Online auctions are not used in the context as they were being used before. The English concept of bidding was to bid a higher price when an auctioneer called out for the item in front of the public. The products used to be more of antiquities and expensive items.
Today, the concept has changed a bit with reference to online bidding. There were initiators that started off with the same concept but with time, the trend also changed. Products were listed with ‘buy now’ prices. That was a different feature along with that the items were normal regular products that the people wanted to sell off. Overtime, people thought this to be the best option available on the auction online but there’s always room for improvements.
There have been many divergent auction websites that were developed and with time those concepts have succeeded in catering different sets of consumers that felt comfortable dealing with these auction websites.
We can list down some names that can explain the new innovative ideas that have changed the concept of bidding.
• Penny auctions
Penny auctions are the online auctions that make the customers bid on the products that they want but only for a one cent at a time. The bids are bought in bulk and used as the customers want to use them.
• Reverse auctions
Reverse auctions are the online auctions in which the customer bid on the products of interest but o only back wards. It means that the auctions start with the normal retail price and every bid reduces the price a little bit till a serious buyer grabs the product for a good price.
These were a few names that brought a completely new platform for the customers to explore and they have succeeded in their respective mode of online auctions.
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