Online auction

Annotations:

• rf

1. Online auctions- very similar to normal auctions.
   1. people around the world can bid
      1. Economic- people will not have to buy flight tickets to go to auctions
      2. Social- the auction is not limited to a certain group that is close to each other
      3. Finding buyers and sellers for yourself will be much easier and more convieint at there own personal computer
2. How does a online auction work?
   1. sellers and bidders have an online account from where they can bid and sell
      1. sellers supply a photograph and description of the item of auction
         1. The person with the highest bid in a certain time wins the item
            1. Winner i obliged to pay for the item. in other words they cannot back down from their bid
               1. Payments are now negotiated via email
3. features of online auctions
   1. secure payments
   2. users can rate each other
   3. bidders can check status of their item they are bidding for
4. Benefits of online auction
   1. you can easily and efficently search for item you want
   2. Community will be built by users rating people
   3. Third party payment options like PayPal are more secure
   4. large market and competitors will then grow driving down prices. which benefits the bidders