Ecommerce refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions. Ecommerce is often used to refer to the sale of physical products online, but it can also describe any kind of commercial transaction that is facilitated through the internet.
Whereas e-business refers to all aspects of operating an online business, e-commerce refers specifically to the transaction of goods and services.
Since then, e-commerce has evolved to make products easier to discover and purchase through online retailers and marketplaces. Independent freelancers, small businesses, and large corporations have all benefited from e-commerce, which enables them to sell their goods and services at a scale that was not possible with traditional offline retail.
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. The open ascending price auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed.
In a Dutch auction, the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer’s price for some quantity of the goods in the lot or until the seller’s reserve price is met.
- Buyers often find rare items
- Sellers at auction can usually be assured that their property will sell on a certain day.
- Reduction in marketing time
- Reduction in costs of ownership
- Targeting Qualified Buyers
- Reduction in Marketing Time and Absorption
- Negotiations between sellers and buyers defined
- Predetermined terms and conditions of sale
- Achievement of Fair Market value