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Whether you are a seller or a buyer at online auctions, it’s important to understand how auctions work and how to buy or sell products securely. While online auctions offer many benefits as well as an opportunity to buy and sell internationally, the business can be risky. In fact, online auctions rank near the top among consumer fraud complaints. Use the tips below to maximize your Internet auction benefits. Selling Auction Items Before starting an online auction business, you should understand your legal obligations. Carefully create “terms of sale” that explain what you expect from the buyer and what the buyer should expect from you. When describing items, be very descriptive. Include the condition of the item, any flaws in the product, and state whether it’s used, new, or reconditioned. Be sure to price the item high enough to cover your investment, and include an adequate amount for shipping. Be very specific on shipping terms, your return policy, and any restocking fees. Also, always include photos with your items when possible. Auction items with photos tend to sell well. Once you’ve sold an item, be sure to ship it on time and give good customer service at all times. If accepting payments through an online auction, choose a method that will enable you to sell around the world. Some payment options are only feasible in your particular country. Many third-party online merchant services offer international payment systems. Find the one that works for you and your customers. Remember, with online auctions, you might receive orders from anywhere… Egypt, South Africa, USA, Kenya, UK, India, Indonesia, Germany, Argentina, France, Brazil, Nigeria, or anywhere in Europe. Buyer Auction Tips Buying from online auctions can be a great way to get quality products at low prices. Some products you might find at an auction online include salvage items, real estate properties, cars, antiques, auto care products, computers, jewelry, electronics, books, clothing, and so forth. The possibilities are endless. If you’re an auction buyer, observe the rules and terms of the auction online before placing bids. Keep up-to-date on auction news to become familiar with the latest trends. Make sure the item you are considering is what you’re really looking for. Check out the description, photos, guarantee or warranty, condition of the product, size, brand name, and so on. Also, consider shipping into your cost and from which country the item will be shipped. If you bid lower than retail, the shipping charges could make the product cost even more than the retail value. Some sellers will offer free shipping with high-ticket items. Also, consider the seller’s return policy, payment methods, and their feedback rating (if available). If no feedback is available, it’s up to you to determine if you want to give the new seller a try or not. Be Safe as an Online Auction Bidder Protect your personal information. Never give the seller more information than is needed. Your social security number, bank account information, or personal login information to the bidding site or any other site should never be solicited. If the seller tries to obtain this information from you, turn them in to the bidding site for investigation. With these tips in mind, you can successfully start an online auction business or become a smart auction bidder. The opportunity for global auction business has never been greater than it is right now!

Online Auctions are unmistakably among the hottest e-Sourcing technologies on the Internet business today. But what exactly is an online auction anyway and what are its benefits? According to The Pocket Oxford Dictionary, fourth edition (1942), an auction is a “public sale in which articles are sold to the highest bidder.” And if done on Internet it is online auction. Online auctions create a competitive advantage because they make it relatively simple for Procurement managers to negotiate on all corporate purchases and create better deals. Let us see some common myths surrounding online auctions: MYTH #1: Only very familiar, particular or consistent items can be auctioned: The myth came into being because no one understood how to measure criteria other than price. Total cost auctions take price and no-price factors, such as delivery time or customer service, into account, and they allow a customer to weight each factor accordingly. This is only a myth because when someone with sourcing expertise takes a creative approach to defining or breaking down the item in question, that item or its components can generally be auctioned. MYTH # 2: Auctions are only effective when there is a level playing field: This is false since a level playing field simply doesn’t exist. And, not all suppliers are alike. Face-to-face negotiations have long proven this fact. Procurement managers can now normalize for differences (e.g., customer service, warranty terms, delivery cost, etc.) using Web-based technology. In effect, these technologies measure total cost allow customers to compare apples-to-oranges. MYTH #3: Only Internet-savvy suppliers can participate in an online auction: Today, the majority of legitimate suppliers have access to computers. The myth that only internet-savvy suppliers can participate in an online auction is wrong. In order to participate in an Internet based online auction, the suppliers merely need to be able to log on to the Internet, log in to a web site, and log their bids. It’s just very simple. Suppliers don’t have to know how to navigate the World Wide Web or use any sophisticated search engines to participate. MYTH #4: Maximum benefits could be derived only if large number of suppliers participates: For any online auction, competition is a must and you must create a competitive environment, no matter if the suppliers are 4 or 400. Internet auctions put the business “up for bid.” Incumbents are wise to take notice. Once existing suppliers believe that the buyer really will change where he takes his business, a competitive environment is created. Thus concrete results for online auctions occur irrelevant to number of suppliers. MYTH #5: Only products are auctioned? Not true – in fact, services are also auctioned. Services such as Telemarketing services, Cellular phone services, Security services, and temporary labor services are all good examples. For example, a particular auction site held an auction for telemarketing services that resulted in an 18% cost reduction. The auction involved over 60 suppliers and more than 700 bids. The study shows that apart from products, services can also be auctioned. MYTH # 6: Auctions are carried out only once in a year: Event online auctions are generally used for categories of goods and services that require a long-term contract (say one year). These will achieve better results if auctioned year (or less). For example, a buyer may auction off the purchase of 10,000 PCs over a two-year period. It is important for all to expand their concept of what can be auctioned, as long as the value of each item is ‘elastic’ enough to preclude fixed pricing. Once they have done that, the possibilities are almost endless.