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hest bid ( Dave King et al. 2006, p.95 ). A second type of auctions is reverse auction. Reverse auction is effective when there is one buyer and many potential sellers ( Dave King et al. 2006, p.95 ). This is an auction in which the buyer places an item for bid on a request for quote ( RFQ ) system, then the potential suppliers bid on the job with the price reducing sequentially, finally the winner is the one with the lowest bid ( Dave King et al. 2006, p.96).
 
Lastly, when there are many sellers and many buyers, buyers and their bidding prices are matched with sellers and their asking prices based on the quantities on both sides ( Dave King et al. 2006, p.96 ). In this case, buyers and sellers may be individuals or business. Such auctions, which are usually done in exchanges, are called double auctions ( Dave King et al. 2006, p.96 ).
 
Online auctions are much the same as traditional auctions, for instance with respect to auction rules. However, online auctions take advantage of technologies and overcome problems of traditional auctions. Thus, currently online auctioning is an extremely popular way to shop and to sell goods to a world-wide market and the reasons for the success of online auctions will be further discuss as such below.
 
The first reasons contributing to the success of online auctions is it can benefit sellers in several ways. Sellers may be able to get a better deal via online transaction as it is less costly to set up an online auction. Seller also can do their business in term of selling their product at home without going out to rent premises which takes cost. Besides that, sellers’ office and home is together therefore it’s easy for them. Some how they sell their product in an acceptable cost and this will attract those purchasers while they saved up their usage of unnecessary cost like hiring employee and others that relate on saving cost.
 
Moreover, online auctions is a convenience way for sellers and saves up their time because they just distribute their products and services on the internet and purchaser can see it anytime. And the sellers will not need to take time to travel to the destination for the auction where it takes place. In the actual auction market, the sellers will need to set up a premise and hire men power for the auction to take place, accordingly online auction will save up sellers’ time.
 
Apart from that, business must be done in an efficient way in getting those wanted product by purchaser. Therefore, sellers have the intention of knowing purchaser on what the needed and this will make the business goes easily. Sellers use auction to help them to sell off their product by letting purchaser to bid as higher price that they can afford too.
 
Example selling of antique products like in China, there is 100years of vase or any other product that related in it will also help business to gain more profit as it is voted as limited edition and cannot be get else where. In this situation, this will rise up buyers’ ability to purchase it and bid at a higher price that will have more benefit to the seller profit. In the process of selling, those products can be sold world wide as majority of public can access in the internet anywhere, anytime to bid. While bidding the price will get higher and higher and it return much greater profits to the sellers.
 
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