Auctioning over the internet

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Auctioning over the internet

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Online Auction must benefit both the buyers and sellers. Only this could improve the audience to your marketplace. If there aren’t any added benefits for the buyers and sellers in the script, it is not guaranteed to say that your website will succeed and make more in revenue generation. – PowerPoint PPT presentation

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Title: Auctioning over the internet


1
Auctioning over the Internet
2
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.

3
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.

4
  • 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.

5
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.

6
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.

7
It basically requires three modules
  • Seller
  • Buyer
  • Admin

8
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
9
  • 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.

10
  • 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

11
  • 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

12
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.

13
  • 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.

14
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/

15
Thanks!
  • Any questions?
  • You can find me at
  • _at_appkodes
  • info_at_hitasoft.com
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