Online Auctions are Mainstream
Online auctions are similar to traditional auctions in that they involve multiple bidders in any given event. Most goods and services are bought and sold by both sellers and bidders. Bids always start low and increase as participation expands and ultimately reach market value based upon demand and availability. An auction will have a time limit to completion and may last up to 30 days depending on how the online auction company conducts business.
Online auctions have become broadly accepted in most every market. The fact that they have decreased the limitations of geography and time has been a major boost. Offering a wide variety of social interaction by a large number of participants encourages a generous potential of volume and profit.
Online auctions exist for several primary methodologies. B2B (Business to Business), B2C (Business to Consumer) and C2C (Consumer to Consumer). Many auction sites offer all or a combination of all of these.
The online auction industry has been evolving based upon the needs and habits of the online community. As there are many values to be had- there are also stolen and pirated items that become available unknowingly.