Get Familiar With An Online Auction System

Online Auction System

An online bidding platform has become most popular in all the industries nowadays by buyers and sellers for selling services and goods.

It has been recognized by all types of the business owners, retailers, and other businesses as a new prospect to grow their businesses. Such an auction solution allows to establish and manage an online marketplace platform where sellers get chance to bid their product for specific category and industry.

It will provide a practical interaction between buyers and sellers to buy & sell product and services.

An auction website where buyers can sell product listing and place bids on the product they want to purchase and sellers can create product listing for selling in the auction.

Buyers can search for products from the seller listings and place bids on the sites that they want to purchase. If the bid locked by both the buyers and sellers, then bidding amount can be paid via PayPal and other payment gateways. The website offers general and featured categories for sellers to list their products.

There can be multiple subscription packages for sellers to access the functionality of selling featured product, a limited number of bids. Furthermore, sellers can share the product on social media for the purpose of promotion. Other than selling and buying functionality, the website must provide sellers with the classified section to post the ads regarding their products.

Common features and benefits of Online Auction Services:

  • Developing an online auction platform will provide an international touch to the various types of the businesses. Buyers are allowed to take part in the bidding from any corner of the globe for buying products as per their budget.
  • It reduces the cost of selling a product door to door and provides a product with attractive prices by giving a discount that can be easily utilized by the buyers.
  • It just saves the human efforts by eliminating the need for going over the Auction place that will save the time and money.
  • Bid initiation can be done by both the buyers and sellers as per the list of live, closed bid and can add a new bid by providing the required detail of the product.
  • Product upload can be done by the buyers & sellers and can also set the price for bidding for all categories.
  • Buyer/Seller bid initiation for a particular product and can accept bid/counter bid and do negotiation on the particular bid.
  • Will have bid start/expire time, trading time and flash time for bid management that can be updated from the backend.
  • Lock-in time functionality that will lock the bid for the particular product once it will be approved by both the Buyers and Sellers.
  • Provide real-time bidding platform to meet and negotiate the bid amount so that job can be done efficiently.
  • Messaging functionality must be in the system for communication between buyers and sellers so as to discuss on any product and it’s bidding.
  • The seller can’t place a bid on auction depending upon the bidding amount limit set by the buyers.
  • Reverse auction functionality must be in the auction system where the role of buyers and sellers get reversed.

Problems encountered during Online Auction System Development:

  • The major challenges faced while developing such a platform having dynamic design and that will meet all the client’s requirement.
  • For providing the reverse auction need to fix the lower bid which is essential for finalizing and locking the deal.
  • The system assists Buyers and sellers to make a simpler buying decision on several additional elements such as quality, reliability, reputation, lead time and so on.
  • Selling the product or services offered by service providers/sellers who compete with each other and lower their prices in order to grab the deal.
  • Integration of content management system the solution to assist the admin to publish the information, broadcasts, etc. on the websites.
  • It should have administration console that can be easily used so as to maintain and manage the online auction. There are many tasks that can be accomplished by the admin such as create and manage product categories, view and track buyers and sellers registered with the site etc.
  • It has a repeat-order token system that permits sellers to list products without having to enter all product and payment details again.
  • Online payment integration with any number payment gateway like Stripe, PayPal, AfterPay as per the client requirement to provide pre and post-payment functionality to the buyers. The system must be supportive of many different gateways and providers.
  • The system will have master management for the product, transport/shipping so that product can be added or removed from product master.
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