The Evolution of the E-Auction Auctions have been around for centuries. People with goods wanted an efficient way to sell those goods to people who wanted those goods.
Types, Benefits, Fraud and Prevention An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange. It is characterized by the competitive and dynamic nature by which the final price is reached.
Electronic auctions E-auctions are auctions conducted online. There are many types of Auctions like English auction, Dutch auction, Sealed first-price auction, Vickrey auction, forward auction, reverse auction, silent auction, top-up auction and so on.
Forward auction or regular auctions are electronic auctions, which can be used by sellers to sell their items to many potential buyers. Sellers and buyers can be individuals, organizations etc. Items are commonly placed at a special site for auction e.
Buyers can continuously bid for the items they are interested in. Eventually the highest bidder wins the item.
Two types of forward auctions are common. The first is a liquidate auction. Here buyers seek to obtain the lowest price for an item they are interested in.
The second type is a marketing efficiency auction. Buyers wish to obtain a unique item. In a regular auction, purchasers are allowed to place a bid on an item, which is the amount they are willing to pay in order to buy the item. The person who places the highest bid usually ends up with the item.
With a reverse auction, however, the opposite is true. More specifically, the buyer advertises a need for an item or service. Then a pool of suppliers or sellers is selected. Suppliers then place bids for the amount they expect to be paid in order to perform such a service or provide such an item.
Generally, the supplier who places the lowest bid will win the job or sell the item. E-Auction replaces the conventional methods of requesting sealed paper tenders, however, it must be emphasized that success depends on at least the same market knowledge and sourcing skills as the paper-based process it replaces.
Benefits of E-auctions Benefits to sellers 1 Increased revenues Sellers can reach the most interested buyers and sell the things at price which equal to buyer valuation by broadening the customer base and shortening the disposal cycle time.
Seller can gather information about customer interest and delivery more personalized content. Cost of selling will be lower too. Benefits to buyers 1 Market Transparency An electronic reverse auction with multiple, qualified bidders can be used to flush out the true market price of the auctioned items.
Furthermore, this information can be used as the basis for real-time benchmarks for future sourcing projects.
On-Line Auctions – On line auctions are simply another approach to an open outcry auction. An online bidding platform can be much like Ebay or it can be in conjunction with an open outcry auction. An online bidding platform can be much like Ebay or it can be in conjunction with an open outcry auction. The Singareni Collieries Company Limited (A Government Company) linkage(s) under NCDP, which shall be calculated on the basis of the annual No. The proposed auction will have no impact on the existing FSA contract terms. Do the under construction. The NCDP is a government programme comprising of a partnership between the cidb, national and provincial public works and other willing stakeholders, in which the participating stakeholders: • Commit their resources to develop previously disadvantaged contractors; and.
Auctions spark healthy competition, which can help all participants understand the true market value and identify areas where they need improvement. A buyer benefits by knowing true — often lower — costs. Suppliers benefit by knowing the market rate so they can review their own business or pricing model.
Items that are hard to find are auctioned regularly on the internet. Nobody knows who are the buyer, only can see that the price is increasing. It is a place where placing fake bid on auction items. The main purpose is to rise up the bidding price.
Fake photos and misleading descriptions: They tried to falsified facts by convey false impression of the item. Loss and damage claim: They might be trying to get a freebie. From the above statements, it is important for everyone to prevent e-auction fraud.Oct 24, · Strong Storms, Tornadoes Impact Western Counties.
Expand. Strong Storms, Tornadoes Impact Western Counties. RALEIGH. Oct 24, A line of strong storms moved across North Carolina Monday afternoon and evening devastating a regional airport, damaging dozens of homes, toppling trees, closing roads and leaving .
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NCDP Summary Framework. II This document provides a framework for programme • Improving public sector procurement capacity under the impact of the reform roll-out of the cidb; (i.e EPWP and other learnerships which are not herein addressed).
Analysis of 25 quasi experiments involving suppliers and $ million in procurement contracts suggests that the larger the number of bidders, the larger the economic stakes, and the less visible the price in an auction, the more positive is the impact on the interorganizational relationship.
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