forward auction or the open ascending price auction), where individuals have the right to adjust their bids based on what the previous bidder has offered. In this auction, transparency is not guaranteed, as the auctioneer is the only person who knows what everyone is offering, unlike the open ascending price auction where bids are offered in an open hall, and all parties in the room know what a person is offering. Sealed bids are great for procurement because they help to create a competitive environment for suppliers. For this reason, sealed-bid auctions are great for companies that want to get the best deal possible. Sealed bids give buyers a way of getting supplier prices without having to share any data with suppliers. Businesses can experience several benefits when sealed bids are used in the procurement process.
Sealed bidding may only be used when it is possible to quantify the costs of the required services (e.g., number of hours) to permit the submission of firm bids and award a firm-fixed-price contract to the lowest responsive and responsible bidder considering only price and price-related factors.
It‘s a type of auction without time limitations. It can have an unlimited number of rounds if bidders are active. How does it work? Each round has the same time limit. The participants bid higher prices for a lot than the initial price or agree with the current price. If during the round someone is placing a new bid – the new round is started, and the time will start a countdown again. The auction will be finished if there are no bids during the last round. The last participant to make a bid is the auction winner
Texas Auction is an ascending auction, that is more strictly tied to real-time than other types of auctions. It is the most famous classic ascending auction known around the world. This type of auction is highly competitive and can host a vast number of participants.
Super awesome time-saving module! Only once you set all rules for the auction, make it automatic and you will have not to worry about it for a long time. This auction will run automatically by your set time and will take items from your set warehouse.
Some buyers are not sure which item they like best. In such cases Adam allows them to add these items to one list and later they can come back and check these items again. This list cold Wish list. It allows buyers to keep track of the sale date, lot number, item description, and the most current bid for every item they selected to monitor. From the Wish list dashboard, buyers can view a comprehensive list of the saved items on which they are most interested in bidding.
Auction platforms usually need the ability to schedule and arrange auctions, so that auctions can commence at specific timing and last for predetermined periods or day ranges. To satisfy this need of our customers ADAM has a calendar functionality.
The scheduling can be triggered based on different levels of user engagement and possibly by amounts of current traffic and interaction on the site. This idea aligns the scheduling and organization of events, like a live auction, to the timing when substantial users are online.
Another important aspect of planning and setting up auction events is the ability to send automated transactional notifications and newsletters. Those communications would provide specific alerts about an item, or items, that a user has expressed interest in.
Scheduling also allows the fully automated creation of auctions. It’s possible to set dates when auctions should be started and the system can add items from chosen warehouse automatically. All prices can be calculated based on preset formulas so you can have a fully autonomous system.
ADAM platform for auctions allows sending various alerts and notifications for users. Sellers usually are willing to inform or update buyers about new or highly valuable items. Also, notifications can be used to alert users if something is wrong with their bids, if the auction is going to end soon or how they should act in different situations. This functionality allows efficient communication with system users.
Some of our customers are using API integration for data transfer but some don’t. In this case, data import is critically important. Why it’s so special on the ADAM platform? It’s flexible. You don’t need to adjust your files to the system. It’s enough just to set which data could be found in which column and that’s it. Moreover, you can create templates of import files and use them every time when you have different files, so you don’t need to set them up every time. It saves a lot of time
ADAM’s platform collects a vast amount of data. We understand that collecting data is useless if you are not sharing it with decision-makers. Nowadays it’s critically important to know where and how are you selling, and how your customers’ behavior is changing. ADAM has outstanding reports and analytics. It’s super user-friendly and informative.
It is a possibility to set an email routine to remind and inform customers about important notifications and alerts such as emails after registration, winning and payment info, etc.
