The online auction is a process where the items are sold on the internet, all the auctions are not same and there are also some risks involved in the online auctions. It is also very important for the people who want to participate in the online auctions to make sure the sort of the auction and the rules, rights and responsibilities the participants have. The participants should take appropriate steps to minimize the risks.
There are different types of the online auctions which are given below:
Marketplace online auctions:
In these virtual markets a business sets up a website in which the buyers and the sellers from different groups deals directly with each other and make the market work. The business also gives the rules and regulations for the process of auction. Thee important thing is that business running the website is not directly involved in the auction process and is not an agent for the seller.
Traditional auctions:
In this case, the auctioneer acts on behalf of the seller of the goods. Traditional online auctions operate in the same way as in the real world but instead of interested buyers gathering together in person, an online auction house uses a website to create a virtual auction.
Auctions conducted by businesses:
In this the business running the websites offer their own products for the auctions and it has many forms like
There are different types of the online auctions which are given below:
Marketplace online auctions:
In these virtual markets a business sets up a website in which the buyers and the sellers from different groups deals directly with each other and make the market work. The business also gives the rules and regulations for the process of auction. Thee important thing is that business running the website is not directly involved in the auction process and is not an agent for the seller.
Traditional auctions:
In this case, the auctioneer acts on behalf of the seller of the goods. Traditional online auctions operate in the same way as in the real world but instead of interested buyers gathering together in person, an online auction house uses a website to create a virtual auction.
Auctions conducted by businesses:
In this the business running the websites offer their own products for the auctions and it has many forms like
- Low bid auctions: In this the participant with lowest unique bid wins the auction.
- High bid auctions: The highest bid wins the auction.
- Beat the clock auctions: In this type of auction each new bid increases the auction duration, with the highest bidder at the end of the auction winning.
- Reverse auctions: The role of the buyer and seller are reversed where there are more number of sellers and less number of buyers, sellers compete for the sale of their product.
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