eBay Clone
People are using many popular Auction marketplaces for online shopping. First auction website started on May 1995 by Onsale Company. In same year on September month eBay also started auction website. These both companies are using ascending bids, English auctions. At that time it takes advantages of search engine ranking because search engine easily find auction products and also provide facility to view products by categories to users.
Now online auction websites have created huge marketplace through different products and services and it can be purchased and sold by auction mechanisms. Through great success of auction websites currently on online market, thousands of websites dedicated to online auction marketplace.
Types of Online Auctions:
English auctions – In English auctions, bids are provided by auctioneer or bidders and then from all bidders suitable winner make payment of bidding amount and then get that product. This format commonly used for third party online auction and used it as most simplistic forms. It also known as an ascending bid auction and its basic meaning are bids is open for all public viewers. It is very much popular because of its provided people to find familiar products and services and it also reduces deal cost. It also define limits of traditional English auctions where physical presents compulsory of bidders and through this features it is very much popular in auction marketplace.
Dutch auctions – Dutch auctions basically works reverse of English auctions and in this price started from high and it is thoroughly being lower until a buyer accepts price. Most of Dutch auctions websites generally mislead and the term “Dutch” usage tends to be common to utilize uniform price rule per unit auction. In real online Dutch auctions price is descending, it was searched that on auctions have on common 30% superior ending price than starting price of auctions with rumor point to bidder eagerness.
First-price sealed-bid auctions – First-price sealed-bid auctions basically works when one bid is created by all bidding parties and among them one maximum bidders wins, and make payment of what they bid. The main difference between First-price sealed-bid auctions and English auctions is that on English auctions bids are publicly viewable where here bids are not viewable for public and it is competitive which is created by public bids. According to game theoretic, first-price sealed-bid auctions strategies are equal to Dutch auctions because in both players are using same policy of bidding.
Vickrey auction – Vickrey auction also known as a second-price sealed-bid auction, its usage are vastly work on same law as a first-price sealed bid. On the other hand the uppermost bidder and winner will only make payment of what the second uppermost bidder had bid. On online auctions bidders make use of alternate bidding system is a close similarity for Vickrey design to single item auctions, On the other hand it is a reality that bidding maker use facility to change their bid at a afterward date and it does not represent true to Vickrey auction. It only recommended preventing the incentive for buyers to bid purposefully, because of this truth it require them to speak the fact by giving their true value of the products.
Reverse auction – In reverse auction role of buyers and seller are upturned. Different sellers are participating to win the buyer’s business and prices naturally decrease through over time at the end of new offer made. They are not following distinctive auction format and in that all the buyers can see all the offers and from all choose which they like. Reverse auctions are primarily used in business framework to acquire.
Bidding fee auction – Penny auction name is commonly used for Bidding fee auction. It does make increase an auction price one unit of currency at same time. Penny auction works like, the price in dollar increase by 1 dollar on original bid price. So this auction is recognize as gambling, because in that users make expense of extensive total of money on bids without getting anything in more return on product. It is very much good for auction website owners because in penny auction method it gets money from two ways one is from buying of bids and second one is from the real amount made from final cost of the product.
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