Most individuals are participating in online buying and selling; therefore, the need for this article on different types of online auction bid websites.
- Straight auction
There are quite a number of auction bid websites available, for instance eBay and ebid. The sellers are required to upload their auctions at a fixed price for sale. Buyers will then purchase the products at the price given or at times can bid for a higher price. The highest bidder wins the auction in the end; sellers are required to pay some fees.
- Lowest unique bid, highest unique bid
In this case, buyers buy bids which they utilize in bidding on items. When the auction starts, the buyer needs to place his/her price on an item. Every single time a member bids they incur a cost, they are however capable of having multiple prices on products.
- Penny auctions
This is an auction bid website, where an auction starts with zero prices on items and increases with every single bid. In order for you to participate in this kind of auction, you’ll need to purchase bids and utilize them. Every single bid increases the price of a product. The countdown begins, in the event that there are no other buyers bidding for the product before the timer reaches zero, the product will be yours.
This however is not the case as in most cases there’s someone who outbids you. This kind of auctioning requires a lot of time and money to spare.
- Reverse auction
This auction works in order to benefit both the buyer and the seller. In reverse auction, the prices of items are always falling until the item is bought. When the auction is starting, it starts with the retail price of a product which starts to fall. The product’s current price is hidden from the buyer; therefore, the buyer is required to pay some cash in order to view the price fall of the item.
The buyer has some time to decide whether or not he’s purchasing the item at the reduced price. If the buyer is a serious buyer, he can buy the product at any price as long as it’s lower than its retail.
The above auction bid websites concepts are capable of benefiting both the buyers and the sellers.