The idea of auctions was developed a long time ago. Auctions are a selling process. We use them when we want to buy or sell goods to whoever makes the best offer after negotiating the price with all participants. Today, every business buys and sells goods and avail and provides services. And the goal, of course, is to get the best price, that is, the highest price when selling and the lowest price when buying. The existence of the internet has radically changed the process of finding the best price. Companies can now search for the best price in real-time and without geographical boundaries. Businesses are increasingly choosing electronic auctions as their preferred solution due to their low implementation costs and high ROI.
For the celebration and the electronic auction, we need 2 essential elements. The first is a specialized application platform that can support all possible business cases. The second is an experienced consultant who designs and implements the entire electronic process, analyses the business case, and customizes the auction application to meet the organizer’s needs and goals. Provide technical support to stakeholders. The consultant can also be the developer of the auction software who offers the application directly to the customers. Specialists work together to ensure the success of each electronic auction.
What are the main characteristics of an electronic auction application?
The first characteristic is the opening price. This is the price at which bidding starts. The opening price is the same for everyone in most cases. But it can also be different for each participant. This usually happens when there are more criteria than price. The second feature is the bit transfer. This represents the minimum upgrade amount for each offer. This is typically an amount around 0.5% of the opening price. The third key feature is the duration of the auction, which the auction usually does not exceed 30 minutes. However, if a valid bid is placed within the last 3 minutes, the auction time may be automatically extended by a further 3 minutes to give bidders sufficient time to respond with a new and better bid.
When is an auction worthwhile?
The answer here is very simple. When the amount of the transaction is large or the specific good or service offered is very attractive to the participants. In any case, the intense competition between them will lead to price improvements, which will bring profits to the organizer of the auction. Auctions can be used for standard goods such as electronic and mechanical equipment, office supplies, medical items, and cars, but also more complex cases such as construction projects, food, energy, and fuel—raw materials including services such as transport, storage, cleaning, etc.
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