What Is The Difference Between Electronic Bidding And Electronic Auction

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What Is The Difference Between Electronic Bidding And Electronic Auction
What Is The Difference Between Electronic Bidding And Electronic Auction

Video: What Is The Difference Between Electronic Bidding And Electronic Auction

Video: Class 11 Business Studies Chapter 5 | E-Bidding And E-Auction - Emerging Modes of Business 2022, December

Electronic bidding or auctions are a way of selling and buying goods. Electronic trading differs from real topics, the goal is to lower the value of the goods, not increase. That is, you can buy a lot for an amount that is less than the market value.

electronic trading and auctions
electronic trading and auctions

Electronic auctions are also called electronic auctions, since there is no difference in the conduct, participation and organization. These are synonyms. Persons who have already reached the age of 18 can participate in the auction.

How to list a product for an electronic auction to a private seller

The seller puts the goods up for auction on one of the trading platforms (for example, Ebay, Aliexpress, "Hammer"). The seller is required to:

- indicate the condition of the goods (new, used, for spare parts);

- attach photos;

- indicate the quantity of goods;

- describe the details of the lot being sold;

- determine the minimum rate;

- set the time of the auction, if the trading platform does not provide for its own terms of trading;

- specify the method of payment (for example, on Ebay, work only with the PayPal payment system is provided for making secure transactions);

- note the method and cost of delivery;

- indicate the maximum bid for the product, if provided by the trading platform.

That is, a private person (for example, an ordinary citizen) can put absolutely any thing on the electronic auction. To do this, you must register on the website of the trading platform, read its terms of organizing trades, and accept them. The trading platform acts as an intermediary between the seller and the bidders.

How to participate in electronic auctions

In addition to the fact that the participant must be of age, there are other rules common to many electronic auctions.

1. When participating in an auction where similar or identical lots are exhibited, the participant undertakes to redeem both if he becomes the winner in both auctions.

2. Be registered on the marketplace. The profile in the account must be completed (the address of residence is indicated, full name, payment details).

3. The account must have funds. If you win the bidding, you will need to pay for the purchase and delivery at the time specified by the seller.

Usually, unscrupulous bidders (for example, those who do not pay for the won lot) are removed from the system without the possibility of quick recovery and re-registration. That is why trading platforms that conduct electronic trading and auctions strongly recommend that you familiarize yourself with their participation rules. So, for example, some auction organizers allow you to make an unlimited number of bids per lot, while others set restrictions. These are the individual requirements of each specific trading platform.

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