What is online auction?

great advantage of these auctions taking place on the premises is that they have the opportunity to view the goods as they were being used, and may be able to try

And talking about auctioning-bidding processes, it has actually turned a lot flexible through online resources using the high-end technology.

There are many websites where participating in auctions is an easy concept.

them out. Bidders can also avoid the possibility of goods being damaged whilst they are being removed as they can do it or at least supervise the activity.

The concept of ‘bidding’ might be known to you; it is basically a process of offering a product to the bidder, where the person places offer a price for the same in terms of bids.

Private treaty sales – Occasionally, when looking at an auction catalogue some of the items have been withdrawn. Usually these goods have been sold by 'private

treaty'. This means that the goods have already been sold off, usually to a trader or dealer on a private, behind-the-scenes basis before they have had a chance to

The concept of ‘bidding’ might be known to you; it is basically a process of offering a product to the bidder, where the person places offer a price for the same in terms of bids.

be offered at the auction sale. These goods are rarely in single lots – photocopiers or fax machines would generally be sold in bulk lots.

Charity auctions - Used by nonprofits, higher education, and religious institutions as a method to raise funds for a specific mission or cause both through the act of

The new technologies and dynamic platforms have made auctioning processes really simple and promising that was not possible few years back

Previously, it was just a seed of pleasure for rich people to purchase properties or costlier goods through the process,

bidding itself, and by encouraging participants to support the cause and make personal donations.[53] Often, these auctions are linked with another charity event like a benefit concert.[54]

Previously, it was just a seed of pleasure for rich people to purchase properties or costlier goods through the process,

Previously, it was just a seed of pleasure for rich people to purchase properties or costlier goods through the process,

Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the auction. The number of simultaneous bidders

is of critical importance. Open bidding during an extended period of time with many bidders will result in a final bid that is very close to the true market value. Where

there are few bidders and each bidder is allowed only one bid, time is saved, but the winning bid may not reflect the true market value with any degree of accuracy. Of

Online bidding is extremely useful if one wishes to increase the efficiency of procurement procedure by making necessary cost cut

special interest and importance during the actual auction is the time elapsed from the moment that the first bid is revealed to the moment that the final (winning) bid has

these sites sell the products through knockout auctions.

become a binding agreement.

Characteristics

Easy Comparison of offers

Auctions can differ in the number of participants:

If an item is popular, bidders can easily push the price up beyond its starting price