The Benefits of Internet Auctions
Internet auctions have really changed the way people shop today. Millions of customers go online to buy everything – shoes, clothes, household equipments and more. You just name it and it’s available online.
Internet auctions are just like your traditional auctions. The seller places an item or items for bidding. Interested buyers make bids. The one who offers the highest bid gets the item.
There are two types of online auctions. One is referred to as direct sales auction and the other is called the vendor operated auction. In the direct sales auction, both the buyer and the seller go through third-party sites to sell and buy products. eBay auction is an example of direct sales auction. Everyday, millions of people browse the eBay site looking for good deals.
Vendor operated auctions usually involve business as sellers and sometimes as buyers also. Most of the time, vendor operated auctions prefer to use their own online auction sites.
Both of these internet auctions are different in terms of the customers they cater to. However, they both share many of the benefits offered by online auction services. Firstly, they both attract a wider range of customers as compared to traditional auctions. Online auction gives you a global reach which is simply not possible with traditional auctions.
Secondly, both the sellers and the buyers benefit in terms of price. Sellers get a good deal on their goods and buyers are also able to find competitive deals. Furthermore, buyers get more choice, online.
The best part about online auctions is that one does not have to travel to find a good deal. From the comfort of your home itself, you can offer your products for sale. And if you are a buyer, you can browse the net to find good deals on eBay or other sites. This way you can save on precious time.
For The Buyer
When you are buying online, keep the following things in mind to avoid being duped.
-First become familiar with the auction site. Read the terms and conditions carefully.
-Before bidding for a product, make sure that you have read the seller’s description. If you are buying computer or electronic equipment, look for words like “refurbished”, “close out”, or “off-brand” to get a good idea of the product.
-Find out the relative value of a product before you bid for it. If it is too low, be careful. You never know what you would end up getting.
-Find out who pays for the shipping and delivery. And also find out if there is a warranty on the product.
If you are selling online, keep the following things in mind.
-Offer an accurate description of your product or service.
-Remember that you cannot auction illegal goods. Many auction sites have a list of prohibited items. Make sure that you have read the list.
-According to the law, you are required to ship the merchandise within the time frame that you promised on the auction site. If for some reason you are unable to do so, offer the buyer an opportunity to agree to a new shipping date or to cancel the order with full refund.