With the rise in technology and access to the internet, on have started to gain a lot of popularity. It has created a giant marketplace on the internet. Sellers can auction their goods for the best price and buyers can bid for them easily. Over the online auctions, you can have access to items from local as well as from international sources.
Are you a newcomer to the online auction and bidding world? Do you want to sell or buy products via online auctions? Then, this article will walk you through the world of e-auctions and the few best online auction websites.
What are Online Auctions?
An online auction, just like its name, is a service in which auction users sell or bid for a product over the internet. Usually, the starting bids are low and then increase at steady and uniform rates to meet the market demand. The period for an online auction ranges from 1 to 10 days for products offered 24/7 worldwide.
Online auctions include Business to Business (B2B) auctions, Business to Consumer (B2C), and Consumer to Consumer (C2C) auctions. Depending on the websites and the category of products, different websites provide different auctions. For instance, eBay provides an auction site that uses all three methodologies.
Benefits of Online Auctions
Online auctions are widely accepted around the global market for the following reasons:
- It does not have any fixed time constraints.
- This service provides flexible time limits.
- As the auctions are done through the internet, there are no geographical limitations.
- This service provides highly intensive social interactions.
- It encourages a lot of online business and even gives chance for small businesses to develop, as it includes a large number of sellers and bidders.
Common Risks of Online Auction Websites
Like any online platform, e-auction and online bidding sites can be used for malpractices. Hence understanding how online auction works and the common risks that come on the online auction sites are important.
- The most common malpractice that happens in online auction sites is getting scammed by a seller or not receiving payments from the buyer after the purchase of the item.
- There is a chance of your identity getting stolen also. Cyber-criminals might take over your auction account and steal your identity to make their purchases.
- Oversharing your sensitive information to a buyer or seller. By doing so, you might become prone to identity theft.
- Purchasing any products at a high price or getting a poor quality product – instead of the product you paid for.
- Receiving spam emails with messages that appear to be sent by the seller or buyer or from the payment company you use. Such emails usually ask for your sensitive information like passwords and band information.
List of Online Bidding Sites
Below we have mentioned a few best online bidding and auction sites in India as well as in foreign countries. Even though all these sites assure the best safety policy for both their users and buyers, however, 100 per cent safety cannot be guaranteed.
1. eBay
At present, eBay is one of the best online auction websites available for e-auction. It is free for buyers moreover it provides protection from fraud for both buyers and sellers. Moreover, eBay is not only registered to just the United States but, the users can buy or sell on eBay from most countries.
However, there are some restrictions on selling user’s property on eBay. For instance, lockpicking devices cannot be sold on eBay. Users can showcase their items on eBay by uploading photos and videos related to the product.
2. Salasar Auction
The Salasar Auction is one of the top online bidding sites in India for industrial scraps. It provides 100% reliable and secured auctioning and bidding services. Salasar Auctions also provides its users with various auction services as well such as Forward auction, reverse auction, and Dutch Auction.
Users can choose the required auction from their websites by registering for that auction. They sell all ranges of ferrous and non-ferrous scrap. They even auction non-moving, surplus stores, and spare industrial materials.
3. eBid
eBid is one of the largest and popular auction sites on the internet. It provides the best service for buyer safety, competition, and reach. However, it does lag behind in the payment options as it is limited for buyers and sellers. eBid brings the user’s items to a very wide audience provided the user has the seller plus account and it is easy to use. This website even offers competitive fees.
4. Bidderboy
Bidderboy is one of the leading Indian online auction websites. They are specialized in the import and export of a wide range of electronics products, e-commerce, and entertainment shopping.
They have strict auction and bidding rules. Any users violating those rules results in the suspension of their account. Bidderboy auction sites have almost 20 thousand plus registered users.
5. Web Store
Web Store is one of the oldest auction sites in the e-auction world. It has a wide variety of categories ranging from antiques to electronics and more. Web Store is a free online auction website. It does not charge any membership fees, Bidding fees, Selling fees, or any other types of fees to its users. This website provides its buyers with the best safety policies from fraud sellers.
6. MatexNet
MatexNet is one of the most reputed private online auction portals operating in India. They are specialized in buying and selling surplus inventory. The products can range from raw materials to machinery to vehicles. This website has a lot of leading private corporations as their clients. ABB, Larsen & Toubro, Container Corporation of India (CONCOR) being a few of the leading companies from their client list.
MatexNet uses top-notch software for its e-auction portal. This portal is ideal for users looking for competitive bidding.
Like any other services and activities via the internet, online auctions can also attract stolen or pirated products. Therefore, we suggest you make deals only with the trusted parties. And only stand for online auctioning only after a thorough study and make deals from those websites that provide a very good safety policy for buyers and sellers.
Latest Articles