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Online Auctions Market

Due to technological advances and the public becoming both more internet savvy and leading more demanding lives, online auctions have also become popular and more and more online auction suppliers are entering this market ( Online Auctioning 2004 ). As a result, more and more businesses are looking for more opportunities in this online auction market and businesses use auctions to wish to sell and gain back a valuable price in terms of higher profits. Therefore, nowadays internet is widely available to the public and online auction can be easily done through the internet thus there are various factors contributing the success of online auctions and the impact of online auctions as well.
 
Auctions are one of the oldest trading models. They have been widely used for price setting on special items, such as agricultural commodities, financial instruments, and unique items - like art and antiquities ( Lin, O & Joyce, D. 2004 ). Besides that, auctions can also accelerate deal completion by increasing the competition among buyers ( Lin, O & Joyce, D. 2004 ).
 
They overcome some of the inefficiency in trading in traditional markets and retailing. Traditional markets and retailing focus on only a small group of people, normally local people, and the high marked price may attract few buyers ( Lin, O & Joyce, D. 2004 ). Indeed, more competitors and participants can result in better prices and improving the trading process ( Lin, O & Joyce, D. 2004 ).
 
Modern technologies enable auctions to be held on the internet and make them available to most people in the world ( Lin, O & Joyce, D. 2004 ). Those auctions held on the internet are called “online auctions”. Online auctions have been in existence for several years and it is a relatively new concept that was initiated in the mid nineteen nineties ( Online Auctioning 2004 ).
 
Furthermore, online auctions enables buyers to access goods and services anywhere auctions are conducted. People can sell almost anything including clothes, musical instruments, collectable items and mobile phones and much more. Hence, online auctions are becoming important selling and buying channels for many companies and individuals.
 
Apart from that, there have several types of auctions, each with its own goals and procedures ( Dave King et al. 2006, p.95 ). Forward auction is an auction in which a seller offers a product to many potential buyers ( Dave King et al. 2006, p.95 ). Forward auctions also simply called auctions because forward auctions are the most common and traditional form ( Dave King et al. 2006, p.95 ).
 
Moreover, there are four major types of forward auctions which are English and Yankee auctions, in which bidding prices increase as the auction progresses, and Dutch and free – fall auctions, in which bidding prices decline as the auction progresses ( Dave King et al. 2006, p.95 ). In addition, sealed – bid auctions are other types of forward auctions. This is an auction in which each bidder bids only once, it is a silent auction, in which bidders do not know who is placing bids or what the prices are ( Dave King et al. 2006, p.95 ). Another type of forwards auction is Vickrey auction.
 
This is an auction in which the highest bidder wins but pays only the second – hig本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。