ONLINE AUCTIONS
Online Auctions / Market Place has been one of the major successes of e-commerce. What's e-commerce? People usually think of it as like buying goods in a shop - for a fixed price. But Online Auctions doesn't have a fixed price.
Conventional auction
In a conventional auction (outside the web) one would bid for one item at a time, and the person with the highest bid buys the item for the amount that's bid.
Anyway, that's what usually happens. The 'auction house' gets the agreed commission for the sale.
Online Auction
Let's now go through what happens on the web. You would click on one of the companies listed below, where you will be invited to bid for various items. You would browse the site until you find something you want to buy. Assuming the 'reserve price' has been reached, the goods will be sold to the highest bidder (the same as the conventional auction). The whole transaction is automated and can be done from your 'arm chair' with little effort.
Online Auction Seller
You enter one of these sites below, register as a seller, add the item to the company's listings. You advise
» Description of the goods and Minimum price / opening bid
» Reserve price (optional) & final bid must reach this
» Start and end date for auction
» Delivery times / state who pays for delivery, etc
