e-Auction to set you in motion

In general, e-auction has become a popular way to enhance the mode of handling transactions whether between individuals or between businesses.

What is e-Auction?

E-auction or electronic auction is an online internet system by means of which people can sell and buy their used or new goods. Almost all kinds of products except those with government bans are sold through auction sites.

Why e-Auction:

Currently in the face of bad traffic commutes, workplace politics, and increased supervision, people are looking for new opportunities to work from home. Online auctions are simply the quickest way to turn a profit using the internet. Moreover, people do not have to go through the hassle of having to fritter huge money on catalog business.

Taken as a whole, there are six basic steps in each every online auction site

1. Initial Buyer and Seller Registration: This step deals with the authorisation of sellers and buyers. Some activities are creating profiles of traders that include their particular interests in products.

2. Setting Up A Particular Auction Event: This step deals with describing the item being sold or acquired and setting up the rules of the auction. It also includes database updates, filling in necessary details about items like reserve price, category and the ratings of similar products

3. Scheduling and Advertising:: Items of the same category should be auctioned together to attract particular group of buyers. In some cases, unpopular goods are mixed with popular ones to create an acceptable attendance level.

4. Bidding: Here bids are collected. In open-cry auctions, the participants are notified when new higher bids are submitted.

5. Evaluation of Bids and Closing the Auction: In this step the winners and losers of the auction are notified.

6. Trade Settlement: Here payment to the seller, transfer of goods to the buyer, and the payment of fees to the auctioneer and other agents are done.

All auction business deals must be done through international credit cards.

Online Auction revenue

Popular news magazines like Time are publishing stories about power sellers like eBay that do between $40,000 and $80,000 a month in sales. eBay alone closes nearly 3 million auction listings a day with more than 350,000 new items going on sale every day. Of the nearly 700,000 regular sellers on eBay, around 75,000 do consistent business. The reason for this is simple. Online auctions are simply the easiest way to complete a business transaction on the Internet.

Possibilities in Bangladesh:

In Bangladesh this is yet an untapped field and a lot of opportunities await it. It can successfully be run as a small business. For the first time in Bangladesh, an e-auction house is up and running. It is called bdauctions.com launched by a local company International Computer Connections (ICC).

The company believes that although, widespread internet facility and international credit cards may not be as yet available, but within a few years these and e-auction will be popular in the country.

Mohammad Atiqur Rahman is an IT Analyst of International Computer Connections (ICC).