Tech

10 Facts About Livestream Auctions, The Trend That’s Hot in S’pore & M’sia

2017-09-30 , 9:22 am

Did you know that retailers are going online to sell their wares through live auctioning?

That is a new trend that is coming up strong in both Singapore and Malaysia in the recent months. If you have no idea what this is all about, check it out below!

1. These auctions are held on Facebook Live

You should know this function of Facebook, don’t you? The Live function allows you to take video and stream it directly onto Facebook in real time. These auctions take place on Facebook Live and allow you to interact with the seller in real-time.

Or as real-time as it can get with today’s technology lah. (read: a couple of seconds lag)

2. They started earlier this year

It isn’t entirely sure when these live auctions started in Singapore but it is safe to pinpoint it somewhere early in 2017.

3. The auctions attract many people

It was said that these auctions attract many people to view and participate in the bidding. One of the auctions held by retailer Grunge Bidding Amused Singapore had 400 viewers, which was a record for the company.

4. The auctions offer real products at attractive prices

Now, auctions can go either way. It could make the product more expensive than what you can buy from a shop if it is popular with that particular group of viewers or it can be a lot cheaper than what you can get from the shop if the interest is not high.

Nonetheless, bidders who participated in these auctions said that the prices of products are generally a lot cheaper. Some even claimed that products come at 50% off!

5. Currently, there are about 5 retailers that hold such auctions

From what we can find, there are currently 5 retailers who are holding auctions on Facebook Live regularly. They are Grunge Bidding Amused Singapore, Hong Heng Mobile, Live Bid Win, SG Auction House and Urban Lions. There may be more of such auctions on Facebook.

6. Bidding is done through the video’s comment thread

If you are wondering how the bidding is done, the retailers will start the live bidding and open comments to their video thread. Bidders post their bids via the comments and the retailer will respond as needed. You may want to watch the bidding process for a while before actively participating in it to avoid disappointment in losing a product you want.

You may want to watch the bidding process for a while before actively participating in it to avoid disappointment in losing a product you want.

7. The sellers are not going to reserve the product for you just because you won the bid

If you think you can bid for a product and wait a few days to get them, you are wrong.

These sellers will expect you to contact them via PM to arrange payment and collection/delivery within a fixed period of time, usually within 15 minutes after the bidding round ends.

Products not claimed via PM will be forfeited.

8. These auctions are popular with people who like to bargain

Singaporeans love a good bargain, especially one where you win a product over someone else.

If your heart starts racing when you’re faced with a challenge to cut down the price, you’ll love doing this.

Imagine getting the next iPhone 8 at half-price. #OneCanOnlyDream

9. These auctions are exciting

To say the least, these auctions are exciting events, even for someone who is just watching. It can be entertaining to see two persons fighting over one product, upping the price just to outdo the other.

Of course, it is not so exciting when you are the one fighting, but when you win the price war, that satisfaction is worth every sweat and tear.

10. It is a way to interact with the community too

These auctions are always full of people, sometimes up to 400 people at one go. And it wouldn’t be strange to see regulars greet each other familiarly on the net.

Get cheap stuff and make some friends? Hell, why not!

Live auctions on Facebook Live are likely going to be even trendier as words travel far and wide. Check out the next auction and you may land yourself some great deals too!

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This article was first published on goodyfeed.com