Sometimes buyers are making mistakes (mistypes, non-logical bids, etc). If necessary, ADAM allows the auctioneer to manually accept or reject some bids. Our AI also is tracking the behavior of buyers and it can alert managers about some suspicious actions or bids. Why it’s so important? If a buyer will make a mistype and will bid at a high price probably at the end of the auction item will not be sold. It means time will be lost, incomes will not be generated, and other participants will not be satisfied.
What is API? It is an interface that allows one application to talk to another one through simple commands. In simple words, it is the messenger that delivers your request to the provider and then delivers the response back to you.
API integrations enable companies to automate tasks, integrating their programs and databases with current industry applications. They ensure smooth and continuous communication between various applications and allow workers to get the benefits of multiple cloud-based apps whilst enhancing product innovation. In general, API ensures smooth data exchange between ADAM software and other IT solutions that you are using at the moment – ERP, CRM, accounting system, warehouse management, and others.
The main befits of using API are:
Reduce time consumption – no need to reenter the same data from one system to another.
Automation – the integration of applications is the keystone for a large part of automation strategies for which APIs become indispensable. Integrations automate manual tasks to generate a smooth, effortless transition between linked applications. Thanks to automation and integration of processes your business can save costs, time, and efforts.
Easy integration – an API is a component that allows different platforms, applications, and systems to connect and share information with each other and carry out diverse types of tasks. For instance, certain software can be used inside another or connected with other tools to streamline certain processes.
More and more people are using mobile phones, smartphones, and tablets for years so we want to make sure your customers will be able to access the auction platform and bid through their mobile devices (phones, tablets).
The main benefits of having a mobile-friendly platform:
You’ll attract more visitors. According to some research, about 2/3 of Americans own a smartphone and 87% of millennials have their phones at their side day & night. During the last 10 years, traffic from mobile devices increased from 10% to 55% worldwide.
Mobile users are bigger buyers. People have a basic need to be informed instantly about everything that is new at a current time (new auction, new item, new price, new bid, etc.).
SEO benefit: Google ranks you higher. Another reason why you need a mobile-optimized site is that it makes it easier for people to find you in online searches.
We understand that each industry and each business is unique. Unique means processes and needs are different. That’s why we made our auction platform fully customizable. What does that mean for you? It means the ADAM platform for auctions will adjust to your needs doesn’t matter how big your business is, how many customers you have or in which industry you are working. You will be able to create:
– As many fields as you need naming them the way you want in any window of the platform.
– Your logo, colors, and fonts (or choose from our templates).
– Add as many tabs, categories, or subcategories as you need.
– Create unique rights and rules for your crew/managers, auctions, and customers.
– Make an auction from one lot or as many as you need.
– Mix auction types.
– Create unique rules to win the auction
– Create and set and auto-auction – feel free and watch how ADAM is working for you, not in a reverse way.
Our Storage is suitable for all business types – no matter if it is a small one-person, family business, or a large corporative company. Adam is fully customizable for all needs.
Adam is set to use instantly. Just take and use it. We have thought about everything so you could concentrate on your business growth.
At first, it might get scared to try and use new things. But we won’t leave you alone. Adam and all team will make sure you get all info and training you need to work smoothly.
Don’t tell us that you are worrying about all your collected data! There’s no need for that. Adam will accept it and we will move it so you could continue smooth work.
We know that new IT solutions look scary. It takes a lot of time to understand how systems are working till finally, you can benefit from them. That’s why we create the ADAM platform which is super intuitive and user-friendly. Moreover, our team can train your employees, and share all tips and tricks which will make their life easier. Even if your team will have questions after training, our superior support team is ready to help them to deal with all the issues they are facing working with ADAM. We are sure you can benefit from using ADAM platform from the very first day.
It is a possibility to activate the Final Call option at the end of the auction. No action can affect the auction time extension. Bidders can place their bids for a very limited time.
How does the Hot-bid option work? During the round someone is placing a new bid – the new round is started, and the time will start a countdown again. The auction will be finished if there are no bids during the last round. The last participant to make a bid is the auction winner.
