Monday, August 15, 2022

Online livestock auctions present exciting opportunities

Estimated reading time: 4 minutes

Technology has completely transformed the business landscape and has improved productivity, efficiency, and communication in all industries. The agricultural and agribusiness sectors have also benefitted from the adoption of technology, enabling farmers to improve the way they conduct business every day.

A few years ago, the thought of an online livestock auction would have raised many eyebrows. But nowadays, we are all accustomed to doing business online – selling and buying products and getting them delivered to your doorstep.

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In fact, online auctions have revolutionised the way in which livestock auctions are conducted since they are accessible to everyone.

Benefits of an online livestock auction

The benefits of online livestock auctions are increasingly being recognised, and more sellers and buyers are making the most of the opportunities they present. Here are a few reasons why you should consider following this trend:

  • Convenience: The most apparent advantage of an online auction is convenience. There is no need to take time out of your busy schedule to travel to the livestock auction in person and you can make your bids in the comfort of your own home, office, or even holiday destination.
  • Cost-effective: Buyers save the cost of travelling (fuel, time to travel to and from the auction site/s and sometimes accommodation) to attend different auctions across the country, even if you end up not bidding on any of the listed animals.
  • No geographical boundaries: Online auctions enable sellers/agents to present the services and products to a larger pool of buyers.
  • More opportunities to bid: Buyers can bid when and where they want, even on multiple online auctions in different geographical areas on the same day. It is quick and easy – you can register for the online auction at your convenience, and on the day of the auction approved buyers log into the bidding website.
  • Still an exciting experience:  Physically attending an on-site livestock auction can be a rewarding experience, but a live webcast auction can be just as exciting. Buyers still have the choice of phone bidding, but a live stream gives them a better understanding of how the online auction plays out.

Making the most of technology with VeeSure

Non-life insurer Old Mutual Insure, and SwiftVee – an ag-tech company – launched VeeSure, a digital insurance solution designed to support the ever-changing needs of the South African livestock buyer and production auction market.

The SwiftVee livestock auction and sales trading platform and mobile app makes it easy to find and view livestock auctions and register so that you can make online bids and watch the streaming of live online auctions.

“With this online auction innovation, we provide access to a digital ecosystem for the livestock buyer. You can now buy animals online via the live streaming virtual auction, connect with the livestock agent and the auctioneer, and have access to the VeeSure online insurance solution to protect your new, proud investment. This is all on one platform at point of sale, and from the convenience of your home or office. It is so easy. When you win a lot on the auction, all you have to do is click the pop-up VeeSure button on your screen to insure your lots,” explains Liza de Beer from Old Mutual Insure.

Together, Old Mutual Insure and SwiftVee have all the resources, data and digital capabilities, technology, and agricultural risk expertise to deliver this exciting innovation and effortless customer experience. It is about moving beyond the obvious things that customers want and expanding the boundaries to offer what we would love our customers to experience in future,” concludes Liza.

VeeSure is a convenient, quick, and easy-to-use online stud animal and transit insurance solution. For more information, visit www.swiftvee.com or send an email to hello@swiftvee.com or Auction.Sales@ominsure.co.za

This article is intended to provide information, and not any advice. Visit our website at www.ominsure.co.za for information on our agricultural product solutions. Old Mutual Insure Limited is a licenced FSP and non-life insurer.

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