The popularity of online auction is increasing with the advent of time. Online auction can be conducted with the help of auctioning software or application. A reliable, robust and user-friendly application offers seamless facilities for online auctioning. Now, before you join online auction, you need to know certain things. You need to know the types or different processes of auctioning. You need to know many others things as well, including general rules or norms of online auctioning.
Different Types of Auctioning Process
Before participating in online auction, you need to have two things. The first thing is an application for online auctioning. The second thing is to know a few basic things about auctioning. Most importantly, you need to know about different processes for auctioning. In the following section, you shall get a guide on different processes of auctioning:
- Forward Auction
The most common, conventional and simplistic process of auctioning is forward auction. The rules or norms of this type of auction are pretty simple as well as straightforward. You shall find the process to be simplistic and conventional. In this process, a product or service or tender is kept on the auction. Six serious participants have been chosen or the auctioning process. Everyone shall bid on the product as per their capabilities. The person who shall give the highest bid will take away the product. It is simple and of course quite convenient to understand. You need to be a serious bidder otherwise you shall be eliminated from the auctioning process.
- Reverse Auction
The second type of auctioning has been known as reverse auction. This is yet another simple and convenient process of auctioning. However, it is non conventional and thus people may find it quite difficult to understand at the first place. With reverse auction, you shall have a product or thing that would be auctioned. Now, interested people have to bid on that product. They need to put the lowest bid for the product, and the bids will not be disclosed. The one, who predicts lowest bid perfectly, will take the product. This type of auction has been done to offer tender, contract, etc.