Gone are those days when business stalwarts used to shout shrill on the high streets of a commerce center so as to reach up to the ears of the persons selling a demanding product or a service? It is the age of internet that has facilitated people by bringing the world into their drawing room. Doing business with a global network has been possible due to this bliss of internet that has erased the age-old idea of high-street auctioning. With the introduction of online auctioning, business has become a placeless idea, or invariably, the presence of a business can be felt from anywhere in the world. Anyone can participate there by opening an online account that many organizations are providing.
One may be inquisitive about how does a serious business go online or how a big deal can be made through online. It is very simple, rather simpler than going physically to the deal site where pile of files and articles are staked in order to get sold by anyone of the participants with the highest bid. Bidders whose price is highest will be offered for buying the product or the service. But, online auctions have been found to be convenient. The highest bidders get their product, service, or assignment by courier services.
Online auctions can be seen like catalogue buying. In this case, customers are shown products or services as jeweler merchants put their products or ornaments on display before a customer. Online customers can forward their purchase orders to the sellers after having chosen anything offered. The sellers send their products to the address only after getting their online payment. The whole process remains very smooth and maintains credibility. The only difference from online auctions is that price is fixed in case of the former when a price band is given for a product or a service.
Online auctions have been classified into two types. They are English auction type and Dutch auction type. Among these two types, the former is the most popular because the open outcry is available here. The bidders offer their price for a product for sale and the highest bidder get the opportunity for having the one for sale. On the other hand, Dutch auctioning or even Vickrey auctioning suffers from favoritism, to a little bit.
Among many advantages of the online auctioning, the advantage of round the clock service is very interesting unlike the physical auctioning where the business takes place at a time-bound schedule. Apart from this, there are no geographical constraints or limited number of bidders. So, a large number of financial participation by global bidders can be expected.
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