Those, who have some basic ideas on online auctions, must know the fact that live auctions can be distinguished into different categories. Based on the process of or method of auctioning, we mainly have two major types. The first type is forward auction, while the second type is reverse auction. Apart from these two, different other categories are there. However, these two types are widely known and extensively practiced. Forward auction is considered as more simplistic in comparison to the reverse auction. It comes with some definite advantages. You need to have good as well as reliable auctioning software for participating in online forward auction.
Forward auction method
In case of forward auction, traditional method of auctioning has been followed. There shall be one seller and a lot of buyers who are interested on the products from the seller. Auction is carried out with bidding amounts on different products from the buyers. For example, one product has been put on the auction. Now, potential buyers need to bid for the product. The person, who bids the highest amount for the product, will get the privilege to purchase the product on his bidding amount. This auction method is simplistic and thus it is understood easily by everyone.
Bidding strategies in forward auction
In forward auction, you need to have strategies for bidding. However, strategies may not work in many cases due to the dynamic nature of the auctioning process. You do not have control over the price. You have to check product, and you need to judge its price. If your judgment is wrong, you may end up paying high amount for the product. On the other hand, there are benefits too. You may get a product in very low amount. Moreover, the whole process of auctioning is quite engaging and interesting.
Node.Js benefits for live bidding:
1. Node.js – High Speed!
– Node.js has a shared repository of good-to-go tools and modules. The number of modules in the Node Package Manager (NPM) has increased at a considerable pace
2. Node.js is event-driven and non-blocking and very good at handling concurrent requests.
3. Node.js web applications are ideal for data-heavy websites and apps
4 The event-driven architecture of node.js is appropriate for real-time applications, especially chat applications and live bidding.
5. Real-time web-based solutions can be built with Node.js
6. Capable of handling traffic spikes
The latest site built in Node.js is slibuy.com receives about 1,270 unique visitors and 17,526 (13.80 per visitor) page views per day which should earn about $10.16/day from advertising revenue. Estimated site value is $4,832.48. According to Alexa Traffic Rank slibuy.com is ranked number 236,472 in the world and 0.000254% of global Internet users visit it. Site is hosted in Grand Rapids, MI, 49503, United States and links to network IP address 188.8.131.52.
Slibuy.com launch had been the most successful for Auction software which huge number of users and Sales Traction.
Active Products: 3247
Sold Products: 25251
Concurrent User: 6000
Online forward auction
For online forward auction, you can use Forward Auction Video Conferencing software, which is simple to install and also easy to use. This robust tool allows buyers and seller to participate in video conferencing before 1 hours of the initiation of auction. It picks maximum 6 serious buyers who have genuine interest for a product. Bother buyers and sellers can use this software for online auctioning.