Your Guide To Online Auctions
There is one word these days for something thats fun
, free and addictive; online auctions! These days the young working population instead of going shopping would like to sit home and bid for anything from a tooth brush to an iPod. Of course they are not to blame; who wouldnt want to start bidding for an antique flower pot at $5.00. Its one of the best ways to get some amazing prices on some very desirable merchandise! It also works the other way round. Any old stuff that you have and are eager to chuck out, well give its online auction a shot! So you have a website acting as the venue for your auction. You are responsible for the actual sale and all the following formalities. Cool, isnt it? The website will only charge a fee for you using it as the auction venue.Familiarize yourself with the online auctions
1. You can start off by creating a profile online by using true and valid personal info and credit card info. Also rest is assured that if the website you have chosen is a legitimate one, then you card details will be safe. The valid details are required so that the website can protect itself from seller fraud.
2. Then give your basic contact info, so that the site can contact you after your item has been auctioned off. After this create a user ID to access the account and get started.
3. Generally how these things work is that you take a picture of the merchandise that you want to auction and upload it onto the website. This is followed by a detailed description of the product and all its features. For example if you want to auction your cell phone, you should start with specifications of the phone, its look and feel and how it is better to buy from you rather than from some other source. Take a lot of digital pictures and then pick out the best, be sure to capture all features by zooming in. These steps are generally listed on every websites self-help section. Just run through those before you finally upload your merchandise.
in short this was how you get started. Now starts the difficult part; a buyer can only bid if he/she is able to find the product that you are selling. The buyer should always be able to get back to you if some product characteristics and features are not clear.
Finally when a buyer decides to buy the item, the final offer price is communicated to the seller via the website. The product is sold as soon as the seller agrees and is taken off the catalogue. There are time bound auctions as well, wherein people can go on bidding for an item till the time expires; and the best bid from them wins. Proxy bids are a given in such cases. Proxy bid is when every buyer quotes the maximum price that he/she is willing to shell out and the website automatically raises their bid to it if another bid crosses their first offer price. In case another buyer bids higher than their current offer, their price is automatically raised up to their higher limit. This ensures that all prospective buyers have a good and an equal shot at winning the bid.
Before you get started, read up reviews for various auction sites and do a competitor analysis. Only then invest in an auction site.
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