Working Mechanism of Online Auction
Many people wonder what online auction is really about, online auctions are very same as the real-life auctions. The only difference is that you will be participating in online auction through web. In real-life auction, the potential customers or buyers travel to the showroom or gallery to get the details about the goods where as in case of online auction you will be surfing into the webpage that provides you description, images and the respective prices of the items being auctioned.
Do you know about “proxy bidding”? This is the tools used by the majority of the online auctions. This tool manipulates exactly as if it is your trusted courier during a live auction. In the course of the bidding process, the potential bidder directly enters the maximum amount he can pay for the specific goods into the auction site. You can learn about “No reserve Auction” here.
By making small increments to the current price of the goods, the system bids for the participant to the maximum amount enough to win the goods. The first bidder will win the item if there’s not anyone beating the bid placed, the bidder will pay comparatively less amount than his maximum. The bidder will be notified by the system that he has been outbid if another bidder bids higher amount than him. This will allow the first bidder to lift his bid if he wills.
If you do give importance to the features that cause the auction an exciting event for the spectators, you need to consider on that as well. You can find some nonprofits crafting their online auction in the form of a current fundraising opportunity and several items are auctioned off on daily or monthly basis. The regular organizers craft their online auction event that occurs within a specified week or two that comprises widespread marketing and outreach. You ought to consider upon the overall experience and branding of your auction along with the arrangement of the goods. This can really benefit your venture.
What’s Manual Online Auctions?
An auction in absence of any tools particularly designed to handle them is definitely imaginable. For an example, you can instruct the people to enter their bids on the comment segment of a blog and follow up the winner - the bidder posting the highest amount before a specific time so as to collect the payment and deliver the item. Alternatively you can post the items along with the current bid price on the website and then notify people to email or call to make their bidding and then update the information on the site accordingly.