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  • Online Auctioning

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    Madhu S Ravi
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    An online auction allows buyers and sellers to bid on goods and services over the internet. The auction is conducted by an auctioneer who opens the bidding at or above the minimum reserve price. Bidders can then place increasingly higher bids until no one bids higher within a given time period, making the current highest bid the winning bid. The successful bidder pays for the item online and provides a shipping address, while the auctioneer maintains product details, registers bidders and auctioneers, and declares the winning bid.

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    An online auction allows buyers and sellers to bid on goods and services over the internet. The auction is conducted by an auctioneer who opens the bidding at or above the minimum reserve price. Bidders can then place increasingly higher bids until no one bids higher within a given time period, making the current highest bid the winning bid. The successful bidder pays for the item online and provides a shipping address, while the auctioneer maintains product details, registers bidders and auctioneers, and declares the winning bid.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    69 views2 pages

    Online Auctioning

    Uploaded by

    Madhu S Ravi
    An online auction allows buyers and sellers to bid on goods and services over the internet. The auction is conducted by an auctioneer who opens the bidding at or above the minimum reserve price. Bidders can then place increasingly higher bids until no one bids higher within a given time period, making the current highest bid the winning bid. The successful bidder pays for the item online and provides a shipping address, while the auctioneer maintains product details, registers bidders and auctioneers, and declares the winning bid.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
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    Online Auctioning

    Project Brief:
    An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. A Bidder (Buyer) is one who is interested in buying a product by participating in the auctioning process. Bidder may be an individual or authorized person representing a company interested in buying the products/services. An Auctioneer (Seller) is one that conducts an auction process. Auctioneer can be an individual or authorized person representing a company interesting in the selling products/services. An online auction is an auction which is held over the internet. Online auctions come in many different formats, but most popularly they are ascending. An English auction is a type of auction, whose most typical form] is the "open outcry" auction. Auctioning Process (English type) activities: 1. The auctioneer opens the auction by announcing a Suggested Opening Bid, a starting price or base price min reserve price for the item on sale. 2. Auctioneer, then accepts increasingly higher bids from the floor consisting of buyers with a possible interest in the item. Unlike sealed bid auctions, "open outcry" auctions are "open" or fully transparent as the identity of all bidders is disclosed to each other during the auction. 3. The highest bidder at any given moment is considered to have the standing bid which should exceed Base Price (Min Reserve Price), which can only be displaced by a higher bid from a competing buyer. 4. If no competing bidder challenges the standing bid within a given time frame, the standing bid becomes the winner. 5. Successful bidder to make payment on-line. 6. Product/Service is sold to the highest bidder at a price equal to his or her bid. 7. Successful Bidder to provide shipping address details.

    Other Activities: 1. Maintain details of Products/Services to be sold in auction(base price is equivalent to mrp). 2. Registration of Bidders (authorized persons) 3. Auction Product Offers

    4. 5. 6. 7. 8. 9.

    Auctioneer Registration Announcement of Bidding Viewing of details by Bidders Declare Successful Bidder Successful bidder to make payment on-line. Successful Bidder to provide shipping address details.

    FUNCTIONS: A. Auctioneering Module a. Auctioneer Registration b. Adding Products for auctioning c. Maintenance of Auctioning Product details d. Advertising of Auction Products & Offers e. Advertising of Offers f. Setting of Auctioning g. Declaring of Successful Bidder

    B. Bidding Module a. Bidder Registration b. Bidding Product Info c. Submission of Bidding Form d. Declare Successful Bidder e. Successful bidder to make payment on-line. f. Successful Bidder to provide shipping address details.

    C. House keeping Module a. Bidder Login b. Auctioneer Login c. Bidder Alerts

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