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Bid shopping and Online Bidding

Bidding is an offer (often competitive) of setting a price one is willing to pay for something. A price offer is called a bid. The term may be used in context of auctions, stock exchange, card games, or real estate transactions.Bidding up means raising a price for an item by a series of rising bids. It may be unlawful, if done by a group of persons with an interest in raising the price. In traditional auctions, bidding up is a natural course of events. Since 1990s, with the emergence of online auctions, reverse auctions gained popularity, in which the traditional roles of buyers and sellers are reversed, and the goal of bidding is to drive the price down, similar to bid shopping practice of selecting a contractor to do a job.

Ahhh bid shopping, the dominating eBay is the greatest bidding auctions market besides amazon or yahoo etc on the Internet with a volume of over 50 million items bought and sold everyday in average.It has massive stores earning millions of dollars by selling everything human ever needs from tin-est to the huge items of ships and plans as well.It represents what really the power of Internet can be.

People prefer online bidding as they get to view a wide range of products and services. Say if you would like to buy a camera, you can check for the various models that are available in the market, analyze, read reviews and then decide on bidding for the product. However, in normal shopping methodology, you end up wasting much time walking up and down the stores. The best feature of bidding is that you get major discounts and of course, the buyer always pays much lesser than what he or she will pay in the market.

If you are looking our for a service provider for your website, you need not wait for a longer time. All you need to do is post an advertisement on the Internet and invite the viewers to bid. You can also fix a bidding time and once the timeline is closed, you can check for the bidder who falls under your criteria. You can further discuss on the requirements and close the bidding at the earliest. Since the online bidding is open to all, you might even get buyers or selling, depending on the case from any corner of the world. There is lot of creativity and savings due to online bidding.

Most auction houses make use of different bidding formats at their sales. Some of these are mentioned here. Reserved auctions refers to an item that has a predetermined minimum selling price. There are some consignors who are not willing to sell certain items for under a certain amount of money. If an item does not reach the reserve it will be recorded as a “no sale.” Some auction houses will charge a consignor a percentage of the reserve price if an item does not sell. This can be a costly proposition for a consignor. Standard auction also called an English auction. This is the most popular format and the one used by most auction houses. The auctioneer sells each item to the highest bidder. Bidding is done in ascending increments and the bidding continues until just one bidder is left. A standard auction may or may not have items with reserves.

Absolute auction sometimes called a No Reserve Auction, this format is the one that is most closely monitored. The majority of states have strict laws governing the handling of absolute auctions. An absolute auction is pretty much operated in the same way as a standard auction only reserves are not allowed. Each item must be sold to the highest bidder regardless of price.

Silent auction, this method of auctioning is most notably used in charity or fund-raising auctions. Items are usually available for preview by the public for a set period of time before the event begins. The bidding process on all items to be auctioned will technically close at the exact same time. There is an allotted time assigned for bidders to write down their bid amount on each item. The highest written amounts win. A silent auction does not require an auctioneer.

Charity auction instead of the silent bid option these auctions may choose to use the absolute auction method instead. Such an event would require an auctioneer. At this type of auction, anyone can serve as the auctioneer. The better the auctioneer, the more money the charity auction or fundraiser will make. Most auctioneers are pretty good about helping charities and will usually donate their services free of charge.These auctioneers typically work for fund-raising events that are very high-end and they do receive compensation. Dutch auctions is a selling method unlike a standard auction that has ascending bids, the Dutch auction has descending bids – quite a nerve-racking process. In this scenario, the very first person to bid wins. In a Dutch auction, only a single bid is executed.