Have you ever heard of the virtual auctionsâ€¦?
Let me tell you.
Second hand goods, collectibles and antiques are sold in shops, auctions car boot sales and now they are on the internet. For online sales the internet is used to keep the seller in touch with the buyer using the interactive capabilities on he net. This is what online auction actually is.
The person with something to sell puts a description up online, sets a minimum price and a deadline for the auction to end. Other people looking for something browse the auction catalogue and can bid for the item they require, then their bid is listed online If people are taking interest in the item put for auction, the prices will go up. As the deadline approaches, bidders may return to place a second and a third bid. At the time set the auction ends and the item is sold to the highest bidder. The buyer then pays and the seller then dispatches the item.
This virtual auction provides meeting place where people with things to sell can tie up with people who may want to buy it.