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Category: Getting Started

Online Auctions – A Deeper Insight

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An innovation that came through with leaps and bounds of technological boom is the execution of online auction with the help of specialized auction software. Each one becomes a bidder provided they have an access to web. Highest bid price for a chosen item wins the online auction. Online auctions are conducted for days together. Hence, the time of placing the bid does not matter whereas the highest amount placed as a bid wins the auction. Online auction sites are only referred to as middlemen and they are not the original seller of goods. They act as a facilitator for the transaction to take place.

The sequential process involved in an online auction includes the registration of either the buyer or seller with the online auctioning website. The seller builds a listing for a specific product and inaugurates the auction. The seller also stipulates the duration of the auction and the minimum bid price. A buyer who looks out for a particular item through the listing states the maximum amount as a bid. This amount has to be comparatively higher when compared to the previously existing bids. The software begins bidding by taking into account the lowest amount necessary to put up the highest bid and the software never reveals the maximum amount mentioned by the bidder.

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At the completion of an auction, the highest bidder and his winning bid is informed and requested for payment. The winner of the auction pays for the product. On receiving the payment, the seller transports the product to the buyer. The auctioning website precedes the payment to the seller and collects a small percentage as processing fee. Thus on the close of the auction, the buyer obtains the product of his choice, the seller receives the payment in return, the website receives a processing fee and both the buyer and seller provide a feedback about the auction.

Read also Specialized Online Auction Software – You Can Make Use Of

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Discussing The Merits Of An Online Auction

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Online auction has altered the routine by which the buyers purchase the merchandise. Amidst the several advantages of online auctions, removal of the location barrier is the foremost. Individuals take part in the online auction from different locations and at flexible times through an internet connection. These online auctions also feature an exhaustive list of information about each product. It saves a lot of time by allowing the buyer to participate in the auction by the click of a mouse. It saves money by elimination of the travel cost that occurs in case of reaching an auction spot.

The auction website offers ample product choices for the buyer through different categories and subcategories. This enables a quick search and identifies the appropriate product of interest. Online media allows to instantly declaring the results devoid of any time delay. It continues to update the bid amount as and when new bids are placed. The time for bidding count down is amplified by 30 seconds after every new bid is placed. This provides an equal opportunity to all bidders. The bidder has the opportunity to compare and contrast the product price and its value with its competitors. So an online auction provides a win-win situation for both the seller as well as the buyer.

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Stay Wary Of A Few Demerits Of An Online Auction

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Amidst the several advantages, a small number of disadvantages also set in through the process of online auction. Anonymous bidders are created as these online auctions do not take place in the person to person format. The true identity of the bidder is not revealed to anybody. The sellers do not have a control on the bidders who participate in the auction. Several options are available for auto bidding with the latest automated auction software. When prerequisite criteria are fixed by the bidder such software instantly start a false bidding process which deceives the auction.

Genuineness of the product, its quality and usability cannot be inspected in an online auction. Only photographs of the product are available on the website. Many auction websites do not provide refund options. In case of a regular auction, the time remains fixed and cannot be changed. But with online auctions, the time can be reset to 20 to 30 seconds whenever a new bid is placed. This can sometimes lead to fraudulent bidding practices. Similarly auction websites that are not trustworthy sell forged products that would never be delivered. Most of the times the product that arrives differs from the photograph that leads to commotion.

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