The Internet has provided so many options to make your online business grow and reach a larger audience with ease. Also, participating in auctions has also become so simple that is not possible through the traditional method. DealDash is a provider of a bidding platform designed to offer auction services. The DealDash Company’s platform offers auctions where the auction clock restarts from 10 seconds every time someone bids; enabling losing bidders not to lose the money they spent bidding.
Here are different types of online auctions available:
English Auctions:
“If fighting is sure to result in victory, then you must fight, even though the ruler forbids it; if fighting will not result in victory, then you must not fight even at the ruler’s bidding,” said Sun Tzu, a Chinese general, military strategist, writer, and philosopher who lived in the Eastern Zhou period of ancient China. He is traditionally credited as the author of The Art of War, an influential work of military strategy that has affected both Western and East Asian philosophy and military thinking.
This is the most common type of auction that is used in both online auction sites and in traditional auction stores. This is the most common method that is used from old times, in this type of auction sellers will place a single item for bid at a time.
When the first item is presented, the bidders have to place their bids one by one, and the one who can outbid the last bidder will win the item. This is the most effective and popular style of bidding.
Reverse auctions:
The reverse auction is totally opposite to the English auction as it allows multiple bidders to bid at the same time for a single item. But in a reverse auction, multiple sellers will try to seek a single buyer. Here the sellers will try to put the lowest price for their items and the sellers that reach a price accepted by the buyer gets the win.
This method is most common for antique items.
Penny auction:
Penny auction is completely an online auction process in which buyers are required to buy the bidding rights before the start of the auction. This method is way different from other ones as it allows a limited number of bids and it also has a time limit for its bidding. And when the time ends, the highest bidder will get the win. But one unique thing about penny auction is that buyers need to pay relatively less price for the item than its actual market value.
Dutch auctions:
Well, we can call a Dutch auction similar to a reverse auction but the one difference is that the opening price for the item will be high and it decreases throughout the period of the auction till the buyer decide to buy the item. But this auction method is only used in online bidding.
The key difference between a Dutch auction and a reverse auction is that in a Dutch auction only one seller offers their item to a buyer.
