A bride with a penchant for expensive designer dresses could soon be able to take her money to the tailor for a stylish makeover, rather than paying out for an expensive dress.
The Australian Financial Commission has given its blessing to the online auction platform BidFair.
It will now be able offer customers a chance to pay for a dress online for as little as $25.
“This is a significant milestone for BidFair as it opens up a new market for wedding venues,” said Craig Thompson, the chief executive of BidFair, who is a former chief executive at Avis.
Advertisement “For many wedding venues, the traditional dress department has been unable to provide the same level of service and flexibility to the public as they have in the past.”
The agency said it had been working closely with the industry to develop a set of services for online wedding venues to make sure they could fulfil the needs of a growing number of Australians.
“With this announcement, BidFair has opened up the bidding process for the first time in the market,” said Mr Thompson.
“We expect that to result in increased competition for venues to attract and retain the best of the best.”
He said the agency would be providing additional services in the future to help venues stay relevant.
“For those venues that cannot continue to offer a professional service and are in a period of transition, we will offer an integrated service that includes a range of services that will make it easier for them to continue to cater to their customers.”
BidFair is not the first to introduce online wedding auctions, with the first auction to go live in March.
BidFair said the site had been built on a similar approach to how it works for hotels.
“The bidding process is the same, except it’s not on the internet,” Mr Thompson said.
“It’s all done in real-time.”
He added that BidFair would also be expanding its relationship with hotels to allow them to bid for some of the wedding venue properties.
Bidfair has been in the wedding industry for more than two decades, and Mr Thompson was previously its chief executive.