ELT World News

What are the benefits of online auctions?

For those of you new to the concept, an online auction is basically a dynamic pricing environment. There are advantages for purchasers and suppliers of using such a system. Firstly, the process is open and builds mutual trust between a customer and a supplier. Secondly, as it is a wholly transparent process, under or over pricing is much less likely. Additionally, buyers and sellers have access to global markets, irrespective of their location. Finally, the participants get to specify their requirements very precisely, thus ensuring satisfaction for the potential buyer.

Forward auctions are the most common method of doing business on auction websites such as bidz, as they offer effective mechanisms to the supplier for offloading excess stock or capacity, while bidders in these auctions can consequently locate and purchase such goods relatively cheaply.

What’s in it for the auction holders?

Many types of business, such as bidz, supply goods via online auctions. Retailers, distributors, manufacturers and even liquidators can all benefit in different ways. Auctions can aid them in acquiring new customers and extending geographic reach, testing new, innovative products and establishing pricing policies, disposing of excess stock quickly and efficiently, pricing goods according to demand and stock levels and also reducing sales costs by minimising their marketing expenditure.

What’s in it for us, the bidders?

Buying through forward auctions reduces payment costs. First of all, we can use them to locate non-critical supplies, like teaching stationery or office furniture. We can also acquire specialist, second-hand teaching equipment inexpensively. Additionally, we are able to reduce the time spent finding what we need.

These many benefits are why millions of people choose to shop for jewelry online at Bidz. Bidz.com, the biggest interactive online jewelry auction, starts auctions at $1 every 5 seconds. If you are looking for an engagement ring, a diamond bracelet, earrings, or watches, this is the best online jewelry auction.