According to IBIS World, the size of the auction industry in the US is $645.2 billion. Considering the market growth rate of 8.1% and more than 250,000 businesses participating, the auctions industry is well-positioned to grow faster than the retail industry.
Additionally, with the technological advancements in the video industry, Ray (Our client) had this out-of-the-box idea of leveraging technology to transform the auction market. The transformational idea was to revolutionize the auction market by allowing users to shoot and edit high-definition videos and later auction them on virtual events.
To ensure standardized quality and maximum impact, Ray turned to Tekrevol to mature the idea through solid industry research and get a complete digital solution.
During the research, we identified the critical challenges in the industry, mainly the inherent problems of online auctions. Some of the problems identified by Tekevol are listed below:
We identified a massive void between the demand and supply of accurately described items. Although the existing apps were delivering pictorial and text-based information, still authenticity of the product remained a concern.
Finding an ideal target audience is challenging from logistics and financial standpoint. Sellers were required to create auction hypes on social media and third-party websites, comparatively, an expensive option.
Existing platforms are not offering convenient payment methods to facilitate different buyers. Users of digital wallets still do not have full authority over participating in online auctions.
Tekrevol’s business analysts and technical team created an advanced mobile application with separate panels, features, and functionalities. The aspects of the apps were integrated to help different user segments:
Here are the top 5 benefits the HDE app offers:
Presenting video catalogs for accurate representation of products.
Effective auction management.
Convenient payment options.
Allowed users to edit their videos.
Custom signup packages for different sizes of businesses.
HDE App is a one-stop digital auctions platform. It is basically a feature-packed mobile application with dedicated panels for creating appealing videos of products to intrigue the visitors into buying the product. Furthermore, here are the five most prominent features we added to the HDE app:
Marketplace for online auctioneers.
Custom video editing.
Multiple online payment options.
While the current growth rate in the auction industry is 8.1%, the projected annualized growth is 12%, which means more users will enter the auction business net with the provision of a secure and effective video catalog platform.
The app is an ideal platform to capture the 48% of users who wanted a secure platform. Users can seamlessly manage their auction (in fact, ecommerce businesses) from one dashboard. With new product niches and omnichannel payment features, HDE is all set to capture the video commerce industry in 2021 and beyond.
So Are We!
We know how to take apps above and beyond to deliver results and achieve business goals.
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