NextLot has experienced tremendous growth in its online auction business in 2016. The company is capitalizing on recent industry trends by moving to a more mobile-friendly platform. NextLot has also utilized some of Google’s most proven marketing initiatives that have generated positive results in the first half of 2016.
NextLot has seen a recent trend in the auction industry to run more timed online auctions. This type of auction is a more efficient way to manage more auctions, cut administrative costs and move inventory, all in an effort to increase sales and profits. In 2016 NextLot has witnessed an increase of timed online auctions run on its platform, a staggering 55% increase from the same period in 2015. This recent trend has resulted in a 43% increase in timed online auction sales, a record for NextLot in a two Quarter period.
In addition to its success with timed online auctions, NextLot has also seen a huge growth in Live Webcast auction results. Inventory sold to online buyers has increased from 19% of the total live auction to 28% of the total live auction year to date. These impressive results can be attributed to time-proven products and dynamic marketing strategies.
NextLot’s new and improved mobile compatible platform is a major reason for these jumps in success as two-thirds of all users are coming from mobile devices. Mobile activity and marketing initiatives, such as Google lot indexing and Google Adwords, make it easier for potential buyers to locate auctioneers items from anywhere in the world. NextLot continues to demonstrate how it yields more bids and higher prices.