If you are going to check almost all the buy and sell website in the market right now, you would be able to see that they are commonly doing auction processes to sell out the products that are available.
What is auction?
If you are not familiar with auction, it usually refers to the processes that is being done in buy and sell business or even services which offers possible buyers to give some bids on the product that they want to buy. These bids may continue as long as the product is still available in the market and each bid should be higher than the one posted. This is like a small competition of buyers in order to have the product that they want and this is also good for the seller as they increased quite good amount of money once many bidders give out some good offers. In the end, the highest bidder at the time the auction ends will get the product. Right now, people are doing auction online as it is easier and convenient for both bidder and auctioneer.
Open and Close Auction
There are two procedure that is being done in auctioning, the open and close auction. Open auction may refer to the auction wherein all bidders may continue to participate in the bidding and would be able to see the series of posted bid and can let them study on what could be the next offer or bid that they can give. Each bidder can repeatedly make bids in open auction, but once it become a close auction, the buyers and the sellers can only give some sealed bids.
Online Auction Websites
There are so many auction websites that you can find in the market right now in where you could possibly buy and sell your product with the use of auction processes, but there are some things that you can consider when it comes to online auction websites. If you are going to participate in an auction website, you would probably be careful enough about fraud and as well as avoid things like misunderstanding. You must be aware of the rules and regulations of the auction website to avoid any misunderstanding of the product that you want to buy. Fraud is something that is inevitable especially if you will not take some early precautions like deep research about the seller of the product.
Things to Avoid in Auction Websites
If you are going to be a member or participate in an auction website, there are some things that you should avoid in order to have a smooth flow of business process. The first thing that you should avoid is making two different ID. There are some times that sellers make two different IDs and bid on their own product using the other account, but if it was checked or has been noticed by the server of the auction website, you will be banned and eventually end your business immediately. Another thing is that, you have to avoid putting photos that you only got in the internet. Buyers would think that the product that you are selling is not with you already if you are going to use photos in the internet. It could be better if you are going to take your own photo of the product for the buyer to have more trust in you.