Proxibid is adding new features in response to an increase in bidders from outside the country. While best known as a live-auction site, Proxibid also offers the ability for non-auctioneers to list items in fixed-price format. The company says over $2 billion in inventory passes through its marketplace annually in product categories that include heavy equipment; commercial and industrial equipment; and real estate; as well as fine art, antiques and collectibles.
Proxibid released some metrics showing GMV (Gross Merchandise Value) increased nearly 8 percent year-over-year for the month of March, and just over 14 percent for the quarter. Revenue for the month of March was up nearly 19 percent, which represents the greatest year-over-year increase in company history.
It also saw a 37% increase in buyers year-over-year for the month, and 21 percent increase year-over-year for the quarter
Proxibid works with over 3,000 sellers and has over a million registered buyers in the Marketplace, Proxibid spokesperson Dana Kaufman told EcommerceBytes. “We see an average of 10,000 new buyers enter the Marketplace each month, which has grown significantly over the last few years. We are bringing more buyers into the Marketplace than ever before.”
Sellers don’t have to be auction houses, but they must pass a very rigorous vetting process. “Many times a consignor will reach out to Proxibid to sell an item and we will connect that person with an auction company that specializes in the items they are looking to sell, or that is in their area. We pass a great deal of business on to our partners because we know that the more inventory that comes into the Marketplace the more buyers we will attract, resulting in more business for the sellers in the Marketplace.”
New Features for International Bidders
Proxibid’s new currency conversion tool allows buyers from around the world to see auction prices in their local currency, creating greater price transparency from and into international markets. Proxibid’s translate tool allows the user to specify the language of choice when viewing an item on the website. Both tools are powered by Google and appear on item details.
Buyers can also now sort by top three regional/country views within the “Location” left navigation from the category homepages. This functionality was put in place specifically to give UK buyers an easy way to sort their UK auctions.
