Auction is a process of purchasing or selling of goods and services by offering them up for bid
. The item on which the bidding is held is sold to the highest bidder. Internet has provided an important platform for bidders to buy stuffs on websites for online auctions. UK is one amongst those countries where online biddings are gaining popularity at a fast pace mainly because the buyers or the bidders can bid for the items of their choice even at the comfort of their homes. The bidding and selling are done with the help of special auction softwares which regulate the various processes involved in online auctioning.
There are numerous items which can be listed on the online auction websites for bidders to bid on. Mobile phones, computers, television sets, electronic gadgets and other electronic products are some common items that can be bid upon at online auction sites.
Types of online biddings
There are 2 major types of online biddings:
* English auction: In this type the initial price of the item or service is low. The price steadily climbs as more and more bidders place their bids to get the item or service.
* Dutch auction: In this type numerous matching items are placed for auction and all the winning bidders are supposed to pay the same price.
These days the English auction is more in use amongst the various online auction sites.