Mostly every item in the auction has to have a target price. If a bidder places a bid that is the target price of the item – the owner of the auction has the right to stop bids for this item and announce the pre-winner.
Frontend is a web page which is used by buyers. It’s used to show your customers items that are for sale in auctions. Also it’s a part of the system where your customers can place their bids. You can create your own frontend or you can use Adam frontend. Our frontend is customizable which means you can brand it with your logo and colours. If you will decide to use Adam frontend your customers will not not even notice that they left your web and were redirected to Adam platform.
ty is a really hard mathematical task that can be solved by many analytics or AI.
AI is analyzing previous data and predicting the possibility of buying/selling the item in a range of 25%, 50%, 75%, and 90% price prediction. Today we can use the AI price prediction model to avoid hiring high-quality analytics and making complex mathematical formulas. This model will save your time and money doing all these things in a sec.
This one is so useful for your manager(s) and to analyze your customers‘ behavior.
AI divides all customers into three groups: new ones (to 3 months), made a purchase at least one time, and haven‘t made a purchase. All these groups are also divided into other three groups – the ones who will make a purchase, the ones that have doubts, and the last ones with so little expectation to make a purchase.
This sorted list will help manager(s) to save time and effort and communicate only with potential customers. The prediction is made for three weeks. After that customers‘ behavior could change.
It is important to make notes in CRM so that AI could analyze data continuously.
An important AI ability is to analyze and recognize customers that are risky or have no clue what they are doing in the auction platform. So, AI analyzes customers’ personal and demographic data and the bids they make. AI could notice irrational bids, save customers from making a mistake and save your time by rejecting them.
The statistic shows that it is possible to keep more happy and engaged customers by making personalized and unique offers that they could not resist. AI at a current time analyzes customers‘ behavior: search history, clicks, purchases, personal data, and many more and prepares unique offers for each customer.
The packaging module allows you to publish an auction where multiple items are sold for a single price. All items can be the same or different, and the quantity is irrelevant. Customers will bid one price for all of them.
Adam allows buyers to choose their own bundles or packages of trucks they desire and make a bid for them. They are free to choose any item and any number of items. If you have a few buyers who are picking their own bundles or packages of items, you will have a situation when the same item appears in different bundles. So how you should know to which buyer you should sell it? It‘s an easy task for AI. AI will prepare you a list of options and it‘s up to you to decide whether you are willing to gain the biggest profit or you want to choose an option where you will sell most of the items or something in between. AI will calculate how many items you are selling in each option and what profit will be earned.
Access to information from our databases about a vehicle by entering its VIN number.
A module for automotive industries. A possibility to have “Macadam” integration to get all info about an inspection of the vehicle by a few clicks directly to the ADAM. All information about the vehicle’s visual condition inside and outside and pictures will appear near the selling vehicle in the auction.
The front-end is a web page that is used by buyers. It’s used to show your customers items that are for sale in auctions. Also, it’s a part of the system where your customers can place their bids. You can create your own front-end or you can use ADAM’s template. Our front-end is customizable which means you can brand it with your logo and colors. If you will decide to use ADAM’s front-end your customers will not even notice that they left your web and were redirected to the ADAM platform.
Reverse Bidding Module or Reverse Auction where bids are made progressively lower and the last bidder with the lowest price wins. This module is very useful for companies that buy materials in large amounts.
Probably you’ve already built loyal relationships with your customers and they recognize your brand so it’s important that you maintain brand consistency. Most of our customers are willing to keep their own branding the same as they are using on their web page or e-shop.
With our White Label service, you can make our online bidding software an extension of your website and brand. Give your auctions that personal touch with all the benefits of using our ADAM software. Our White Label service is crafted to work optimally on all devices – computers, tablets, and phones. Your customers that are using your web or e-shop can be forwarded to your auction straight from the web. They will not notice any changes or feel any difference. If you are willing to know more – let’s talk.