Proposal for The Online Auction

Presented By :

Md. Sanawor Alam

A public sale in which property or items of merchandise are sold to the highest

bidder. Participants in an auction may or may not know the identities or actions

of other participants. Depending on the auction, bidders may participate in

person or remotely through a variety of means, including telephone and the

internet.

An auction where items are sold over the Internet, on web sites

The online auction is one in which participants bid for products and services over the Internet.

The functionality of buying and selling in an auction format is made possible through auction software which regulates the various processes involved.

Online Auctions offer advantages for both buyers and sellers which other forms

of commerce can not offer. 

If someone wants to open a store, they will be faced with numerous overhead

charges such as rent, utilities and wages for employees. 

Consumer can be summarized as: convenience, variety of selection, being able

to determine the price you wish to pay.

Low-pressure buying in that there are no salespeople trying to sell you things you

don't want - at an online auction site, you determine what you want to look for to

buy.

The process of purchasers and suppliers is open and builds mutual trust.

Time Saving - It is a lot quicker to set up your sales pitch on an on-line auction.

No need to spend all day at the local car boot sale or market.

There are also some disadvantages to performing commercial transactions

through online auctions.

The main disadvantage for both sellers and buyers is that most customers like to

be able to see the product before they buy it.

People enjoy the shopping experience of interacting with others in a

store, but this can't happen, since there are no salesmen in online

auctions.

Customer can not identify the faults of the items.

This is the age of digital photography. Lot of people like to take photos and many of them take photography as profession. There are professional, amateur photography.

The experience photographer would sell his photo tools or other equipments at auctions to get the highest value.

The new photographer will purchase old photos and equipments to learn old photography style and to get those at a cheapest price .

Level of commission on sales:

Seller pays sales commission to the auction authority.

Auction authority pays sales commission to auction sites.

An Auction sites authorities can get revenue by selling products and also by

showing advertisement of the products.

Buyer can pay commission for each products .

Seller also give commission for their sold products.

Thus the auction site get the Revenue from the buyer and sellers.

Advertisements over auction site is viewed day and night throughout the globe.

Online advertising reduces the transaction cost.

Advertiser can achieve very good exposure of auction products through Online

advertising.

Easy communication between buyer and seller.

Attractive opportunity.

It reminds customer more about the auction.

It attracts more customer.

Billboards, posters, newspaper advertisements acknowledges more people

about the auction.

Each type of auction has its specific qualities such as pricing accuracy

and time required for preparing and conducting the auction. Open

bidding during an extended period of time with many bidders will

result in a final bid that is very close to the true market value.

THANK YOU….