In recent years, technology has been highly increasing, including in business aspects. There is an innovation named online auction or usually called e-auction. Furthermore, People can get favorite products through e-auction.
What is e-auction?
Electronic auction (e-auction) is an e-business between auctioneers and bidders which take place in the electronic marketplace. There are three kinds of e-auction, that is business to business (B2B), business to consumer (B2C), and consumer to consumer (C2C).
The auctioneers offer their goods or services on an auction site on the internet. If the consumers want to get the goods or services, they can submit their bid to be auctioned at a certain time. Moreover, the auctions should be transparently and all the interested parties are allowed to participate within the specified time.
E-auctions have effectively created a giant virtual marketplace where the auctioneers and consumers can gather to sell, buy, trade, and bid many kinds of good or services.
How to start bidding?
If you are interested in one of the products or services, make sure that the auction site is trusted. Then, you can start bidding to get your favorite products. Before you give your money or personal information, you have to know how the site and seller operate, what you are really bidding on, and scams that may happen to you.
By getting to know about those aspects, you will have better odds of having a good experience as you hunt for that good deal.
What are the types of e-auction?
There are two major types of e-auction, that is a forward auction and reverse auction.
1. Forward auction
The forward auction takes the form of a single seller with many buyers. The buyers will compete to get the products or services by bidding the highest price. In other words, buyers pay the highest price and seller get maximum revenue of his or her products.
2. Reverse auction
In reverse auction, a single buyer tries to have a lower price of the products which are offered by some sellers. The buyer will pay the lowest price and the sellers will gain quick and easy business.
Do you want to try an e-auction? Have you prepared your tactics to bid? Good luck and be smart, fellas!
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