Auctioning over the internet

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Auctioning over the Internet
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What is Auction?

• The word "Auction" is derived from the Latin
  augeo which means "I increase".
• The auction is a process of buying and selling
  goods or services by offering them for bids.
• Buyers compete with each other by placing the
  highest bids for a product or service.
• Bids with the highest value is considered as WON.

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What is Online Auction?

• Same as Traditional auctions where auction takes
  place via the Internet.
• Online auctions are virtual auctions provide
  opportunities for people from different parts of
  the world to trade their product or services
  using the Internet.
• Online Auction Websites are immensely popular
  with high-traffic where anyone can sell product
  instantly.

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• Public Auction - The participation of the general
  public is very limited.
• "OPEN Auction House managed manually
• Day, Venue and products of the auction are prior
  announced through news media.
• Had Geographical boundaries
• Had Time constraints
• Auction houses kept the records of both buyers
  and sellers until the end of the settlement.
• Very cumbersome and time-consuming process.

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Auctions Now - Improved Solution

• Buyers can browse through all the products and
  can bid for one or more products.
• Buyers who bid the highest will be considered as
  the winner of the product.
• Easily overcomes geographical boundaries,
  location, and time constraints.

• Online Auction System which means auctioning over
  the internet.
• Sellers and Buyers have to register themselves on
  the website.
• Sellers can promote their products and can
  specify start bid amount, bid end date etc.

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How to Implement
To create an online auction website you will be
having three options

• Using WordPress or Shopify Platform
• Building a Custom solution
• And a Readymade solution like Tophatter Clone.

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It basically requires three modules

• Seller
• Buyer
• Admin

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HTML for formatting of the webpage
CSS for designing the webpage
JavaScript for client-side validation
PHP for server-side scripting
MySQL for Database
Jquery for special effects
Technologies Required to Implement Online Auction
System
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• Benefits of Auction Website
• Buyer Benefits
• Buyers determine the purchase price
• The Sale is open and transparent
• Auction eliminates long negotiation periods
• Auction reduces the purchase time period
• The Purchase closing date is known
• Buyers receive comprehensive information on the
  product
• Extended Time at intervals.

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• Seller Benefits

• Quick disposal reduces long-term carrying costs,
  including taxes and maintenance
• Assurance that the product will be sold at true
  market value
• Exposes the product to a large number of
  prospects
• The seller knows exactly when the product will
  sell
• Eliminates numerous and unscheduled products
• Takes the Seller out of the negotiation process

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• Value Added Features

• Instant Bidding status update Refreshing the
  listings
• Reserving the minimum bid
• Winning or losing the bid
• Proxy Bidding
• Buy Out
• Closing the Bid

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Launching an Online Auction System will give a
new approach and dimension to the auction system.

• It will encourage both Buyers and Sellers to
  participate in the auction process
• Removes geographical boundaries, location
  constraint, and time constraint
• Transparent process
• No manual work.

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• Here I have showcased the topics which revolve
  around building an auction website. If you opt to
  build an auction website, you may contact us with
  your requirements.

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We may build you an auction website more than
your expectations.

• You can get the auction website details.,
• https//appkodes.com/auction-website-using-tophatt
  er-clone/

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Thanks!

• Any questions?
• You can find me at
• _at_appkodes
• info_at_hitasoft.com