Online shoppers like the action at auction sites, says new survey

Retailers who think online auction sites do not pose a threat to retail sales need to think again, says consultants/researchers Valentine Radford Inc. Online retail buyers and online auctions buyers overlap to a great degree, says the latest consumer survey from Valentine Radford.

Valentine Radford’s quarterly iCustomer Observer survey of 5,000 consumers reports that 56% of consumers who shop online have submitted a bid at online auction sites--nearly all of them, 50% of the survey panel, bought something through an online auction.

“We advise our clients to consider Internet auction sites in terms of competition and pricing,” Valentine Radford says in its report. “These sites have the ability to provide virtual storefronts that can equal or surpass the volume generated by traditional brick-and-mortar locations.”

Valentine Radford also reported that only 17% of online shoppers have ever put anything up for bid at an auction site.