The online auction is an online business model. Participants were involved with products and services over the internet. Online auction sites have a special auction software which regulates the whole auction process and makes a purchase and sale functional.
Online Auction Type
There are two main types of online auctions.
– Auctions English
– Dutch Auction
You can buy various auction items such as office furniture in Canberra online also
Both of these auctions using different ways:
- To make a bid that is written, visual, or oral bids
- Different sectors to make a bid that is public or private sector
In contrast to the rules of order for the bid may increase or decrease gradually, or increase and decrease simultaneously.
In the English auction, the price began to rise from the low and then increased gradually by successive bidders. In the English auction of goods or services from the lowest price and the price will increase with the increase or bidders were also allowed to raise prices to rise in whatever they want to make.
The price increase stopped when the bidder does not want to increase the price further. eBay, Yahoo and Amazon are examples of the English auction.
In a Dutch auction, the auction starts with a high price level decided bidder and then gradually fall down to the bidder to get buyers who are willing to buy goods at asking price.
In a Dutch auction, the initial price of the product is very high. Dutch auctions are very suitable for goods that are perishable such as food and flowers. Decisions higher starting price is based on historical sales of similar items.