December 25, 2009, Newsletter Issue #162: The Advantages of Online Auctions

Tip of the Week

The advantages of online auctions are numerous. The first is that the auction reaches a wide audience. Whereas live auctions are limited to the number of people physically attending, online auctions can gather participants from all over the world. There is also no time constraint -- an auctioneer is not required to be present to take bids, so bidding can occur around the clock within a given amount of time. Because the bidding and "winning" aspects of online auctions mimic online gaming, especially online gambling, online auction sites develop more loyal customer bases.

Since the auctions draw on large numbers of buyer and sellers, most auctions receive numerous bids, allowing the price of the goods auctioned to become closer to the actual market price. Lastly, online auction sites grow quickly. Greater numbers of buyers encourage greater numbers of sellers who in turn encourage greater numbers of buyers, creating an upward spiral of participation.

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